Quote Originally Posted by tombarr
so IBill's gonna pay...well at least partially for now
I read all your posts in this thread and the release Ibill wants you guys to sign. Even though I'm not an attorney, I'm very concerned.

They state very clearly on the agreement that if you sign it, you waive the right to sue them for ANY damages! Plus they want to wait until 2007 to pay all monies owed?

I would check your statute of limitations regarding time limits to sue in cases like IBills, when a merchant doesn't pay. I'd suspect the deadline is two years.

They state "Contrary to popular myth, no one at iBill or IBD has absconded with funds. The fact is that new capital has been injected into iBill. " Yet they don't have enough money to pay debts SO the amount of "new capital" they've been "injected" with isn't enough to keep them out of default with their current customers.

They also state "In collaboration with its turnaround advisors, IBD evaluated all possible options, including a formal reorganization of iBill under Chapter 11 and reached the same obvious conclusion each time; anything other than a cash and Note Payable plan would likely result in iBill closing its doors." So they are saying either their customers sign these notes, promising not to sue and giving IBIll TWO YEARS to pay debts, or their only other option is to claim bankruptcy - NOT GOOD!

Remember one thing.. a corporation exists for one reason, to make a profit. Ibill hasn't held your money for two years.. it SHOULD NOT take them two years to finalize a few months of debts with it customers. The math doesn't work out.

I guess that they are trying to see how many people they can get to bite with this agreement, like Acacia did, and depending on the response, they will either go forwar, or go Chapter 11, as they stated their only two options are. I say goto small claimes TODAY, file your claim before they go Chapter 11, get a different processor, and hope for the best. Don't be afraid of court, they've heard it all, you are owed money and it's every citizens right to have justice and not be used by greedy corporations! My .00002 cents worth.