You are most likely right a buisness doing 200 million a year does not all of a sudden have a bank pull out and an investor shut down.

I bet you can trace the trouble back furhter and they knew what was going to happen!

look at the financials lots of money was going out of the business!

Everyone needs to do something now or it will never be right and they will wwalk.

Think about how you all supported them and believed the stories....same as NSC!

Also remember this is their 2 nd scrip BK remember Scrip Plus. How many millions on of our childrens money was lost there at the hands of this group.

Do not believe the lies do something now!

I am pres of my school's booster club (pto) and I have volunteered to be the person to try to recover funds- if it's possible.
We are at a loss of about $3400 from an order they took back in late August!
I think we all need to take a stand for our schools/non-profit org's now- share any info we can with eachother to "fight back"- it's obvious this company knew what they were facing- yet continued to take our money... Our Children's money!

Everyone should use the national scrip center model here. NSC fought an involuntary bankruptcy for many months saying they were going to pay everyone back. If it were not for the involuntary NSC would have never been in BK most likely.

The story there is they emptied out the corporate headquarters tried to sell the 4 million dollar property to get cash, transfered all the scrip to another comapny who liquadated and went BK. In the end NSC was over 20 million dollars in debt and left only 25 thousand dollars in the company.

The bankruptcy is still ongoing and yet be be finalized.

The key is that when the involuntary BK is filed it secured the date to go back to so all the transactions become suspect and recoverable.

It only take 3 crditors to file an involuntary!

There are assets and even if you get 50 cents on the dollar it would be good. Do not wait much longer or there might be nothing!

innocent bystander

Don't know where bankruptcy will be filled but according to an article in the Fresno Bee, December 23, 2005, Fresno bankruptcy attorney Riley C. Walter is representing Scripadvantage

Does anyone know which bankruptcy court SA will be filing in?

How are you handling the situation with the parents whom participated in the program in good faith and are out money? We have one parent who is at a loss of $2,000+ for a single order! The possibility of recouping our total loss in bankruptcy court is minimal, not to say it could take YEARS for there to be a court resolution. Our insurance does not cover the loss, nor does the bank's, since we authorized the withdrawal.

Here's my last question, did anyone sign a formal contract with SA that detailed how the money would be taken from the school's (or non-profit's) bank account? I am not the Scrip chairperson, but have been asked to help in the recovery efforts. I have found nothing in writing that documents how the bank transactions would be handled, except for the request to provide our bank info (account, routing, etc.)

Any further insight would be helpful. Thanks!