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Chicago, IL-based FirstDIBZ was founded in 2001, and according to its Web site "is dedicated to providing consumers with access to the biggest and most prestigious live events."
The company provides ticket "forward markets," which allow users to buy and sell rights to tickets for future events. Through the purchase of DIBZ, a fan can guarantee themselves a seat at an event, such as the Super Bowl or World Series, if a team they choose makes it to the playoffs/championship. DIBZ sell for varying amounts, depending on the team and their likelihood for making the playoffs/championship.
Users can trade the DIBZ in real-time, 24/7, on in a FirstDIBZ marketplace. The company, previously known as TicketReserve, was a pioneer in the Pre-Primary, Forward or Futures market for tickets, and other companies offer similar programs. Fans use the site to lock in rights to their favorite teams, and ticket brokers use it to hedge their bets to make sure they'll have tickets for certain high-profile events.
The company ran into controversy in early 2009 when a couple of fraudulent sellers allegedly sold hundreds of DIBZ for the Super Bowl, for which they didn't have tickets. The case, which was ongoing at the time this profile was written, resulted in FirstDIBZ having to refund money to hundreds of swindled customers.
Settlement reached in FirstDIBZ class action lawsuit
The Ticket Reserve, Inc. (TTR), the parent company of ticket options seller FirstDIBZ, has reached a settlement with 752 members of a class action lawsuit over the massive fraud over Super Bowl tickets that felled the company more than two years ago.
TTR has agreed to pay a total of $529,920.74 under the terms of the settlement reached this week, which will reimburse the class members for a percentage of their online accounts where their money had been frozen since 2009 by the company.
FirstDIBZ parent company wins partial victory in court over class action lawsuit
The Ticket Reserve, Inc., which operates the ticket futures business FirstDIBZ, successfully won a dismissal in a U.S. District Court of most of the allegations in a class action lawsuit lodged by angry customers who claimed the company defrauded them out of thousands of dollars following a massive scam.
In a 22-page decision handed down late last week, Northern Illinois District Court Judge Rebecca R. Pallmeyer wrote that plaintiffs Andrew Duffy, George Adams, Gregg Harder, Christopher Jackman, Jason Lee, Jose Ordaz, Vincent Ruggiero, Sohail Shah and the class they represented essentially did not prove that the company was entirely liable for the scam that nearly wrecked it.
FirstDIBZ: Customers still unable to access money as attorneys prepare for settlement talks
Ticket "forward market" facilitator FirstDIBZ is effectively non-operational these days, as the beleaguered company prepares for possible settlement talks to begin compensating customers who have waited months to access their money.
The Chicago-based company, which managed online marketplaces where sports fans bought and sold options on event tickets, was nearly destroyed in early 2009 when it fell victim to a massive ticket fraud where fake NFL playoff and Super Bowl "dibz" were allegedly sold and re-sold with no tangible tickets attached to them.
Dozens of customer accounts remain frozen as FirstDIBZ continues 'in transition'
Months after the company was brought to its knees by a massive case of fraud, FirstDIBZ remains "in transition" and dozens, if not hundreds, of customers have not been able to withdraw money from their marketplace accounts.
The company, which bills itself as a ticket forward market, is on the hook for tens of thousands of dollars (earlier in the year, company officials put the amount at seven figures) as a result of a scam involving the sale and re-sale of "DIBZ" on Super Bowl tickets. But, many of the aggrieved customers are still waiting for payment as of this month, despite the company's goal of trying to address the situation by the spring.
FirstDIBZ loses an advisor with passing of Jack Kemp
FirstDIBZ, the forward market ticket company, lost one of its special advisors and directors last weekend with the passing of former politician and professional football star Jack Kemp.
Kemp was Bob Dole's Vice Presidential running mate in 1996, and he joined FirstDIBZ several years ago when the Chicago-based company still went by the name The Ticket Reserve. FirstDIBZ officials declined to comment on Kemp's passing.
Angry customers target FirstDIBZ with class action lawsuit over unpaid obligations
In a class action lawsuit filed by eight disgruntled customers, forward ticket Web site FirstDIBZ is accused of allegedly reneging on thousands of dollars worth of "DIBZ" payments surrounding tickets for the recently completed NFL playoffs and Super Bowl.
The alleged payments were the subject of the massive scam that nearly felled the company over the winter, for which FirstDIBZ tried to settle by paying reparations to dozens of aggrieved customers.
FirstDIBZ seeks more capital to help complete Super Bowl reimbursements
Already shaken by what turned into a massive scam over Super Bowl commitments, ticket forward market company FirstDIBZ now finds itself seeking to "recapitalize" over the next 45 days to complete its refund obligations.
The company sent out two emails this week apologizing for delays in allowing users to withdraw from their accounts, explaining that due to the unanticipated losses FirstDIBZ accumulated because of the fraud, it was asking users to wait for the company to improve its financial position before taking out their money.
FirstDIBZ to pay millions in reparations to customers after Super Bowl tickets fraud
Ticket forward market company FirstDIBZ will pay hundreds of aggrieved customers reparations that will reach a combined total in the millions of dollars, in an effort to help assuage the customers who fell victim to a recent "DIBZ" Super Bowl selling scam.
Company CEO Rick Harmon told TicketNews Thursday that the final figure for the reparations will reach "seven figures," but was quick to add that an exact tally is not yet known, nor is the final number of customers who were victims of the scam. FirstDIBZ is still investigating the fraud, and Harmon said the initial estimate that at least 250 people were victims has grown significantly.
FirstDIBZ in the eye of the storm from angry NFL fans
"Heaven has no rage like love to hatred turned,
Nor hell a fury like a football fan scorned."
With apologies to the late playwright William Congreve, ticket futures market Web site FirstDIBZ is finding itself on the tail end of some fury being unleashed by irate NFL football fans and ticket brokers.
The popular Web site, where fans can buy "DIBZ" or rights to purchase sports playoff tickets at face value, was recently the victim of at least two fraudulent dibz sellers who wrecked havoc with its system. As first reported by TicketNews, the scams forced the company to cancel the dibz orders of hundreds of fans, touching off an avalanche of criticism on message boards, including this one.
FirstDIBZ forced to cancel hundreds of Super Bowl orders after seller fraud
Futures market ticket company FirstDIBZ was forced to cancel 250 of its Super Bowl "dibz" orders this week after two rogue sellers allegedly scammed the system, TicketNews has learned.
The Chicago-based company has sent out emails to disgruntled customers apologizing that their orders cannot be filled because of the rogue sellers who allegedly "misused" the FirstDIBZ system.
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