What is the legacy of Scoreboard? For many in the phonecard industry who were here before them, they helped kill the market by overproducing cards and overcharging for time. Two of their licenses, Coke and McDonalds, were thriving areas of collector's interest, but once people realized that a complete collection was not really a possibility, these areas became less collected. From the start, they were charging $1 per minute for phone time, which even back in 1994 was unrealistically high. There is only so much that can be justified for licensing fees. It was suspected that they printed much more product than their announced print runs, and when the value of products declined, they were out there competing against the lower secondary market prices.
Over the past couple of years, Scoreboard had focused on producing sports memorabilia product that included redemption cards in packs. These redemption cards were to be turned in to the company for signed memorabilia. The company will no longer redeem these cards, and will try to auction everything they have to large companies, leaving the redemption holders with worthless pieces of paper. Goodbye Scoreboard, we won't miss you.
I'd like to try and start a New York, New Jersey, Connecticut Phone Card Club. Ideally, I'd like to try to meet once a month or every other month probably in New York City in a public setting like the CitiCorp building in mid-town. I know there are a lot of collectors and dealers in the area and the lack of shows really necesitates we do this (like the DC folks). Please let me know if you'd have any interest in trying to get this off the ground.
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Pending determination of its going-concern status, Score Board did not seek Bankruptcy Court authorization to engage its independent accounting firm to complete an audit of its financial statements for the year ended December 31, 1997 and, in light of the planned asset sale described below, does not expect that it will be issuing further financial statements.
Score Board also announced today that it will promptly file an application in the United States Bankruptcy Court for the District of New Jersey (Camden) seeking approval of procedures for offering its entire inventory of products for sale in lots and in the entireties at a sale to be scheduled in June 1998.
At or about the same time Score Board will be selling its intellectual property, trade fixtures and, to the extent approved by the Bankruptcy Court, its talent contracts.
Score Board, which filed a voluntary Chapter 11 Petition on March 18, 1998 together with its wholly-owned subsidiary, The Score Board Holding Corporation, has concluded that its inability to develop a viable business plan mandated this decision. F. Duffield (``Duff'') Meyercord, a principal of The Carl Marks Consulting Group, LLC, the crisis management firm which was retained by Score Board shortly after the Chapter 11 filing, said: ``We have concluded, and reported to Score Board's Directors and its secured lender, Congress Financial Corporation, that Score Board's franchise has been severely hurt by, among other things, many months of limited capital arising from declining sales and, unfortunately, the remaining resources are, in our estimation, insufficient to jump-start the business back to a going concern.''
Meyercord was elected Score Board's President upon the decision of John F. White to resign, which occurred yesterday. White remains a member of the Board of Directors and will remain available to Score Board for on-going assistance as may be requested. Regarding the inventory sale, Meyercord further stated: ``There has been significant interest in Score Board's assets since the bankruptcy filing and we expect substantial numbers of parties to request bidding packages.
``During the past month, as we evaluated business strategies, several parties executed confidentiality agreements in order to evaluate whether to make an offer for substantially all of our asserts. Although we have not yet received an offer sufficiently attractive to present to the Bankruptcy Court, it is clear to us that there are a number of interested parties prepared to pay substantial sums.''
The inventory will be broken down by type and sold in entire lots. They are expected to include: Baseball, Football, Basketball and Hockey Memorabilia signed by some of the country's most accomplished and respected athletes; Signed and Unsigned Photos, Plaques and Lithographs for star athletes; Entertainment Memorabilia for Star Trek, Star Wars and Elvis Presley; and Substantial quantities of unsigned ``raw'' baseballs and bats, basketballs, and footballs.
While the sale procedures are being established by the Bankruptcy Court, Score Board will continue its sales on QVC, Shop at Home, and its direct marketing unit, Deal Direct. Information regarding distribution of bidding packages and arrangements for inspection of representative samples will be released within the next week.
From: Joyce Fine
In Target, I saw that the new Sesame Street Elmo movie on sale there, which I believe is called ELMOPALOOZA, is packaged with a charming Elmo 10 minute phonecard under the plastic. The movie is 9.99.
1-888-UAW-AND-GM Specify that it's your first time calling in and offer to do the survey and you will receive a nascar phone card. You will also be entered into a sweepstakes.
In multipacks of Fuji film is a 10 minute soccer phone card. Found at Shoprite.
Buy 2 cans of Krylon Interior/Exterior paint between January 1 and December 31, 1998. The original form with your name and address filled out completely - no PO boxes. Original dated store receipt with purchase price circled. Fill in UPC numbers.
1-800-457-1026 Free 10 minute phone card IF you are interested in information about starting a small business or about Medicare. Otherwise, they will not send you the phone card.
For a 30-minute phone card from Ballatore, buy 2 bottles of Ballatore, receipt must be dated May 1,1998-June 30th 1998. Mail-in form required.
On the back of Fuji Disposible indoor/outdoor and outdoor cameras is a ten minute plastic phonecard. Hanging near it was a $2.00 rebate on the camera!
Coppertone has an on-package hang tag for a 10 minute phone card
Gillette Satin Care Shave Gel has an on-package hang tag for 15 minute phone card.
Until Next Time,
Alan
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