CyberRebate.com
In the category of "too good to be true," the CyberRebate.com saga is coming to an end, as posted at FW. Not a "deal" I ever participated in, many others suffered.
Dear Creditor:
A settlement, subject to court approval, has been reached in the litigation commenced by certain unsecured creditors of CyberRebate.com, Inc., for the benefit of all of CyberRebate's unsecured creditors, against certain of CyberRebate's former officers and directors.
Pursuant to the settlement, a $2,000,000 settlement payment shall be made for the benefit of CyberRebate's creditors, and CyberRebate's creditors shall be forever barred from commencing or continuing any action against CyberRebate's former officers and directors on account of their roles as such. A copy of the Settlement Agreement and the Motion seeking approval of the settlement agreement along with other documents can be viewed, printed and downloaded at www.cyberrebate.com.
If the settlement is approved, CyberRebate and the Committee anticipate a distribution, in or around the middle of March, of approximately $.08 (8 cents) for each dollar of allowed claims to holders of general unsecured claims, which claims include rebate claimants.
A hearing to consider approval of the proposed settlement has been scheduled for 2 PM on January 20, 2005, at the United States Bankruptcy Court for the Eastern District of New York, 75 Clinton Street, Brooklyn, New York 11201. If you wish to object to the settlement, your objection will not be considered unless it is received and filed on or before 5 PM on January 17, 2005, in
accordance with the procedures established by the Bankruptcy Court as set forth in the Motion.
Please do not reply to this email. Only objections filed in accordance with the procedures set forth in the Motion will be considered.
Happy New Year.