FundAmerica Goes on Block in Auction of Firm’s Assets
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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., controlled by the personal attorney for FundAmerica founder Robert T. Edwards.
Edwards is charged with running FundAmerica as a massive pyramid scheme and is scheduled to go to trial next month.
FundGold has offered to buy FundAmerica’s assets for approximately $1 million. Former FundAmerica officials Mitch Blumberg and Peter Bradshaw previously said they may try to outbid Edwards’ attorney.
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