From this, yesterday morning getting ready:
to this, in the afternoon:
to this morning’s paper:
President Barack Obama. How long until spellcheck stops telling me I’m misspelling his name?
Last night, I slept a dreamless sleep. I can breathe, now.
Gratuitous fur
Mojo & Teazyka enjoying their first bit of fresh air August 5, 2008
Mojo (left), and Teazyka (right), September 19, 2008
Enjoying the fresh air is a nice pastime for the brothers.
We need one of those covers for the roll. G says,
Money, money, money, Part 1
One of the kittens (they’re nearly identical so I don’t know WHICH FREAKING ONE) danced across the keyboard and did something to my post, destroying it. I’m going to attempt to recreate it. The only thing that autosaved was the title. Grrrr…
My stress level the past few weeks has been on a real high, and although I don’t think that being bipolar had anything to do with it, although, it couldn’t have helped. Start with a stupid issue with the retailer Eileen Fisher (do NOT use a gift card online in conjunction with another form of payment for the balance; you will be charged the full amount until the gift card clears. Nowhere on their site does it state this, and they did this with my debit card for $270.80. They ended up overnighting my order for free.) Then came the aforementioned COBRA debacle, which was finally resolved. My father was generous enough to loan us a thousand dollars cash to cover the first month’s payment, with the understanding that as soon as we sell my car (this week), we’ll pay him back. That’s right, we’re selling my car to pay for our health insurance. We really don’t need an extra car with G working from home, I mean, if there’s an emergency and he needs to go somewhere, he can always call a neighbor or take a cab, right? And if he has to take one of the cats to the emergency vet 25 miles away in White Plains? Oh well. I need to get the brakes checked on the Toyota (my little VW is now sitting in front of our house, detailed and cleaned, devoid of bumper stickers, not accruing any more mileage), the brakes feel like they slip in the rain and snow. Niiice.
Anyway, Ryan from COBRA called me the day after I sent in my Express Mailed my money order to tell me that they had indeed received it and no, there would not be any waiting time for it to clear, but that it would take approximately 48 “business hours” for my enrollment to start. Le sigh. Whatever. I’d done everything I could, now it was in their hands. I reiterated that I was out nearly $1400 for prescriptions and let him know that my father had loaned us the $912.81 that I had sent in, and that I was selling my car in order to pay for the following months’ payments. Dig, dig. He told me to call the next day to see how things were progressing.
Not an hour later, my cell phone rang. It was Ryan. “Your enrollment is final, you can go pick up any prescriptions you need, and you can get reimbursed from the pharmacy. They can resubmit the claims and refund you the money.” I started to cry.
We always file and extension for our income taxes, so October 15th is our April 15th. G got the call on the 9th that the taxes were ready and that we could come pick them up. Over the past months, there’s been lots of back and forth, requesting documentation, numbers, all sorts of stuff. We figured that they would ask for everything they needed. Hah!
I went down to the accountant’s before work on the 10th, around 12:30. I picked up the papers, and got back in my car. I opened up the thick blue folder to take a peek and almost fainted. The amount owed was a little over $14,000; $8,000 federal, $6,000 state. Due TODAY. I walked unsteadily back to the accountant’s office and tried not to freak out. I asked if our accountants were there (it’s a group), no, they weren’t. Another accountant in the office came down to try to make heads or tails of our return on the fly, and started in on me. “You have rental property? And you didn’t do this? And this? And this?” Et cetera. I said, “I sell jewelry for a living, my husband is a computer consultant. You are our accountants. WE DO WHAT YOU TELL US TO DO.” Finally, he said that our guys would be in on Monday, and that we could talk to them then. “But what about the fact that they payment is due TODAY?” I said. “So you’ll pay a little penalty, it won’t be much, a few dollars.” Easy for you to say, the penalty is probably a percentage, and any percentage of $14k is enough. Whatever, they weren’t there, and obviously, no one was going to reach out to them for us.
Part Two, coming soon!
How do you budget for this?
Following is an email I sent to employee@whji.com, allegedly someone from whom I can get some answers.
“Please note well item six in the following paragraph (italics mine):
“Termination of COBRA Continuation of Coverage: The law also provides that your continuation of coverage may be terminated for any of the following reasons:
1. Whitehall Jewelers no longer provides group health coverage to any of its employees;
2. The premium for your continuation of coverage is not paid on time;
3. You become covered under another group health plan, unless the plan contains any exclusions or limitations with respect to any pre-existing condition you or your covered dependents may have; (see Duration of COBRA continuation section, below);
4. You become entitled to Medicare;
5. You extend coverage for up to 29-months due to your disability and there has been a final
determination that you are no longer disabled;
6. Bankruptcy of Whitehall Jewelers.”
“Since Whitehall is indeed in bankruptcy proceedings, what am I supposed to do about my COBRA coverage, which was supposed to start September 1st? I called and spoke to someone named Susana on the 3rd, since I had not yet received my packet, and she said that she would be sending it out ‘right away.’ I told her that I was concerned about there being a lapse in coverage and she told me not to worry, that COBRA is retroactive and that I ‘could just pay out-of-pocket until my coverage reinstated.’ I told her that it would be at the very least, hundreds of dollars in medication costs and that I could not ‘just pay out-of-pocket until my coverage reinstates.’
“On the 23rd, I called again, and spoke to someone named Liz since I had still not received my packet. She said that she would look into it. She called me back the next day and said that they would be sending it out ‘right away.’ She called me again and left a voice mail for me that if I wanted the packet emailed to me, I could have that done. When I went to the pharmacy on the 28th to pick up two prescriptions, the pharmacist handed them to me with a total of over eleven hundred dollars. Eleven hundred dollars. He said, ‘Your coverage expired August 31st.’ Interesting to me, since I had given my notice on August 4th with my letter of resignation and end date of the 10th, giving you all more than enough time to get out my COBRA packet for there to be no lapse in my coverage. I was able, with a Prescription Savings Card, to get the total amount due down to the paltry sum of $875.83. Mind you, I cannot live without these medications, and they are not the only two I take.
“At 9:15 am on the 30th, I spoke to someone (I neglected to get their name) who told me that in order to get reimbursed for the $875.83, I was going to have to fork over another $912.81 per month for every month that I want my husband and I to be covered under COBRA. That total is more money that I bring home in a month. Even if I work very, very hard and sell lots and lots of jewelry, that’s still a very hard number to come up with. And on top of that, I still end up paying over $200 out-of-pocket for medication. With insurance.
“Today, I printed out the email with the attached pdf file with the COBRA packet (I have yet to receive the paper copy — will I ever? I’m guessing not at this point) and read this line: ‘Your health plan coverage provided to you and your family by Whitehall Jewelers will be terminated as of 08/10/2008 due to Termination.’ As stated above: I gave notice on the 4th with intent to leave on the 10th. Why am I only now receiving this packet AT MY BEHEST OVER A MONTH LATER? If you people had done your job and sent out the packet on time, I would not have to had lay out $875.83 for two prescriptions and I wouldn’t have this lapse in coverage. I have to go to the pharmacy again in about a half hour, and it is going to cost me another $199.73. I guess I can ‘just pay out-of-pocket until my coverage reinstates.’ And forget about groceries for dinner tonight.”
The end
The view from across the hall. Cellphone pic, sorry.
From Bloomberg:
“Whitehall Jewelers to Liquidate $750 Million of Inventory
“Whitehall Jewelers Holdings, Inc., the bankrupt Chicago-based owner of specialty jewelry stores founded in 1895, received court approval to liquidate $750 million of retail inventory. The sales began yesterday.
“U.S. Bankruptcy Judge Kevin Gross in Wilmington, Delaware, approved the going-out-of-business sales at all 373 locations. Gross also gave the retailer permission to enter into an agreement for the liquidation with consultants Great American Group LLC, Hudson Capital Partners LLC, Silverman Consultants LLC and Gordon Brothers Retail Partners LLC.
“The case is In re Whitehall Jewelers Holdings Inc., 08- 11261, U.S. Bankruptcy Court, District of Delaware (Wilmington).”
Huge red, yellow, and black signs hung in the store across the hall this morning proclaiming “Going Out Of Business” and “Store Closing, Everything Goes,” along with smaller red and purple ones tacked to the walls reading, “If you don’t buy it now, it may not be here tomorrow,” “No Checks, Sorry,” “All Sales Final,” and “Emptying The Vaults!” I stopped by after work this evening and my friends told me that they were at the store until 11pm last night, hanging the signs and placing all of the blue and white “25% Off” placards in all of the cases (even solitaires) except “50% Off” ones for clearance, which until this debacle, had been selling for 60% off. There’s a yellow sapphire and diamond necklace that I want to get, but I’ll wait to see if it’s still there at 75% off. At $199.75 plus tax, I can justify it. The 10mm button pearl earrings I wanted went bye-bye in the last 400-piece stock balance to satisfy debts. My friends have been told that they will still be receiving merchandise, although from where I don’t know, and that the store will remain open through Christmas. No service plans, nor repairs, which means no ring sizing, no warranty repairs. They’ve been directed to send any repairs to our private jeweler in Pomona (who still has my pearl bracelet).
Meanwhile, I passed the second four telephone tests today and received keys to the diamond cases. Not the sit-down ones yet, but those I’ll have in a few days. I sold three things today, two with protection (service) plans, for a total of about a thousand dollars. Easy-peasy.
Open through Christmas
323 of the 373 Whitehall stores will shut their doors in six weeks’ time, with the remaining 50 to remain open through Christmas, one last gasp, I suppose. Those who choose to stay until closing will receive a severance package and unemployment. Palisades (where my last day is August 10th, I’ll be working across the hall at Zale’s starting Monday) is one of the fifty. Jefferson Valley (where I used to work, with a psychotic manager and two-faced coworkers), is not. Couldn’t happen to a nicer bunch of people. I know I’m engaging in schadenfreude, but can anyone blame me?
And they want to know if I’ll stay
From Bloomberg.com, July 23, 2008:
“Whitehall Jewelers Inc. tomorrow will face a long line of jewelry suppliers who will argue that the 373-store retailer, which filed for Chapter 11 protection on June 23, has no right to liquidate goods they supplied on consignment. Whitehall already has approval to hold a July 31 auction to decide which liquidator will make the best offer for selling the assets at going-out-of- business [GOB] sales.
“The hearing tomorrow is part of a separate process to authorize the GOB sales themselves and decide what Whitehall can and can’t sell.
“Whitehall argues that it has the right to sell consignment merchandise because there is a dispute over whether the goods were provided under arrangements valid under state law.
“Some of the jewelry suppliers counter Whitehall’s argument and contend no public filings about the consignments were required under state law. Others contend that their filings make valid consignments even if they didn’t amend the filing when the company changed the spelling of ‘Jewelers.’ [from "Jewellers"]
“The hearing also covers Whitehall’s motion for final approval of $80 million in financing from lenders for whom Bank of America NA serves as agent. Whitehall already has interim authority to borrow $22 million.
“The Chapter 11 petition by Chicago-based Whitehall listed assets of $207.1 million against debt of $185.4 million. Whitehall’s stores in 39 states include 78 purchased in April in the Chapter 11 liquidation of Friedman’s Inc.
“The case is Whitehall Jewelers Holdings Inc., 08-11261, U.S. Bankruptcy Court, District of Delaware (Wilmington).”
And from Jamie Mason at TheDeal.com, July 14, 2008:
“Whitehall’s Final Sale Approved
“A Delaware judge has approved the bidding procedures for bankrupt jewelry retailer Whitehall Jewelers Holdings Inc.’s going-out-of-business sales at all of its stores but not the stalking-horse bidder’s breakup fee. Since the breakup fee was denied, the group has reserved the right not to participate in the auction, so it’s unclear if there will be a stalking-horse bidder for the sale. The stalking-horse bidders had agreed to pay Whitehall, which sells diamonds, gold, precious and semiprecious jewelry and watches, 55.5% of the value of the inventory if it’s between $169 million and $177 million. However, if the inventory is worth between $138 million and $145 million, Whitehall will receive 53.5% of the value. This means that Whitehall could receive between $73.8 million and $98.2 million, depending on what its inventory is worth. “
The definition of a stalking horse bidder, from Wikipedia: “In bankruptcy, a stalking horse bid is a first, favorable bid solicited by the bankrupt company strategically to prevent low ball offers.”
What seems like the clincher, from Gerson Lehrman Group, “The Expert Network,” July 8, 2008:
“If the company [Gitanjali] was able to acquire Whitehall Jewelers’ 375 [sic] stores, it would likely be the principal diamond supplier to about 518 mall based jewelry stores with a [sic] annual turnover of about $475 million.
“However, it remains to be seen whether the company can strike a deal with the creditors to buy Whitehall. Longer term, it’s even more problematic if the Gitanjali’s product breadth is sufficiently broad enough to support 518 jewelry stores in the US marketplace. According to unnamed Reuters’ sources, Gitanjali’s deal with Whitehall is between 3.5 billion and 4.0 billion rupees. That’s $80.85 million to $92.45 million at current exchange rates. The question is whether all classes of creditors would be better off liquidating the company.
“According to court papers the company had $207 million in assets and about $185.4 million in debt. The Gitanjali deal would probably mean unsecured creditors would get pennies on the dollar while secured creditors recouped most of their investment. With Gitanjali the likely beneficiary of Whitehall’s future purchases, trade creditors have little incentive to agree to the deal and would get more if the company was simply liquidated. Another possibility would be to liquidate the existing inventory and sell the Whitehall name and fixed assets to Gitanjali. How much irreparable damage a 90 to 120 day ‘Up to 70% Off’ liquidation sale would do the Whitehall and Lundstrom trade names is an open question.”
I think I’ll pass.
Seven weeks, four days
I’ve been remiss in writing to this blog, and I apologize. It isn’t that there’s been nothing new to report, there has, and lots of it! I’ve just been busy; too busy even for Ravelry, too busy to keep up with The Yarn Harlot and Dooce on a regular basis, too busy to catch up on my email. So please, don’t feel neglected!
What’s been taking up all of my available time? These two, born June 7, 2008:
Yevgeny Mungojerrie (Mojo) 2008.07.14
Which one starts the car?
Our house is a very, very, very fine house...
Harry sniffing Ivan Rumpelteazer (Teazyka) 2008.07.22
Tigger is more than sixteen times Mojo's size (16.4).
Learning how to play
Welcome to our little family, Yevgeny Mungojerrie aka Mojo or Zhenyka (one pound, 3.5 ounces as of today), and Ivan Rumpelteazer aka Teazyka (pronounced “teeska,” one pound, 3.8 ounces). We went all the way out to Long Island City in Queens to get them. We had only planned on taking one, but when we got to our friend M’s house and I picked up Teazyka, G picked up several of the others, and Mojo fell asleep in his arms. The conversation went like this:
G: (with puppy dog eyes) Can we keep him?
Me: Are you sure?
G: Yes.
Me: Are you really sure?
G: Ask me again, and I’ll say no.
Me: M, I think we’re taking two.
M: Yay!!!1!!
They had adopted out nearly all of the eight, and our guy was close to last, if not the last. Our amazing vet (who makes housecalls) has already been to see them, and exclaimed, “Oh my god! They’re so intense! They’re so tiny!” Which leads us to believe that they were indeed premature. Also, there were eight kittens total in the litter (all of whom survived). G has taken some more pictures, the first of which are posted over at Cats, Sheep, & Penguins, along with the whole story. He’s shot and processed more pictures; they’ll be up soon.
Totally manic
Had a 20 oz. mocha with a triple shot of espresso on a (mostly) empty stomach this morning and nothing else to eat until my pepperoni rolls come out of the toaster oven in a few minutes. I really shouldn’t be drinking the Diet Pepsi Wild Cherry, but I am.
Guess what’s coming home with us tonight?
Pictures can be found here. Talk about cute overload; I’m going to be especially antsy at work today (I wangled a 10:30 - 3pm shift).
