August 25, 1991 |
One financial planner took the stage and was about to tell the 45 or so people in the hotel audience how he once made a fortune selling FundAmerica memberships. Then he caught himself, realizing that this was supposed to be the new and improved FundAmerica. "We can't talk numbers any more, can we?" he asked another salesman. So he fudged things a tad: "Let's say that my income in a couple of years was more than most people make in their whole lives," he said. They're baaaaack.
May 25, 1991 |
Most of FundAmerica's remaining assets were sold at auction for $1 million Friday to a lawyer representing company founder Robert T. Edwards despite a last-minute effort by a major creditor to block the sale. For $500,000 in cash and a $500,000 promissory note, Vancouver attorney George C. Davis acquired the Irvine network marketing company's copyrights, trademarks, patents, computer programs and membership lists--and rights to the FundAmerica name.
May 24, 1991
FundAmerica, the controversial Irvine consumer marketing company, is scheduled to be liquidated today. A federal bankruptcy judge is holding a public auction this morning to sell most of the firm's remaining assets, including its trademarks, copyrights, membership lists and the right to use the FundAmerica name. The bankruptcy trustee operating the company said Thursday that the only sure bidder was a new California company, FundGold Inc.
May 15, 1991 |
FundAmerica, the controversial Irvine consumer marketing company, will be liquidated and most of its remaining assets sold at a public auction later this month, it was decided in bankruptcy court Tuesday in Santa Ana. The company's Chapter 11 bankruptcy trustee said he has already received a $1-million offer from a Canadian company controlled by the attorney for FundAmerica founder Robert T. Edwards.
May 8, 1991 |
A federal bankruptcy judge Tuesday decided to give FundAmerica's court-appointed trustee another week to demonstrate why the controversial marketing company should not be liquidated. During a hearing in federal court here, Judge James N. Barr asked trustee Theodor Albert to justify his plan to operate the Irvine company for another 30 days at a cost of $250,000. "I'd like to know why it is you think it's a good idea to go on another month," Barr demanded.