The following are Frequently Asked Questions (?FAQ?) the Assignee has received thus far. It will be updated as new inquiries arise. The FAQ was last updated on: June 15, 2006.
01) Why did I receive Court documents from the Assignee?
You are receiving these mailings because according to the records of Fleer/Skybox International and/or Fleer Collectibles you are a creditor and owed money by the Estate(s) or you have filed a proof of claim form, or you have expressed an interest in purchasing estate assets.
02) I am a creditor of Fleer/Skybox International and/or Fleer Collectibles, LLC, what do I need to do?
If you are a creditor, you need to fill out the appropriate proof of claim forms for the Estates whom owe you money; with supporting information (agreements, invoices, etc?) and mail them back to the Assignee at the address on the claim form.
To be clear, each estate represents a separate entity. If you did business with Fleer with respect to trading cards, and are unpaid, you should file a claim against the Fleer Skybox International LP estate. If you did business with Fleer with respect to the miniature die cast vehicles business and you are unpaid, you should file a claim against Fleer Collectibles, LLC.
Claim forms cannot be filed via email, as they require an original signature.
03) What is an ABC and have the Fleer companies filed for bankruptcy?
The Fleer companies did not declare bankruptcy. Fleer has engaged in a state court proceeding called an Assignment for the Benefit of Creditors (ABC) and it is pending in the Burlington County, New Jersey Superior Court. Under this procedure, the Fleer companies have surrendered their assets to Warren J. Martin Jr. as Assignee, who will act in a similar manner to a Bankruptcy Trustee.
04) Who is the Assignee and what does he do?
The Assignee is Warren J. Martin Jr. His role is to marshal all of the assets and sell them for the highest and best values. He will then pay the expenses of administration and make distribution to creditors based on each creditor?s priority as per the laws of the State of New Jersey. The Assignee works on behalf of the creditors.
05) Will unsecured creditors be paid anything?
At this time, the Assignee is analyzing the assets and scheduling sales. The amount of the distribution, as well as whether there are funds sufficient to make a distribution to general creditors, will be determined at a later date.
06) Are Fleer / Skybox International or Fleer Collectibles still operating?
No, Fleer/Skybox International has ceased operations. Fleer Collectibles has also ceased operations. Neither Fleer company has any employees.
07) Is someone buying the companies?
Upper Deck is now the owner of the Fleer/Skybox Trademarks and Fleer Collectibles as a whole. The purchase price was the highest and best offer at the auction conducted at the Assignee's office on July 14, 2005. The purchase price was $6.1 Million dollars. The Court has approved the auction and the Assignee and Upper Deck have closed on the sale.
08) What else is for sale?
The Assignee has completed liquidating the majority of the estates, very few assets remain.
09) I have a redemption card, what should I do with it? What is Fleer doing about redemption issues?
The deadline to submit redemption cards was October 31, 2005. The Assignee then filed a motion with the Court in November 2005 outlining and seeking approval of the redemption card program. The motion was approved in January 2006. After the approval, nearly 50,000 redemption cards were fulfilled under the terms of the program. The program was completed in April 2006.
Redemption cards can no longer be sent to the Assignee for fulfillment.
10) I have a damaged trading card or collectible; can I send it in to be replaced?
The Assignee is not able to exchange damaged trading cards or collectibles. Please refrain from sending them to Fleer?s listed PO Boxes or to the Assignee. The Assignee will advise if a mechanism becomes available to replace damaged product in the future.
11) I have already sent in my redemption card to Fleer; what should I do; am I part of the Assignee's proposed redemption program?
Redemption cardholders who were listed in Fleer's database prior to their closing should have already received their cards under the terms of the redemption card program.
12) Will Fleer still honor NPN's?
At this time the Assignee cannot honor NPN requests. Please refrain from sending them to Fleer's PO Boxes and/or the Assignee. The Assignee will advise when and where NPN's should be sent if a process becomes available. The Assignee has been receiving numerous NPN requests and does not want to see collectors potentially waste their postage.
13) What is the deadline to file Proof of Claim forms? What happens if I am late?
All claim forms must be filed by September 17, 2005. Claim Forms that are filed after September 17, 2005 will be ineligible to participate in the initial distribution to creditors. A creditor who files after September 17, 2005 will only be eligible to take part in a distribution if the Assignee makes subsequent distributions. It should be noted that claims will be paid in accordance with creditor priority under the laws of the State of New Jersey. At this time the Assignee can make no guarantees on how much, if anything, creditors will receive for their claims. Redemption cards may be sent to the Assignee until October 15, 2005.
If you have additional questions not addressed here, please email fleer@pbnlaw.com and we will respond directly, or if it is a question of general interest, we will post a response here. |
