NAEB Corporate Status

penty · 01-24-2008, 10:05 AM

NAEB is in a bind, a major one, and it's going to be determined within the next few days whether or not we just return your money to all of you or continue in business.

As you know we're a buyer's club.
We perform like one for the purpose of buying ebook readers.

What this means, in the rarefied world of PayPal and E-Online is that we're just too "hinky" to be trusted.

PayPal just thinks we're weird. To quote their representative " We're not comfortable with your business model."

E-Online has done us the stunning compliment of bouncing us over to their Loss & Recovery people; they think we're running a scam. Both have frozen our accounts.This means that they will refund your money, minus their processing fees, if we agree to close up shop and go away.

Neither is willing to let us actually pay Bookeen.

Of course if we can't pay Bookeen, and get the ebook readers to deliver, we're proved as an untrustworthy lot who planned to defraud our club members.

If you're thinking Catch-22 you have it about right.

We have a limited number of ways to get out of this.

One would be with a LoC (Line Of Credit) from the Bank Of America.
We can't use that option. It would put NAEB on a debt treadmill that would destroy it almost as soon as we began and it could mean personal bankruptcy for whoever co-signed for it.

The other is with an appeal to Bookeen.

Not all the money is tied up with either E-Online or PayPal as those of you who have paid with Discover or Amex cards, as well as those of you who have trusted us enough to send checks, are not caught in this.

So we will be asking PayPal and E-Online to accept proof of payment and delivery of the ebook readers paid for with those funds as proof of our honorable, and competent, intent even though NAEB doesn't look like the retail merchant they're used to dealing with ( Hmmnnn.... Could that be because we aren't ?).

We will be asking Bookeen to change the terms of payment for this reason.

Instead of the 1/2 when ordered and the other 1/2 when shipped we're going to ask them for NET15, which means we owe them the full amount for the first lot of orders within 15 days so we can ship them to buyers and then we're going to use the proof of that to pry the rest of the money from PayPal and E-Online.

PayPal and E-Online, if they decide to let us do so, may then just cut us off completely or they may decide that we're legitimate after all and allow us to continue.

This is where we are at present.

If it they accept and allow us to continue, we're back in business and will continue to ship ebooks till we get to 1000.

If it they don't, well we tried and if you don't get a reader you get your money back.

What the attendant delays have done to NAEB's chances of on going survival; how many people didn't sign with us since you can't run an online buyers club without on line means of payment or because they just didn't want to take the chance; well, I'm sure it's nothing good.

We've turned it around before and we'll do our best to turn it around this time as well.

Pamela Gadsden
CEO, Not Another E-Book

captaingeorges · 01-24-2008, 11:02 AM

What about those in the first 100 who paid with visa or Mastercard???? Can we still hop to get our cybook in the near future ???

delphidb96 · 01-24-2008, 12:40 PM

Quote:

Originally Posted by captaingeorges

What about those in the first 100 who paid with visa or Mastercard???? Can we still hop to get our cybook in the near future ???

We *are* working on it. We'll probably have to ask that you re-submit the order through another credit-card processor - *AFTER* we refund the purchase amount via our 'current' cc processor. We won't know for sure until later today or early tomorrow. Rest assured, if we have to do it this way, you get your charge refunded *FIRST*.

I - personally - hate being so close to successful completion and have this kind of crud come up. So I can understand if you're feeling frustrated as well.

Derek

Xenophon · 01-24-2008, 02:30 PM

How much money do you need to pay Bookeen their 50% in advance? I'd like to get some feel of the magnitude of the problem.

Xenophon

NatCh · 01-24-2008, 02:44 PM

Wouldn't it be somewhere in the neighborhood of $17,000?

Figuring 100 units at half of $350(?).

tribble · 01-24-2008, 02:49 PM

Quote:

Originally Posted by NatCh

Figuring 100 units at half of $350(?).

You wish. If they get 30% i would be surprised.

delphidb96 · 01-24-2008, 04:28 PM

Quote:

Originally Posted by Xenophon

How much money do you need to pay Bookeen their 50% in advance? I'd like to get some feel of the magnitude of the problem.

Xenophon

With S&H from Bookeen to New York, the 1/2 up-front comes to just under $18,000. No, for those who ask, we're not 'swimming in profit' on this deal. And, had our CC processors been willing to kick the money loose, we'd already gotten orders for the full 100 units, with more queuing (queueing?) right up behind to place their orders for the next batch. And others waiting eagerly for the remainder. Our sole problem is our (lack of) history in fulfilling orders. (Like, wow, what a concept!?! A start-up which doesn't have years of history in fufilling orders!

)

Derek

delphidb96 · 01-24-2008, 04:30 PM

Quote:

Originally Posted by tribble

You wish. If they get 30% i would be surprised.

Thanks for the positive attitude.

We've put in a year's time attempting to get all the T's crossed and I's dotted. And we've got customers waiting for all 100 units as well as more waiting to order the next batch. I think that qualifies as 'better' than 30%.

Derek

SUSGOD · 01-24-2008, 05:19 PM

I just called PayPal directly at PayPal Customer Service: 402-935-7733 and asked them to release the money I paid to NAEB. The Customer representative passed me on to a supervisor who said the money is in the NAEB account and he can not discuss it because of privacy issues. After I insistently requested that Paypal release the money I paid immediately even before the product is delivered, the representative said he would pass on my request.

It may not help, but it sure couldn't hurt if the customers request that Paypal deliver.

Quote:

Originally Posted by delphidb96

With S&H from Bookeen to New York, the 1/2 up-front comes to just under $18,000. No, for those who ask, we're not 'swimming in profit' on this deal. And, had our CC processors been willing to kick the money loose, we'd already gotten orders for the full 100 units, with more queuing (queueing?) right up behind to place their orders for the next batch. And others waiting eagerly for the remainder. Our sole problem is our (lack of) history in fulfilling orders. (Like, wow, what a concept!?! A start-up which doesn't have years of history in fufilling orders!

)

Derek

solodoc · 01-24-2008, 05:44 PM

Dude

I think it'll be worth the wait and the effort........

I enjoy the cybook as it has got me reading again after a long time....
Even though I've been on the receiving end of Bookeens unresponsiveness and the cybooks lack of reliability and software instability.....I'm hoping it's just a one-off as the device more than makes up for the hassle.........

It's worth the effort

delphidb96 · 01-24-2008, 05:50 PM

Quote:

Originally Posted by SUSGOD

I just called PayPal directly at PayPal Customer Service: 402-935-7733 and asked them to release the money I paid to NAEB. The Customer representative passed me on to a supervisor who said the money is in the NAEB account and he can not discuss it because of privacy issues. After I insistently requested that Paypal release the money I paid immediately even before the product is delivered, the representative said he would pass on my request.

It may not help, but it sure couldn't hurt if the customers request that Paypal deliver.

Thank you. You know, that's an interesting response on the part of Paypal. Could you please email that to me, as completely as you can remember the discussion you had, at:

dbenner - AT - naebllc - DOT - com

which happens to be my NAEB email address, please? We're thinking we may need legal representation over this.

So, any of you who've also gone through Paypal, could you also call them and ask they release the money to us? And please send us emails of your discussion with them at the same email address?

At least Paypal is willing to 'consider' releasing the funds. I still don't know if our 'regular' credit card processor will do so.

Derek

P.S. I find it interesting that Paypal feels it has the 'right' to keep their decision and the money's status from even the person who made the payment. I guess they're far better informed than an informed and intelligent customer - not!

SUSGOD · 01-24-2008, 06:09 PM

Quote:

Originally Posted by delphidb96

-SNIP-

At least Paypal is willing to 'consider' releasing the funds. I still don't know if our 'regular' credit card processor will do so.

Derek

Derek,

The PayPal Customer Service Supervisor did not say he would "consider" anything. I was very polite about "insisting" that my money in the NAEB account be released because I understand and accept that the money needs to be paid before the product is released. All the Supervisor agreed to do was to pass on my concern. He did not say to whom he was passing my request. But, hey! As I am the paying customer, PayPal should at least listen.

Susan

delphidb96 · 01-24-2008, 06:17 PM

Quote:

Originally Posted by SUSGOD

Derek,

The PayPal Customer Service Supervisor did not say he would "consider" anything. I was very polite about "insisting" that my money in the NAEB account be released because I understand and accept that the money needs to be paid before the product is released. All the Supervisor agreed to do was to pass on my concern. He did not say to whom he was passing my request. But, hey! As I am the paying customer, PayPal should at least listen.

Susan

One would *think* that being the customer counted for something. Strange, very strange. But we may have a solution in the works which will counteract the problem. We'll know in a day or two.

Derek

NatCh · 01-24-2008, 06:25 PM

Odd, but when you say that, I somehow seem to hear the opening strains of The March of Cambreadth in mind.

fuguru · 01-25-2008, 01:43 AM

Is there anyone we can contact on the credit card side? I'd be willing to tell them that I still want to pay, considering they already took my money (even if they will refund me after a fee...).

It seems strange that they are trying to 'save' me from a 'malicious' dealer that at no one said was malicious. Shouldn't they wait until they get emails from ripped off customers before they assume the customer is ripped off? That whole innocent/guilty thing we claim to like so much in America?

01-24-2008, 10:05 AM	#1
penty Connoisseur Posts: 70 Karma: 367 Join Date: Sep 2007 Device: CyBook Gen3	NAEB Corporate Status NAEB is in a bind, a major one, and it's going to be determined within the next few days whether or not we just return your money to all of you or continue in business. As you know we're a buyer's club. We perform like one for the purpose of buying ebook readers. What this means, in the rarefied world of PayPal and E-Online is that we're just too "hinky" to be trusted. PayPal just thinks we're weird. To quote their representative " We're not comfortable with your business model." E-Online has done us the stunning compliment of bouncing us over to their Loss & Recovery people; they think we're running a scam. Both have frozen our accounts.This means that they will refund your money, minus their processing fees, if we agree to close up shop and go away. Neither is willing to let us actually pay Bookeen. Of course if we can't pay Bookeen, and get the ebook readers to deliver, we're proved as an untrustworthy lot who planned to defraud our club members. If you're thinking Catch-22 you have it about right. We have a limited number of ways to get out of this. One would be with a LoC (Line Of Credit) from the Bank Of America. We can't use that option. It would put NAEB on a debt treadmill that would destroy it almost as soon as we began and it could mean personal bankruptcy for whoever co-signed for it. The other is with an appeal to Bookeen. Not all the money is tied up with either E-Online or PayPal as those of you who have paid with Discover or Amex cards, as well as those of you who have trusted us enough to send checks, are not caught in this. So we will be asking PayPal and E-Online to accept proof of payment and delivery of the ebook readers paid for with those funds as proof of our honorable, and competent, intent even though NAEB doesn't look like the retail merchant they're used to dealing with ( Hmmnnn.... Could that be because we aren't ?). We will be asking Bookeen to change the terms of payment for this reason. Instead of the 1/2 when ordered and the other 1/2 when shipped we're going to ask them for NET15, which means we owe them the full amount for the first lot of orders within 15 days so we can ship them to buyers and then we're going to use the proof of that to pry the rest of the money from PayPal and E-Online. PayPal and E-Online, if they decide to let us do so, may then just cut us off completely or they may decide that we're legitimate after all and allow us to continue. This is where we are at present. If it they accept and allow us to continue, we're back in business and will continue to ship ebooks till we get to 1000. If it they don't, well we tried and if you don't get a reader you get your money back. What the attendant delays have done to NAEB's chances of on going survival; how many people didn't sign with us since you can't run an online buyers club without on line means of payment or because they just didn't want to take the chance; well, I'm sure it's nothing good. We've turned it around before and we'll do our best to turn it around this time as well. Pamela Gadsden CEO, Not Another E-Book

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
How to get around corporate greed at Amazon?	JeremyZ	Amazon Kindle	69	10-15-2010 11:59 AM
Something which might draw in more students & Corporate for Large Format	brecklundin	News	0	08-06-2009 08:52 PM
NAEB IS DONE!	imperceptible	Lounge	4	02-03-2008 08:23 AM
NAEB Status Update	vasbinde	Bookeen	17	01-21-2008 11:55 PM
Nooked's corporate RSS feed directory	Alexander Turcic	Lounge	0	02-26-2005 04:08 AM

01-24-2008, 11:02 AM	#2
captaingeorges Zealot Posts: 125 Karma: 594 Join Date: Nov 2007 Location: Isle-aux-Grues, Qc, Canada Device: Cybook, Iphone32g, ipad, Kobo	What about those in the first 100 who paid with visa or Mastercard???? Can we still hop to get our cybook in the near future ???

01-24-2008, 02:30 PM	#4
Xenophon curmudgeon Posts: 1,481 Karma: 5748190 Join Date: Jun 2006 Location: Redwood City, CA USA Device: Kobo Aura HD, (ex)nook, (ex)PRS-700, (ex)PRS-500	How much money do you need to pay Bookeen their 50% in advance? I'd like to get some feel of the magnitude of the problem. Xenophon

01-24-2008, 02:44 PM	#5
NatCh Gizmologist Posts: 11,615 Karma: 929550 Join Date: Jan 2006 Location: Republic of Texas Embassy at Jackson, TN Device: Pocketbook Touch HD3	Wouldn't it be somewhere in the neighborhood of $17,000? Figuring 100 units at half of $350(?).

01-24-2008, 05:44 PM	#10
solodoc Connoisseur Posts: 55 Karma: 19 Join Date: Oct 2007 Device: CybookG3...	Dude I think it'll be worth the wait and the effort........ I enjoy the cybook as it has got me reading again after a long time.... Even though I've been on the receiving end of Bookeens unresponsiveness and the cybooks lack of reliability and software instability.....I'm hoping it's just a one-off as the device more than makes up for the hassle......... It's worth the effort

01-24-2008, 06:25 PM	#14
NatCh Gizmologist Posts: 11,615 Karma: 929550 Join Date: Jan 2006 Location: Republic of Texas Embassy at Jackson, TN Device: Pocketbook Touch HD3	Odd, but when you say that, I somehow seem to hear the opening strains of The March of Cambreadth in mind.

01-25-2008, 01:43 AM	#15
fuguru Junior Member Posts: 5 Karma: 22 Join Date: Nov 2007 Device: none yet	Is there anyone we can contact on the credit card side? I'd be willing to tell them that I still want to pay, considering they already took my money (even if they will refund me after a fee...). It seems strange that they are trying to 'save' me from a 'malicious' dealer that at no one said was malicious. Shouldn't they wait until they get emails from ripped off customers before they assume the customer is ripped off? That whole innocent/guilty thing we claim to like so much in America?

Advert

Advert