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.
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