Ugly economic times have taken their toll on richy rich silver spooners and small time IRA investors alike, and now it's time for Little Leaguers to take a trip out to the woodshed.
Count Me In Corp., a company in the business of facilitating online payments of kids' sports club fees, has gone under and revealed a $5 million shortfall in an involuntary Chapter 7 bankruptcy filing.
Three sports clubs in Alaska induced the filing, in which they claim Count Me In owes them about $174,000. Other creditors include the Central Florida Soccer Academy, Seneca Valley Soccer Association, and the La Costa Youth Organization.
Over its eight years of operation, the online registration and league management software company collected about $175 million for its clients and returned $170 million.
The $5 million void resulted from normal operating costs, according to the company. So it's not a case of fraud, but definitely a case of hard times leaving no one unscathed.
The company's parent, Arena Corp., is not filing for bankruptcy and has promised to keep websites and other avenues of communication open.
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