Eternal Image, Inc is official licensee of Major League Baseball; the Vatican; Precious Moments; KISS; Star Trek; fine Universities; US Marines; Boy Scouts, and more. Well, not anymore.
On April 13, 2012, Aerotek, Inc., Catholic Digest, Waterloo International Funeral Services, Memorial Arts Studio and Covington Box & Packaging, Inc. filed an involuntary petition for liquidation under Chapter 7 against Eternal Image, Inc. in the US Bankruptcy Court for the Eastern District of Michigan. The total claim amount of the petitioning creditors was $0.38 million. The petitioning creditors are represented by Mimi D. Kalish of Stillman Law Office as their legal counsels (source).
There was a hearing scheduled on June 22, 2012 but that hearing was cancelled. There isn’t much information about the details of the involuntary bankruptcy being made public yet. We do have copies of the legal documents filed but are awaiting word on what information out of those documents we are allowed to share.
Here are a few things that we do know:
- Eternal Image claims to have al,ost no assets, and liabilities are upwards of $3.1 million
- Eternal Image president Clint Mytych secured funding of $8,000 from his grandparents to pay the retainer fee for an attorney to prepare documents and represent Eternal Image in the bankruptcy
- EternalImage.net, the companies website is no longer online (see below image)
We have heard from distributors for Eternal Image that product in the past year has been virtually impossible to get, inventory was not existant, and drastic changes had been made to the MLB urns because EI had to switch manufactures after they were cut-off by the previous manufacturer due to unpaid bills.
The MLB products seemed promising when launched in 2008. Eternal Image even secured a 10 minute spot on ESPN’s Outside the Lines.
Once we have more information we will be sure to share, but we have to ask: what did you think of Eternal Image? Did you ever offer their product? What lead to their demise?
This company has been in financial trouble since the beginning. No surprise here.
There demise was completely centered around the penny stock game Clint and his supporting network chose to play.
It’s no secret they ran their unethical, and at times illegal, actions through IHUB. Where, by collusion, they had control of the functions of the board through the head moderator whom was also assisted by Investor Relations and a distributor whom dominated anything posted in a negative but truthful nature. Even passing on fictious claims backed by Mytych himself.
Mytych and crew managed to sell approximately $2,000,000.00 worth of self-awarded shares amonst the whole time of not meeting their financial obligations to anyone else associated with his company.
Take a look at the filings on the SEC site. They are very revealing to the operations of Eternal Image (ETNL).
Also, go to the IHUB site and peruse through the posts, especially 2007-2008 and one can see the involved parties and how, through Eternal Image, this was accomplished.
One should have no pity for these crooks.
We were duped along with other
suppliers that bought into this mess.
The high profile licenses could have been a claim to fame but were used
to scam and steal instead. No payment,
then stop production and stop product shipment.
We learned of pump and dump stock schemes. What a bunch of losers. We moved on to better avenues and new memorial
product designs, and hope not to see them rear their ugly heads in this
industry again.
LOL!! that is all I can say about that.
I am a former employee of the company and am dismayed at its demise. The concept was sound yet irresponsibly allowed to go bankrupt. It is unfortunate for the distribution channels, vendors, consumers and investors. This did not need to happen.
I’m not saying Eternal Image was doing great at the moment, but what better way to insure that you never get any of your money back than to force the company into bankruptcy.
This sucks!! What an awesome idea…they could have made a lot more money in the long run.