Is anybody going after IBill?

[Nickatilynx]

Sorry just noticed the dribs and drab still coming into my bank account from them

Still owed a bunch of cash historically (not a devasting amount though) and was thinking some people must still be owed huge money.

[RyanLanane]

Lil here, lil there for me too Nick ...

This week was the first time it came from Symmetrex (or whatever) and a seperate one from IBILL though.. Weird.

I believe March of this year a partial release of the funds they owe is supposed to come in, wasn't anything huge huge.. but amounted to a couple grand for me if I remember right.

I'm guessing a few people have went after them and they settled with a clause of non disclosure.. You know someone had to go after them by now.

[Trev]

Fuck IBill.... they did! :mad:

[TheEnforcer]

I haven't heard of anyone though that doesn't mean it hasn't happened. I'd actually be surprised if there hasn't been anyone.

[Biggy]

i know people who went after them and won. won as in.. they got what they wanted.. their rebill database out of there. if its worth it, get a good lawyer and get to work.

[el pres]

http://biz.yahoo.com/e/051123/ibdi.ob10qsb_a.html



DISCUSSION ON LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2005 we had cash of $467,180 and a working capital deficit of $21,873,649. We currently believe that operating cash flows from our iBill operation, current cash balances and borrowings will be adequate to meet its operating needs and capital requirements for the remainder of 2005. However, we have past due obligations, including but not limited to client payouts of $18,361,221 less processor reserves of $5,328,550, leaving a net deficit of client payouts of $13,032,671. We require additional financing to satisfy past due obligations. Presently, we do not have any material capital expenditure commitments for the remainder of 2005 and 2006.

We have adopted objectives of improving liquidity and sustaining profitability by implementing the following:

o A program of settling debt obligations by issuing interest bearing notes with a 2-year term note; to date the Company has settled approximately $9 million with notes and cash settlements;

o Maintaining service levels for existing clients above expectations to promote recurring and incremental revenues from these clients;

o Development of new payment processing products utilizing a fee-based service model with the potential for additional revenues from selling these programs to the end user;

o Teaming with other product and service providers in the adult entertainment industry in order to develop new revenue streams;

o Providing strategic marketing services to clients;

o Settling remaining outstanding obligations at a discount with payments to be made over time;

o Continued review of all expenditures in order to minimize costs; and

o Raising additional equity capital as necessary. We believe that the results of operations from iBill will improve as we regain lost customers and increase operating efficiencies. However, we must obtain additional financing to facilitate our expansion of the iBill operations. In the absence of financing we may be unable to satisfy past due obligations.

[sarettah]

Over at the zoo there are several threads indicating that those who settled (signed the agreement) still have not seen their money.