so... whats the news on ibill?

[collegeboyslive]

just curious did anoyone call to find out where all the $$$ is that was promised on the 29th?

I am just curious if ya get a busy or disconected message now?

[chadknowslaw]

This was released this week



DEERFIELD BEACH, Fla. — Interactive Brand Development said Wednesday that iBill is “still working” to pay online adult companies that settled with the company last year.

Some of the note payables were due today, March 29.

“We don’t know yet [the resolution],” IBD President Gary Spaniak told XBiz. “But so far we’ve paid companies $22 million. We’re still working on the notes.”

IBill last year negotiated deals with some companies after the third-party processor had problems paying clients when credit card processor First Data withheld funds and dropped its account.

In related news Wednesday, iBill has decided to outsource its online payment processing to Etelegate.com, an unrelated third-party processor that converts credit cards, checks, Web 900 and dialer transactions.

Etelegate, billed as “the offshore billing company,” claims it is the “worldwide leader” in high-risk online payment processing, according to its website. XBiz could not reach company officials Wednesday for comment.

IBill said the decision to outsource came as a response to the company’s “desire to provide its clients with the newest advances in online payment processing.”

Steve Markley, IBD’s CEO, said iBill's current payment processing software is eight years old. “This decision should allow our clients to utilize the newest, cutting edge technology with a new interface," he said.

Spaniak also said that outsourcing processing is designed to help the company continue building a presence as a sales, marketing and media company.

Some online adult companies as recently as this week said they had difficulty processing charges through iBill. Those companies received timeouts or declines, receiving messages that included, “Please be advised that some clients may experience intermittent issues with signups.”

Earlier this month, iBill said the company would no longer be processing tangible goods and was discontinuing its Catalog Shopping Cart option for clients.

Based on the terms and conditions of the latest agreement, Etelegate will earn a percentage of net revenue generated by all existing iBill accounts and any future referrals, Spaniak said. Client services will remain with iBill while Etelegate will handle the actual transaction processing.

Spaniak said that the processing changeover is effective sometime this week.



I have a very bad feeling about this.

[underher]

VISIT >>>>> http://www.ibillowes.com <<<<<<<<<<<<<

Go to the anti-iBill forums tab,, you are welcome to 'vent', learn, and share any information you find helpful in tracking the iBill ~roaches~ as they scatter,,,,,,,,,
iBill is not that hard to follow, if you also check "real" public records !

Self serving "press releases" seldom tell the true story,, Having "merchant banks" close their account is, and has been, frequently happening over the last two years,,, It just happened most recently in December '05, and like others after First Data,,went 'unpublicized'.

Coinciding with that event (Dec '05),, they also tried to "announce" their relocation as a now classic iBill,,, "positive move forward",,,,
In reality,, they got evicted, and moved a block away to a 'bare bones' operation,,,

Now,,, Etelegate,, "A Processing Solution" ? ?? (another one?,,I don't think so,,,, Read between the lines,, this one is ~offshore~),,
HMMMMM,,,, IBD just sold a large block of stock at a reduced price to an "offshore investment group" in Feb '06 (per SEC)

They are simply "reselling' their client base to another's services, (merchant acct),,, and 'keeping thier fingers' in the increasingly dwindling cash flow.
Their strategy is becoming very clear,,, to me,, anyway.

A site has been set up by an iBill foe to share experiences, and pertinent current happenings,,,

VISIT >>>>> http://www.ibillowes.com <<<<<<<<<<<<<

Go to the anti-iBill forums tab,, you are welcome to 'vent', learn, and share any information you find helpful in tracking the iBill ~roaches~ as they scatter,,,,,,,,,

[_ap_]

fark i thought the ibill thing was way over. we got our cash and our rebills out of there ages ago, cost a few % in legal fees but it was all over in 90 days.

sorry to hear they are still holding out on other webmasters out there.

ap.

[tombarr]

Well after days on hold, or getting answering machines only, i finally found out who my NEW rep is... as my old one was Bert who of course is no longer there..

Said he would get me an answer as to when i could get my money...

All he could say was, "I’m sorry I couldn’t get back to you yesterday; I tried my best to dip out an answer about your settlement, unfortunately I couldn’t find any information. Meanwhile, I requested a lower rate for you with my manager; we can give you 10% + $1 per transaction if you would use us as primary processor again. With this rate you will be able to make up the difference for you at no time before the settlement goes in place. "

So i politely told him ...... well you know what i said.

[gaybucks_chip]

With this rate you will be able to make up the difference for you at no time before the settlement goes in place. "

I just can't believe that they would actually be able to say that with a straight face. Do they really think there are people out there who are that stupid?

[basschick]

their new reps probably have no idea of ibill's past history, so sure they can

I just can't believe that they would actually be able to say that with a straight face. Do they really think there are people out there who are that stupid?

[Huskyhunks]

Ibill is the most underhanded, outright cruel company i've ever heard of. They have been stringing webmaster along forever, basically holding them hostage in the hopes that one day they might get paid. Does anyone there have a semblance of feeling. I lost alot of money the first time when bedfellow's processor dmr web800 went under. Hundreds of rebills died on one day. but you know, it was a quick thing and I was able to just go forward from that point. Unfortunately, they just won't either give up the money or shut down. They have to draw this thing out like some kind of sick joke. It really is disgusting.

[NewBoyToyMatt]

I've emailed them and called (they don't answer, it's a machine). I'm going to give them a few more days, then I'm going to have my lawyer contact them.

[tombarr]

i Just read through our settlement agreement with iBill again, while preparing a background for an attorney, and in reality, they are not in default of the note payable until the 2nd anniversary of the date of execution on the note.

so they missed the deadline on the 1st anniversary, and probably will the second, if they are even in business then, but according to the note, they are not really in default until the second anniversary.

any other viewpoints on this?

[chadknowslaw]

Never deal with terrorists. Or hostage takers.

Ibill has been holding webmasters money hostage. I would like to see them forced into bankruptcy to end the suffering.

[collegeboyslive]

well chad you are an attourney... go for it

[chadknowslaw]

well chad you are an attourney... go for it

No fucking way. Forcing a company with no money to do something does not seem like a productive use of my time!! I am just a solo, so I don't have the resources to take on such a huge project--I would have to give up all my other work in order to take IBill on. Plus, bankruptcy court is a specialized division of the federal courts. I have never dabbled in that area of law so I have no experience in handling such a case. Sorry!!

[gaybucks_chip]

Do they even have any assets? If I read this thread correctly, it seems that they just sold off their major asset -- their processing and clients -- to somebody else.

It would seem that the best time to go for a bankruptcy action would be right now, and while I know next to nothing about bankruptcy, my understanding is that a handful of major creditors can get together and essentially force a bankruptcy proceeding. You could probably argue a fraudulent transfer of assets and perhaps get whatever funds disappeared reversed by the court, but that's about the extent of what you'd get, unless you could somehow name individuals behind the company and claim they drained cash out of it... I don't know enough about the background to know if any of that is true or plausible.


You'll probably get 2 cents or 10 cents on the dollar, but unfortunately that may be the most you see.

[_ap_]

fyi we already sued the fuckers and got our full rebill database and all our cash (over $100K minus $10K in legal fees).

Hell if they can't pay then at least you can march up to their office and take their furniture which will be sooooo much more fun :whip:

We could make a day of it, the "billing company bash 2006" Hell I'd fly over to Florida to watch that!

ap.