ICPT sells IBill?

[Mike AI]

This is interesting

http://biz.yahoo.com/rc/040211/financial_i...ntercept_1.html (http://biz.yahoo.com/rc/040211/financial_intercept_1.html)

Reuters
InterCept to sell merchant svcs unit to CEO,others
Wednesday February 11, 9:33 am ET


NEW YORK, Feb 11 (Reuters) - InterCept Inc. (NasdaqNM:ICPT - News), which offers banks electronic fund transfer and other services, on Wednesday said it entered a letter of intent to sell its InterCept Payment Solutions merchant services division to its chief executive and others for $37.4 million.
The Atlanta-based company said the purchase price includes cash, a promissory note and assumed liabilities. It said it expects to take a $135 million charge from the sale, prior to tax benefits, for the fourth quarter ended Dec. 31, 2003.

InterCept said the purchase group includes Chief Executive John Perry, other management, and a third-party merchant payment services provider. The sale is expected to close this month, pending the signing of a definitive agreement, it said.

[wig]

They did good... I heard they would have taken 15mm. :P

[gonzo]

Originally posted by wig@Feb 11 2004, 12:36 PM
They did good... I heard they would have taken 15mm. :P
I been over on Ammasters drumming you up biz Wig.

[wig]

Originally posted by gonzo+Feb 11 2004, 12:41 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (gonzo @ Feb 11 2004, 12:41 PM)</td></tr><tr><td id='QUOTE'><!--QuoteBegin--wig@Feb 11 2004, 12:36 PM
They did good... I heard they would have taken 15mm. :P
I been over on Ammasters drumming you up biz Wig.[/b][/quote]
Well, thank you kind sir! :D

[mojobill]

and a third-party merchant payment services provider.

any clue who this is?

[*KK*]

Doesn't say adult, it could be anyone 'processing' payments for anything the way it is worded.

[gonzo]

Originally posted by *KK*@Feb 11 2004, 01:12 PM
Doesn't say adult, it could be anyone 'processing' payments for anything the way it is worded.
Its KK.

[Hell Puppy]

Pretty vague release...

If the CEO "and other management" involved in the purchase are the same ones who originally sold IBill to ICPT they made out like a bandit. Sold it for $105 million, got it all back for $37.5 million.

Better still that price is listed as a combination of cash, promissary notes and liabilities. So the actual cash that changed hands may be very small, the rest taken on as assumed debt and notes.

Obviously ICPT just wanted to get rid of it.

Could be a good move for both as that was a match made in hell. It may take a miracle to pull what's left of IBill out of a nose dive though. Whoever this other mystery 3rd party processor is may be the key to that....we'll see if it's someone with a clue that can right the ship.

As much as we dog IBill, it is best for the industry if they live and thrive.

[Rolo]

There seams to be alot of "ex. ibill somethings":

ex. ibill owners
ex. ibill employees
ex. ibill sponsors
etc.

I hope they will stop this trend now :)

[LeeNoga]

Who really cares? Raise your credit card.

[gonzo]

Originally posted by LeeNoga@Feb 12 2004, 04:17 PM
Who really cares? Raise your credit card.
Looks like its time to add another one to the Mouth Of Morons . . .