or: “How I Learned to Start Worrying and Hate Redemptions Even More”
Thanks to the Konami vs. Upper Deck counterfeiting lawsuit, as well as what is now another lawsuit brought about by MLB Properties (perhaps Topps will soon follow with their own), there’s been a lot of talk that Upper Deck may be on it’s way out the door or filing for Bankruptcy.
I don’t think anyone wants to see Upper Deck go out of business. I’d rather see them fire the executives in charge of approving these ridiculous decisions to counterfeit Yu-Gi-Oh! cards and risking further damage by allowing unlicensed and un-airbrushed images of Major League Baseball logos and uniforms to appear on their two latest products.
But there’s something to consider if UD goes BK, something that could potentially hurt consumers even more.
You already hate redemptions, right? Well, what if I told you there’s a chance that if Upper Deck files for Bankruptcy you won’t be able to redeem those cards?
“How could it happen?” you ask. Does anyone remember when Sharper Image and Circuit City ran into trouble and filed for Bankruptcy? All those gift cards that were purchased couldn’t be used by consumers and people got mad. You see, gift cards are considered an outstanding debt in the company’s books until “cashed in.” If you file BK, depending on the Chapter type, you can’t pay back your debts.
I can see redemption cards working the same way. Like gift cards, redemptions represent something that the consumer has purchased and is now owed. We have to cash it in to get our value, just like going to the store and getting our pre-paid for merchandise via gift card. Now, if Upper Deck puts redemption cards into their books in this manner and file for Bankruptcy protection due to all the large settlements they can’t afford, there’s a good chance that redemptions could not be honored unless the Bankruptcy case is dismissed.
Will this happen? I have no clue. This is all just a theoretical situation that depends on a whole lot of different factors, most of which are not being made public knowledge and will not. But…to be safe, maybe send those suckers in if you have them.