Online auction marketplace uBid.com announced that Ted Deikel, veteran investor and former Fingerhut CEO, purchased 1.8 million shares of uBid.com stock, approximately 10 percent of uBid's outstanding shares, in market transactions.
TedDeikel and Tom Petters of the Petters Group Worldwide, which is major shareholder in uBid.com Holdings Inc., had been principals in a holding company that purchased Fingerhut from Federated Department Stores in 2002.
Deikel's investment in uBid.com follows the September appointment of Jeff Hoffman as CEO after Bob Tomlinson stepped down (http://www.auctionbytes.com/cab/abn/y07/m04/i04/s02). Deikel was quoted in uBid's announcement, "I believe uBid's wealth of online selling experience, recent focus on maximizing relationships with their merchants and CEO Jeff Hoffman's unique experience in the auction and e-commerce space positions the company to win big in the multi-billion dollar online liquidation market."
uBid.com Holdings Inc. is publicly traded on the NASD OTC bulletin board (UBHI).
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Online auction marketplace uBid.com announced that Ted Deikel, veteran investor and former Fingerhut CEO, purchased 1.8 million shares of uBid.com stock, approximately 10 percent of uBid's outstanding shares, in market transactions. 