Nuthin really new from Scrip's Website

Fundraising Help

From what I've seen follow up with the Fresno Attorney Generals Office, the FBI (file a complaint if you havent with them) and the CA State Attorney General


If Scrip Advantage owes you money, get ready to wait - and wait. After they emerge from bankruptcy protection and find about $8 million in new investments if it is to ever pay back even a fraction of the millions it owes schools and nonprofit groups.

The company revealed its plan to file for Chapter 11 bankruptcy protection during a meeting Thursday with about 40 of its customers, who are among a group owed refunds for undelivered gift certificates.

No one is likely to get money anytime soon.

Instead of paying customers back, Scrip will offer ownership stakes in the company. But there's a caveat. The company must come out of bankruptcy and find new investments of at least $8 million, said Riley C. Walter, a Fresno bankruptcy attorney representing the company.

"If they can't, then the creditors get nothing,"

Scrip ran into financial troubles when an investor reneged on a $2 million pledge, Walter said. That led another key investor, IIG Capital of New York, to pull its $5 million credit line, leaving Scrip short the cash flow it needed to fulfill gift certificate orders, he said.

The Better Business Bureau of the San Joaquin Valley was flooded with complaints and the Fresno County District Attorney's Office and Fresno Police Department launched investigations that are ongoing.

Meanwhile, schools, which rely on the gift certificates to raise money for basic operations, were left empty-handed.

In total, Scrip owes $10.2 million to unsecured creditors, about two-thirds of which is owed to schools and nonprofit groups, Walter said.

Under the plan, unsecured creditors would be given stock equal to the proportion of debt they are owed. In total, the unsecured creditors would hold a 20 percent stake in the company.

Scrip has no investment commitments in writing but that financial advisers believe the $8 million can be raised.

So, the complicated financial plan "means absolutely diddly.

I'll gladly pay you Tuesday for a cheeseburger today

Unfortunately, we are one of the schools left high and dry by ScripAdvantage. We lost over $5000 with Scrip-by the time we saw red flags it was too late to recupe any money. We were able to reimburse our families from profits earned, but now the school is out the money. In the meantime, we researced other scrip providers and ended up going with Great Lakes Scrip. We have been with Great Lakes for over a year with not one backorder or problem to report.
Does anyone know when the bankruptcy was filed and what our chances are to get any of this money back? Does it help to contact New England Scrip since apparently they have taken over some of ScripAdvantage's old clientele? Laura

As a PTO we started a Scrips program this fall with Great Lakes (Michigan) and a regional company Together We're Better (St. Louis, MO) to get the local groceries and restaurants. Great Lakes has been super and offer very good discount percentage. My eyes were opened wide when I read this infor. I'm feeling very greatful we were steered in the right direction to Great Lakes. Dawn

I was stung by ScripAdvantage for $821. It may not be much to some but we are a small church and that was a good chunk of our profits. I found Great Lakes Scrip a year ago and they couldn't be bettter. Profit on most scrip is higher than SA was. I have never had a back order or late delivery. Even thru the holidays when advised delivery may take a day or 2 more. Was still right on time. They use FedEx and UPS. $7.00 for ground (about 4 days) and $10.50 for next day air. In my opinion, they are great. I'm in California and I get next day delivery from Michigan.
Gary K.

There is a different scrip progam up and running, has anyone have any feedback on it?

www.simplifiedscrip.com

it appears to be okay, we got a meager check recently (evidently a parent had discovered it and had been ordering) and want to promote it throughout the school community. You can order on line or through the mail. Any feed back would be appreciated.

Does anyone have info on Great Lakes Scrip? I have their web site info butI can't get anyone on the phone. I need to know how much they charge for shipping.
Evangeline This email address is being protected from spambots. You need JavaScript enabled to view it.

Originally posted by <scripmom>:
After three weeks, I realized I was not going to get my $2000 order from SA. I immediately found Great Lakes and set up with them so I could fill the orders I had and hopefully not trash the whole Christmas season. Essentially, our scrip fund is out the money not any parents. Doing this saved our program for the holidays and increased our profits.

Hope this helps.