Voucher source BBZ has 83,500 creditors
By Heath E. Combs -- Furniture Today, July 13, 2009
MESA, Ariz. — BBZ Resource Management, the gas and grocery voucher provider that filed for Chapter 11 bankruptcy protection, said in court documents filed last week that the company's list of creditors totals more than 83,500.
In a filing made in U.S. Bankruptcy Court in Arizona, the company said the court clerk had asked it not to upload the list of creditors because its size could cause problems with the court's electronic filing system. It said it was waiting for instructions on how to proceed.
By last week, no filings had been made showing the amount of BBZ's liabilities.
BBZ offered vouchers as promotions for retailers including furniture stores, electronics chains and car dealers, among others. Typically, they advertised $100 to $500 worth of free gas or groceries with purchases.
Vouchers were sold to retailers via brokers by BBZ. Consumers were to send BBZ receipts from gas and grocery purchases, and BBZ was supposed to issue gift card rebates adding up to the total offer of the promotion.
In the furniture industry, the promotion was often sold through sales representatives. Some retailers have said they are working with another company to redeem the vouchers.
Most of the complaints against BBZ were for non-receipt of gift cards, delays in getting them, non-activation of the cards, or that they were only good for a gas station outside of consumer's area.
Officials with the Oregon Attorney General's office confirmed that in February, the state opened an investigation of BBZ for running a possible pyramid scheme and unlawful trade practices.
Bankruptcy papers listed the president of BBZ as Justin Elenburg. The Better Business Bureau reported that it believed the company was run by Troy Warren, who is being sued by another closed voucher company named Tidewater Marketing for allegedly copying its voucher program.
A receiver appointed by the Florida Attorney General to wind down Tidewater's business said the company never appeared to have sufficient capital to issue prepaid debit cards for the purchase of gasoline and other products.
