October 7, 2015

Tracy Morgan

Walmart has made good with comedian Tracy Morgan over the June 2014 traffic collision involving one of its drivers that left Morgan seriously injured. Making good with its insurance companies, on the other hand, is a different matter.

The retail giant has filed a lawsuit against a number of insurance companies including Liberty Insurance Underwriters, the Ohio Casualty Insurance Company and QBE Insurance Corporation, claiming that the companies haven’t paid their portion of the settlements made as a result of the crash, Courthouse News Service reports.

“Some of Walmart’s insurance companies have met their obligations under the insurance policies they sold and compensated Walmart for a portion of the settlement amounts,” the complaint reads. “Other of Walmart’s insurance companies, the defendants here, have in bad faith refused to consent to these settlements and have refused to pay their portions of the settlement under the insurance policies that they sold.”

The collision occurred on the New Jersey Turnpike when a Walmart truck driven by Kevin Roper collided with a limo bus carrying Morgan and others, including comedian James McNair, who was killed in the accident. The National Transportation Safety Board later determined that Roper had only had four hours of “sleep opportunity” in the preceding 33 hours, diminishing his awareness.

Walmart settled with Morgan as well as McNair’s family. While the company’s settlement with Morgan was confidential, Walmart reportedly agreed to a $10 million settlement to McNair’s family.

“Walmart took full responsibility for the tragic accident and did what was right to ensure the well-being of those who were impacted. We funded the settlement agreements in full, but some of the insurance carriers have failed to pay their portion of the settlement amount,” Walmart told TheWrap in a statement. “This is no different than any individual who holds an insurance policy, makes a claim for a covered loss, and then is told by the insurance company that despite the existence of coverage, they don’t intend to pay.”

The lawsuit also claims that the insurance companies continually made “harassing and pretextual demands for more and more information” as “a pretext to avoid settling the Survivors Lawsuit.”

Alleging breach of contract, negligent failure to settle claim within policy limits and bad-faith failure to settle claim within policy limits, Walmart is seeking unspecified damages.

By: Tim Kenneally
Pamela Chelin contributed to this report.

May 7, 2015

Matthew Kohr

The North Carolina police lieutenant, who is suing Starbucks after burning himself when his free cup of coffee spilled, took the stand for the second time today saying that he wasn't prepared for how hot the beverage was.

"I didn't know it was that hot," Matthew Kohr said during his cross examination in a Raleigh court today.

Kohr and his wife are suing the coffee giant for $750,000 to cover legal and medical expenses as well as the damages they both suffered -- from his burns that he claims caused a flare up in his pre-existing Crohn's disease and caused him to have intestinal surgery, and for the emotional distress that his wife went through in the loss of her "intimate partner," as described in the lawsuit. The suit states that the lid popped up and the cup folded in on itself, spilling the hot coffee on Kohr's thigh and groin area.

NC Cop Whose Free Coffee Spilled on Him Suing Starbucks
Kohr said that the January 2012 incident had repercussions on his work life, not only forcing him to take time off from work but it also impacted his job performance when he was there. Kohr said that he had a new level of "edginess, nervousness, wasn't comfortable in the car."

He said in court today that his role as a supervisor required him to be comfortable leading people "and being confident and I didn't have those same feelings as I had in the past."

Kohr discussed the process by which he and his wife Melanie went through to decide on the amount that they decided to ask Starbucks for, noting that initially they had talked about asking for $10 million.

"It was hard to put a price on what my wife had to go through, what my kids had to go through," Kohr said. "What's a year and a half, two years of your life worth? I thought it was worth $10 million."

"As time went on, as we learned more information, as we learned how the process develops ... we adjusted the number and came up with $750,000 and that's what we're asking," he said.

The attorneys representing Starbucks asked Kohr detailed questions about the various medications he was taking and the exact dates when he was unable to work.
A Starbucks spokesperson told ABC News the safety of their customers and employees "is our top priority" and the company denied any wrongdoing.

"We believe our store partners did nothing wrong and are prepared to present our case at trial," the spokesperson told ABC News in a statement issued Tuesday.

A fellow police officer who was at the Starbucks with Kohr on the day of the incident testified about the moments after the spill, saying how the lid was "like a jack in the box, it just kind of spooks you and goes flying up in the air."

"He turned really, really beet red in his face. He was in a lot of pain," the officer said of Kohr.

The then-manager of the Starbucks also testified, reading portions of the company's handbook where it dictates that a sleeve should be used for all venti cups containing hot beverages. Kohr and his legal team maintains that no such sleeve was used on the day of the accident.

April 1, 2015
Sears Holdings Corp. will raise more than $2.5 billion by siphoning off 254 stores into a real estate investment trust, the struggling retailer said on Wednesday.
The newly formed REIT, Seritage Growth Properties, will buy and lease back the Sears and Kmart stores.

Shares jumped 7% to $44.22 in pre-market trading.

The company’s decision to move forward with a REIT was anticipated, and represents another urgent effort to raise cash. The department store chain hasn’t turned a profit for several years.

It will fund the purchase, in part, with the money raised from shareholders through a rights offering. Billionaire CEO Eddie Lampert and his hedge fund, who together own almost half of the company, said they intend to fully exercise their pro-rata portion of the subscription rights.

The company also said on Wednesday that it was partnering with General Growth Properties to form a joint real estate venture, in which it will contribute 12 Sears properties located at GGP malls. In exchange, Sears Holdings will get $165 million in cash and a 50% stake in the venture.

“Today’s announcement demonstrates our ability to unlock a small portion of Sears Holdings’ vast and valuable real estate portfolio, and represents an important step in the continued transformation of Sears Holdings,” said Lampert in a statement.

As of the end of January, Sears Holdings owned or leased 1,725 Kmart and Sears stores.

When the company announced it was exploring the possibility of a REIT in November, investors cheered and sent shares surging more than 30%. The stock is up roughly 23% over the last 12 months.

By: Lauren Gensler - Forbes Staff

March 25, 2015

On a pre-programmed course in an old airfield in Alameda, Calif., a silverfish-shaped car meanders through a cardboard city full of frozen people and cut-out trees. Here at the edge of Silicon Valley, looking back across the bay at the San Francisco skyline and just minutes from Mercedes-Benz’s Research facility in Sunnyvale, the F 015 “Luxury In Motion” autonomous prototype vehicle makes its way — with the driver's seat comfortably swiveled 180 degrees to face backwards.

It sounds like something out of a sci-fi film, but this is Mercedes-Benz’s vision of the future — the year 2030 to be precise. The F 015 concept is quite literally a living room on wheels. Feel like driving? Swivel your chair and take control of the steering wheel that folds neatly away when not in use. Feel like working, relaxing, or talking? Swivel back around and face your fellow passengers; the car will continue to drive you to your destination. In Mercedes purview, life in the future is no longer about speed, but relaxation and the luxury of time.

While the F 015 is still a prototype, and not yet robust enough to make highway trips like over self-driving test cars, the approach to the design of the vehicle is straight from the pages of Steve Jobs. “Autonomous vehicles make sense because of the increased emphasis on the interaction between occupants," says Koert Groeneveld, head of research and development communications at Merecedes-Benz. "The cities of the future will be bigger, more densely packed and life will be more hectic. Time and private space will become a luxury.”

Inside the Mercedes-Benz F 015

It’s not only how the car impacts and interacts with its passengers, but how the car interacts with the outside world. LEDs in the front and back of the car flash words like “STOP” and “GO” across what would normally feature headlights and taillights. It is polite to a fault, insisting that pedestrians proceed first, projecting a laser outlined crosswalk in front of the car and instructing them verbally to “please cross,” tracking their movement across the field as they go. Mercedes notes that the windows are covered in a subtle dot pattern to keep people from seeing in, but which also limits visibility out.

Mercedes-Benz F 015 in San Francisco

Carriage doors open to allow easy access to the spacious interior. Seats swivel to welcome you inside and then swivel back to center when the doors are closed, a rolling silver cocoon isolating you from the outside world. Anyone in the car can become the “conductor,” choosing the interior look, feel, and speed of the car as it moves along. Slide a mark along a linear gauge and you can speed or slow the car. Change the scenery on the screens around you to Paris and the Louvre or abstract representations of the outside world by touching the screen and making a choice for your bubbles of virtual reality. The extreme soapbar physical design of the F 015 is centered on what Mercedes-Benz calls “soft transitions” — an easing back into reality, or out of it, as you move from your autonomous vehicle to your next destination.

The F 015 we conducted was solely electric-powered, and followed a GPS-plotted course showing what Mercedes imagines a typical interaction between car and human would look like. The driver summons the car from its parking spot using an app on their phone and waits patiently while the car comes to them (a feature Tesla has promised with the next major software update of the Model S sedan.) Then he or she climbs in and is whisked (albeit in this test case, slowly) away to their destination where the car then parks itself until the next time it is called.

It's obvious the technology that Mercedes-Benz has employed to create both the S500 Intelligent Drive and the F 015 prototype is phenomenal. The idea of auto autopilot for urban driving is incredibly appealing, and driving a car via smartphone feels like a Star Trek-level fantasy finally coming to life. But I'm not sure whether to feel inspired, scared, or both.

That world of 2030 seems implicitly dystopian, where luxury means isolation. In this vision, drivers and passengers are surrounded by an augmented reality of their own choosing — a world in which the car communicates with the outside world, and humans don’t. The other way of looking toward 2030 would see time as the precious commodity. Those who can afford it can find a space to freely do what they like, and not worry over the city-driving dullness of steering, accelerating, watching for pedestrians or braking.

In 15 to 20 years, do we become so wrapped up our own worlds that we won't be interested in interacting with the outside world? Will we not want to make eye contact with a passerby, let alone wave them to cross? Will we become so busy and self-important that we have to send the car to pick up the kids at school — as some overscheduled parents have already enlisted Uber drivers to do?

The F 015 presents a fascinating look at the future of driving and the almost-there technology involved in making it work. We are either moving toward a more crowded, isolated, self-centered world, or one that’s greener, safer and more connected than ever. We’ll just have to wait a few more years to find out — fewer than we realize.

By: Abigail Bassett

January 17, 2015

The U.S. Postal Service on Thursday proposed slight increases for mailing postcards and international letters. However, they desired not to alter first-class “Forever” stamps allowing them to remain at their present 49 cents.

The surges being planned would be implemented starting April 26 if the requests are granted meaning letters to international destinations would rise from $1.15 to $1.20. Postcards would rise from 34 cents to 35 cents. On initial-class mail, every single ounce more than 1 ounce would cost an further 22 cents, up from 21 cents. And letters to all international destinations would go from $1.15 to $1.20.

Despite the three cautionary reports: March 2013 Management Advisory Report; September 2012 Audit Report issued by its Office of Inspector General, and the Advisory Opinion produced by the Postal Regulatory Commission in 2012, the Postal Service is moving ahead with these changes.

Also to note is that the filing with the Postal Regulatory Commission does not affect Postal Service shipping merchandise and solutions. According to the Postal Service, the requested price increases are the newest in a series of measures “to achieve economic stability.”

“By growing volume, income and contribution, the Postal Service will continue to meet America’s mailing and shipping desires properly into the future,” the agency said in a statement. “Even though enhancing efficiency in streamlining its network and looking for legislative alterations, the Postal Service must address an outdated small business model,” it added.

The Postal Service receives no tax dollars for operating expenses and instead relies on the sale of postage, goods and services to raise the revenues needed to spend for its operations. The last change in first-class postage was a three-cent increase to 49 cents that happened Jan. 26, 2014.

Forever stamps bought now are great for first-class postage up to 1 ounce regardless of future rates. This latest round of operational cuts undermines the Postal Service’s primary obligation under the law and threatens the very integrity and concept of Universal Service.

However, before going ahead with these alterations, the Postal Service should — at the very least — offer well-supported projections of the impacts on operational efficiency and solid estimates of financial savings before embarking on this new round of cuts and closures.


January 7, 2015

The price of Brent crude oil has fallen below $50 a barrel for the first time since May 2009.

It fell more than a dollar to $49.92 a barrel in early trading on Wednesday before edging back above the $50 mark.

Slowing global growth and increased supply of oil and gas have pushed prices sharply lower in recent weeks.

The price of oil traded in the United States, known as West Texas Intermediate crude, has already fallen below $50.

Many observers expect the price of oil to fall further as North American shale producers continue to supply increasing quantities of oil and gas, and the oil-producing group Opec resists calls for cuts in production to support prices.

"With no sign that Opec will do anything about over-production, it seems likely that we could well see further declines towards $40 in the coming weeks," said CMC Markets analyst Michael Hewson.

Saudi Arabia has again insisted that it will not cut production to prop up oil prices in the short term

Analysis by Mark Lobel, business reporter, Dubai:
Oil industry insiders tell me they think it will be a year or two until prices return to around $80 - $90 per barrel.

A senior oil executive thinks Brent crude will drop to $45 per barrel, while an engineer suggested it could drop further.

Despite this, the Saudi King used a speech, delivered by the Crown Prince on Tuesday, to again insist the oil giant will not cut production, despite themselves having to decrease discounts to Asian customers as the low prices bite.

There are other signs Saudi Arabia may be feeling the pinch a little too hard, despite its large foreign reserves and cheap production costs.

The Kingdom's main oil company has suspended a major clean fuels plant and several new rigs.

Gulf economies are now budgeting for an assumed oil price of around $60 a barrel this year but insist that they will continue spending regardless, to build and diversify their economies, incurring a deficit if needs be.

Iraq however is suffering badly. With major security challenges there, they are already budgeting for a huge deficit.

Brent Crude Oil Futures $/barrel

Producers suffer

Whilst many consumers and businesses welcome a drop in the cost of fuel, oil producing countries including Russia and Venezuela have been hit as the price of their main export falls.

The oil price has now fallen by more than half since June when the price stood at $110 per barrel.

"All the net exporters of oil are the ones that are suffering at the moment," said Iain Armstrong, oil market analyst at investment management firm Brewin Dolphin.

"Unless you're lucky enough to be tied to the dollar, your currency is going to be in big trouble, i.e. just like Russia."

Pump price

In the UK politicians have called for more of the fall in oil prices to be passed on to consumers.

On Monday, Chancellor George Osborne tweeted that it was "vital this is passed on to families at petrol pumps, through utility bills and air fares".

Speaking BBC Radio 5 Live Sainsbury's chief executive, Mike Coupe said fuel prices could eventually fall below a pound a litre:

"We have certainly seen prices chased down, mainly by the supermarkets," he said.

"You could feasibly see fuel prices fall below the £1 barrier."

All the major supermarkets have reduced fuel prices this week.

October 10, 2014

Amazon will open its first physical retail location in midtown Manhattan soon, according to the Wall Street Journal. Amazon has conquered online retail, so why take on the high cost and risk of a brick-and-mortar store?

Amazon has been a virtual thorn in the side of big box chains like Wal-Mart and Target for nearly two decades. So why not become a physical one?

The online retail is planning to open its first brick-and-mortar location in midtown Manhattan, according to a report from the Wall Street Journal. Situated on 34th Street, across from the Empire State building and on the same street as Macy’s flagship location, the store is set to open in time for the holiday shopping season. The company has not yet confirmed the report.

The vastness of Amazon’s online inventory, of course, could never fit into a Manhattan storefront. So what can shoppers expect from browsing the newly physical Amazon shelves?

According to the Journal, the space “would function as a mini warehouse, with limited inventory for same-day delivery within New York, product returns and exchanges, and pickups of online orders. The Manhattan location is meant primarily to be a place for customers to pick up orders they’ve made online, but will also serve as a distribution center for couriers and likely one day will feature Amazon devices like Kindle e-readers, Fire smartphones, and Fire TV set-top boxes, according to people familiar with the company’s thinking.”

Some, predictably, are wondering why Amazon would want to venture into the brick-and-mortar retail space when it can compete with (and in some cases decimate) major big-box chains just fine without its own stores. The company’s flexibility is part of its strength – it doesn’t have to deal with the typical costs of managing retail spaces, allowing it to offer competitive prices on almost any product it pleases. Midtown Manhattan is an expensive place for an inaugural storefront. “Amazon’s value proposition is its huge selection and shipping that comes to me,” Forrester analyst Sucharita Mulpuru tells Forbes. “Both those aren’t going to happen at a physical store in Manhattan.”

In-store retail, too, has been losing ground to e-commerce for several years. E-commerce sales jumped 9.3 percent year-over-year during the 2013 holiday shopping season, making up $95.7 billion in total sales, according to the National Retail Federation. Growth for overall sales was a comparatively paltry 3.8 percent. “Cyber retail sales are increasing like gangbusters and we expect the clicks to make accelerated gains over the bricks,” IHS Global Insight economist Chris Christopher said in a January 2014 analysis.

Despite such gains, however, the overwhelming majority of retail purchases are still made in stores. E-commerce sales made up just 6.4 percent of total retail sales in the second quarter of 2014, according to the Commerce Department, and even at current growth rates it would take a long, long time for online sales to overtake in-store purchases. Amazon wouldn’t be the first online merchant to move into storefronts (clothiers Bonobos and Warby Parker, as well as the makeup subscription retailer Birchbox have all opened their own stores), though it would be the biggest.

But beyond another sales outlet, a physical store has the potential to be invaluable in terms of marketing. As New York magazine points out, Apple’s first store openings in 2001 were met with widespread skepticism; now, the frenzy around the company’s new product launches, with customers lining up around the block for the latest iPhone or iPad, have become news events in themselves. Apple stores are the most profitable retail spaces in the world, making about $39 million in revenue per store last year. Ebay and Microsoft have made their own moves into the physical retail space as well.

Amazon has been planning a store opening for years, according to the Journal, scouting out locations in its hometown Seattle and experimenting with pop-up shops for select products, like the Kindle.

The company, meanwhile, is facing a pair of dicey legal issues at present. The European Union is investigating Amazon for possibly benefiting from an illegal tax arrangement in Luxembourg. Here in the United States, the Supreme Court heard arguments this week in a case brought on by Amazon’s warehouse workers, who sued the company over having to spend significant amounts of unpaid time going through security screenings. The workers contend that they should be paid for their time in the screenings, which can take 25 minutes per day on average.

- By Schuyler Velasco -

July 28, 2014

Dollar Tree buying peer Family Dollar Stores for approximately $8.5 billion

NEW YORK (AP) — Dollar Tree is buying rival discounter Family Dollar, giving it a wider reach in the intensifying fight for deal-seeking customers.

The $8.5 billion deal will give Dollar Tree more than 13,000 stores in the U.S. and Canada. The current leading discounter, Dollar General Corp., has more than 11,300 stores in the U.S.

Dollar stores have struggled as major retailers including Wal-Mart Stores Inc. and Kroger have stepped up their courtship of lower-income customers by opening smaller store formats that compete more directly with such discounters. Sales are also suffering because the lower-income customers who go to dollar stores still haven't recovered from the recession and its aftermath because of persistent job instability and slow wage growth.

Family Dollar shuttered stores and cut prices as result, and had been conducting a strategic review since the winter. Last month, investor Carl Icahn urged the company to put itself up for sale. Icahn has built up a stake in the company of more than 9 percent, according to regulatory filings.

On Monday, Dollar Tree CEO Bob Sasser noted that his company and Family Dollar have different business models. While all items sold at Dollar Tree cost just a dollar, Family Dollar charges a broader range of prices, which allows it to sell a greater variety of items including brand-name products such as Kraft cheese or Tide laundry soap.

As such, Sasser said the two chains "co-locate really well" and offer complementary merchandise.

The companies did not say if any Dollar Tree or Family Dollar stores would be closed. Dollar Tree will continue to operate under the existing Dollar Tree, Deals, and Dollar Tree Canada store banners. It will keep the Family Dollar brand as well.

Stockholders of Family Dollar Stores will receive $59.60 in cash and the equivalent of $14.90 in shares of Dollar Tree for each share they own. The companies put the value of the transaction at $74.50 per share, which is an approximately 23 percent premium to Family Dollar's Friday closing price of $60.66.

Including debt and other costs, the companies estimate the deal to be more than $9 billion.

Family Dollar stockholders will own somewhere between 12.7 percent and 15.1 percent of Dollar Tree's outstanding common shares at closing. Shares spiked more than 24 percent and were headed for an all-time high before the opening bell Monday.

Shares of Dollar Tree neared an all-time high.

The combined Dollar Tree-Family Dollar chain will have sales of more than $18 billion. Family Dollar Chairman and CEO Howard Levine will still lead those stores and report to Sasser.

Dollar Tree plans to finance the deal with available cash, bank debt and bonds.

The boards of both companies have unanimously approved the deal, which is expected to close by early next year. It still needs approval from Family Dollar shareholders.

Shares of Family Dollar Stores Inc., based in Charlotte, North Carolina, surged $14.89 to $75.55 in premarket trading. The record high during regular trading is $75.29.

Shares of Dollar Tree Inc., based in Chesapeake, Virginia, jumped 10 percent, or $5.50 to $59.72. The all-time high for that stock is $60.19.

July 13, 2014

TRACY MORGAN: The former "Saturday Night Live" star has sued Bentonville, Arkansas-based Walmart Stores Inc in a New Jersey federal court, alleging the retailer knew or should have known its truck driver, Kevin Roper, was not in compliance with federal regulations designed to combat driver fatigue.

Newark N.J (Reuters) – Actor and comedian Tracy Morgan was released from a rehabilitation center to finish his recovery at home from a New Jersey crash in June that left him critically injured and killed a fellow passenger, his spokesman said on Saturday.

The announcement came just days after he sued Bentonville, Arkansas-based Walmart Stores Inc in a New Jersey federal court, alleging the retailer knew or should have known its truck driver, Kevin Roper, was not in compliance with federal regulations designed to combat driver fatigue.

“He asked me to pass along his sincerest gratitude to everyone who has helped him get to this point. He would also appreciate some privacy during this crucial point in his recovery,” spokesman Lewis Kay said in a statement.

The statement added that Morgan, best known for starring in NBC’s “30 Rock” and “Saturday Night Live,” will undergo a rigorous outpatient regimen to complete his recovery.

On Thursday, the actor filed a lawsuit claiming that Wal-Mart truck driver Roper commuted more than 700 miles (1,130 km) from his Georgia home to a company distribution facility in Delaware before beginning his work shift, and that he had been awake for over 24 hours prior to the crash.

Roper was charged last month with vehicular homicide and assault-by-auto after prosecutors said he rear-ended the limo bus Morgan and his entourage were riding in during the June 7 crash, near Cranbury, New Jersey. He pleaded not guilty.

Morgan was riding along the New Jersey Turnpike with several people including his assistant Jeffrey Millea and comedian Ardley Fuqua Jr, who were also injured in the crash and are co-plaintiffs in the suit. The crash killed comedian James McNair, 62, of Peekskill, New York.

“We are deeply sorry that one of our trucks was involved,” Walmart said in a statement. “As we’ve said, we’re cooperating fully in the ongoing investigation.”

“We’re committed to doing the right thing for all involved,” the statement said.

Federal investigators said last month that Roper was driving roughly 20 miles per hour over the speed limit just before the crash.

Morgan and the other plaintiffs are seeking unspecified damages and attorneys’ fees.

June 27, 2014

Gee Funding, Inc., national and international crowd-funding website where anyone can raise money for small business start-up, creative projects, film production, music project, art works, charity and just cause charitable donation, education and much more, is now accepting both project and charity campaign.

GeeFunding.Com is open to all,” said Godwin E. Enogieru, head of GeeFunding, Inc.

“If you need to raise money or help someone in need, there is no better time to this than now,” added the spokesperson, who believes everyone should have the opportunity to raise money hassle-free.

With GeeFunding.Com, everyone now has the ability to raise money to start whatever project; he or she has on the drawing board that needs to become reality. However, Godwin E. Enogieru, sounds a note of caution for persons wishing to fund their projects through crowd-funding means to be aware.

“Beware of crowd-funding sites claiming to be ‘100 per cent Free’. They will simply charge your donors instead and you will collect fewer donations as a result. Fees always exist when accepting payments online,” said Mr. Enogieru.

Despite that note of caution, crowd-funding websites can help persons find a community of small investors to fund their business, without the risks of traditional financing. While some sites focus on funding creative projects, others sites focus on meeting specific needs in the marketplace or community.

“So don’t let lack of capital hold you back - let the crowd fund you, as people all over the world are now using Crowd-funding platform like GeeFunding.Com to raise millions of dollars for all types of campaigns,” said the source.

No matter what someone is raising money for, Godwin E. Enogieru said they can start right now with GeeFunding.Com, which charges no fee upfront or application processing fee.

“We here at GeeFunding accept both project and charity campaign,” note the spokesperson.

Creating Fund raising Campaign is free, and applicants pay nothing to start a campaign until their campaign is fully funded. GeeFunding.Com, however, charges a fee of seven per cent of the total amount funded.

As it relates to how GeeFunding.Com approaches the crowd-funding process, Mr. Enogieru said it begins when a project owner submits a campaign to Included in the fund raising project submission is a detailed description of the campaign, campaign owner’s PayPal email account is required, the target goal amount, and a specific fundraising duration.

If GeeFunding approves the project, after reviewing, he launched the project by posting in the campaign details, time period, and the target amount of the crowd-funding campaign for immediate backer’s access.
At the end of a campaign, GeeFunding checks to see if the target amount has been met (or exceeded). However, if the goal is not met, all pre-approved transactions are cancelled and no backer's or pledge’s account is debited for the campaign. No money collected.

If the target is met, GeeFunding platform triggers the pre-approved payments from the PayPal accounts of the campaign backer's. In a chained payment model, the funds are moved to the project owner's PayPal account first, after which a pre-determined portion of fees (PayPal 2.9 per cent) and commissions (GeeFunding seven per cent) are deducted from the fully funded project owner's account. In the parallel payment model, funds are instantly transferred to both primary and secondary PayPal accounts upon the success of the campaign.

For further information or how to start your fund raising campaign, please visit the following website: www.GeeFunding.Com