One of the biggest players. One of the more scalable forms of generating points plus profit. Many many people are holding worthless checks for mega amounts of gift cards they sold to him over the past few weeks. If they try to recoup some of the gc value big buyers might find their gc’s worthles and if the payment arrangement was not cc they are in trouble. Gonna roil a lot of that market and have an impact beyond that immediate business....
Exactly. Many people who had sold him gc have since drained them elsewhere when they heard his checks have been bouncing.
It's not the first time there have been jsuies, but he has always made it right. However it seems to be going on longer now without information.
As cmey said, even if he pays everyone, the fact the dozens of sellers pulled gc is not good, unless Mike has not yet actually sold them.