The company sold products frequently marked up to 100% of their market value, then promised crazy rebates sometimes amounting to the full purhcase price. They banked on customer’s laziness in filling out the forms but the wild prices virtually ensured consumers would succesffully navigate the gauntlent. Now the company is bankrupt and paying its creditors $.08802 for every dollar owed.
Blogger Steven Weiss points out how all the site’s owners came from the same Orthodox yeshiva in Queens, Yeshiva B’nei Torah, and wonders whether they were lead astray by Rabbi Israel Chait’s penchant for blue blazer and khakis.
A former employee of the site disagreed in the comments and “a fun conversation ensued.” Read the rest of the story at Canonist.