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Author: nyakki One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 3857  
Subject: Re: LA Gear anyone Date: 1/22/2000 5:22 PM
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fmannarino wrote

I believe LA Gear is (was) a Reebok line.

--------

Nope.

I checked out Reebok (NYSE: RBK) and they don't have the LA Gear Line (they also look like they are in trouble but I didn't really see their finances... just the news... so they actually may be a good buy --- But I promised myself NO MORE SHOES!!!!)

Then, on a hunch, I typed in www.lagear.com and WOW - the company is still here.

I searched their page and found a FAQ section.

One of the questions was 'How do I buy shares in LA Gear?' [as you can probably imagine I'm got very excited]

You can't, it said. LA Gear is a private company.

Well, I thought, maybe I can sell them back my shares.

I wrote a letter to the company. Here it is.

----- letter -----

To whom it may concern,

I hope you are the person who can help me with this situation. If not, could
you forward this e-mail to the person who can.

I had bought some LA Gear stock when you were public.

When the stock stopped trading I had thought your company went out of
business, got bought out, or filed bankruptcy.

I just recently located your homepage and found out that you are still alive
and well (congratulations)

Please give me information on how to sell my shares back to your company.


----- end -----

They responded in less than a day (WOW)... here's their response.

----- response -----

In January 1998, L.A. Gear filed for protection under Chapter 11 of the U.S.
Bankruptcy Code. The Company's plan of reorganization was approved by the
creditors' committee and bankruptcy court, and became effective in October
1998. At which time, all previous shares of its common stock were extinguished
without value. I am sorry to have to inform you that your shares have no value
and the Company is precluded from buying them back under the plan of
reorganization.

Sincere Regards,
Garn Anderson
Vice President, Finance


----- end -----

Well, I'm sad but they do have great customer service (well, when it comes to telling people they lost a lot of money that is).

And, I guess, that puts the close on this bitter story.

hmmm... I wonder how Reebok's doing...

-- nyakki
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