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We would like to update you on several recent events that have occurred at iBill.
On January 21st it was announced that Interactive Brand Development (“IBD”), a publicly traded company, had acquired iBill and began committing the resources necessary to return iBill to a respectable and profitable status. For your information, IBD’s assets also include a 36.5% stake in Penthouse Media Group, significant investments in broadband TV and interactive media properties.
IBD’s decision to acquire iBill was based upon a full understanding of the issues facing iBill’s business, and we are focusing our energies and resources on achieving a turn around at iBill both through financial settlement with our clients and exploiting our innovative and secure products for current and future business.
IBD has engaged a top-tier restructuring firm to oversee the day to day operations and management of iBill in cooperation with IBD’s senior executives. As such, IBD is confident that iBill will be managed with proper corporate governance.
As part of this turn around initiative, iBill obtained an initial $2.0 million investment on December 30. Based on the plan being established in conjunction with our consultants, iBill and IBD have arranged for additional capital injections into iBill above this amount with a view of supporting and growing iBill while it continues to resolve the effects of the September 16th events.
Over the last five months there have been announcements regarding the funding of past due amounts. One of the first objectives of IBD’s management will be to address this primary concern through an organized and cohesive plan. This plan will be rolled out in the next few weeks and will supercede any previous announcements or commitments. We expect to update you on this progress no later than March 9th, 2005.
As you may be aware, Cathy Beardsley, iBill’s President, has announced that she will be leaving iBill to pursue other interests. While IBD regrets Cathy’s departure we note that she chose both in the interests of iBill’s clients and employees to remain at iBill during the very difficult months of uncertainty while IBD evaluated iBill’s business. It is largely due to her efforts that IBD was able to feel comfortable in our ability to address iBill’s financial issues and complete this acquisition to the benefit of iBill’s clients. Over the next 30 days, Cathy will be working with IBD management to ensure the finalization of the First Data reserve release as well as the implementation of the Inteca trusted third party payment program for our European clients. She may also continue to work with iBill on a freelance basis going forward.
IBD recognizes that iBill’s clients have been through a difficult period caused primarily by events now rumored to be affecting others in our industry. Our experience in dealing with these same events has resulted in the implementation of the gkard debit card payment solution. This secure product has been tried and tested over the past several months to the benefit of many of iBill’s clients. As part of a new and strong organization, iBill stands ready to apply our experience and these products to existing and future clients.
Sincerely
Interactive Brand Development Inc.
Payout Update 02/11/05
EU Payout Update
We have reached an agreement in principle with a third party trust on the release of our EU funds currently being held. The third party trust will ensure all client funds, both in arrears and future, are managed and paid from a segregated account. Early next week we will be in a position to formally announce the plan, the process to release past due funds, and outline the payment schedule on a go forward basis.
Again, we thank you for your patience. You can be assured that with our new entrusted third party payment program, all payments will be made on time on a go forward basis.
US, RevShare and Catalog Payout Update
Currently we are not in a position to provide a date on outstanding US, RevShare and Catalog Payouts. As soon as we have more information an update will be provided. Please be assured we have every intention of paying our clients.
Originally posted by Nickatilynx@Feb 23 2005, 02:41 PM Anyone actually been put out of business by IBill?
I have heard of one. Good guy too who was effectively knocked out of the game by it.
Ibill, at the time they went down they where my secondary... so they owe me a ton. Good thing the rock solid CCBILL was my primary, the loss of income delayed project and generally put a squeezew on things but we pulled out of it just fine. Now we just want what is ours to begin with.
I dunno if legal action is the right move here or just good money after bad.
The real question is whether there is something to be gained or if it is "blood from a turnip". IBD clearly has assets as a public company. But unless they are very foolish, they more than protected them before doing the acquisition.
The other question is can they recover? How's their merchant account status? We can only speculate. Best I recall they were trying to hook up with the same bank that CCBill and Epoch use. If that's the case, as an industry that scares the shit out of me as it means all of the eggs are in one basket regardless of whether you're diversified across multiple processors.
Whose left in the US that would take iPSP adult action? My guess is no one.
Epoch dug themselves a similar hole and recovered from it. But that was a very different time.
i agree with Hell Puppy. why sue a company that can't make payouts? you will only make some attorneys fat and happy and they in turn, will breed more little attorneys to continue to suck the life blood of society
Ok... I don't ever really post here but because I used iBill solely when all this happened, I decided I'd add my 2 cents. I think suing right now wouldn't be a good idea. The post/update they made says something will be stated by March 9th that supercedes previous agreements (promissory notes which never got completed).
Anyways, I have a model who contacted me about starting a site... had no clue about what was going on with iBill and I told her. She then contacted that rep. asking about people not being paid and this was his response.. but I've left his name out:
Hi There,
Yes, this is true….we had a cash flow issue that is going to be resolved within the next 2 weeks. We have new investors that realize that iBill is a cash cow and have already spent millions of dollars for upgrades and to keep the company up and running.
Understand if you do not want to move forward with placing our button, however, remember that there are no more Visa registration fees in order to accept Visa transacts that will make up about 80% of your transactions.
Please let me know what you would like to do.
Thanks,
iBill Major Account Representative I
He sounds positive about a resolution and payments... but then again he may just be blowing smoke up her ass in an attempt to get new clients. I say everyone should just wait it out a bit more and see just what the exact plan is going to be. I hope they just pay it all off in a lump sum..... or at least a few thousand in a lump sum and the rest over a period of time. Just show us you plan to pay us by giving us something more than fucking lame promises and updates that never come. If their plan is to split the payments up over the next year... I'm totally against that.
Kymber
Hahaha, you can't get blood out of a turnip and I don't think any contingency lawyer who did half an hours worth of due diligence would touch this case with a ten foot pole.
I feel really bad for Cathy Beardsley and a few others whose loyalty to the past clouded their judgment as to their futures.
The time to have sued IBill is long past, right now I'd say it's time to cut your losses and finish the grieving process. My personal opinion is that you've cashed your last checks and prayed for them to clear. I've been wrong in the past about billing companies but the times I have are few and far between.
One thing we always did at CCBill when I was there, and that they do to this day, is sell from a position of strength, not weakness. Never cut your competition down, even if it's deserved. Take the high road. Have some class.
I see that CCBill's not the only one taking that road right now. Not sure how I'd feel if I owned a billing company that had just gone through some changes that shocked an industry, but I'm glad to see one that has keeping their focus and only working off of positive vibes and putting out a positive message.
It's also fairly saddening to see IBill insinuating in their client communication that their clients should fear their other processing in the crunch of issues. Too many times in the past, companies resorted to mudslinging when they should have been sandbagging against a mudslide.
Bad processing, in most any way, shape or form, has been the problem for this industry from the beginning. At least in the past, you could claim there were no rules as an excuse for bad behaviour. Now that the rules are crystal clear and the playing field marked, it's time for credit card processors to play on a level field. Take care of the smaller guys and you will reap the rewards, since in their numbers, they not only equal the billing of the larger guys as a group, but they cause you so many less headaches and make you so much more money.
Originally posted by *KK*@Feb 25 2005, 12:04 AM
It's also fairly saddening to see IBill insinuating in their client communication that their clients should fear their other processing in the crunch of issues. Too many times in the past, companies resorted to mudslinging when they should have been sandbagging against a mudslide.
The line in question in that press release was totally classless and bush league. Who the hell wrote that shit? No self respecting marketing or PR professional would put their name to that and send it out.
The real problem is that the big players in the industry for the most part treat their subscribers, affiliates and surfers alike as marks....not customers and clients. And what's worse, it's worked and they've been handsomely rewarded. So it's a tough mindset to change.
You know what's really sad, ibill sends out those canned statements and no one from ibill itself can come out here and explain what is going on. They have piss poor communication skills and it seems they enjoy leaving most of the industry in the dark.
Originally posted by Becky@Feb 25 2005, 09:53 AM You know what's really sad, ibill sends out those canned statements and no one from ibill itself can come out here and explain what is going on. They have piss poor communication skills and it seems they enjoy leaving most of the industry in the dark.
Ill take a wild guess and say ARS is probably who is/was loosing the most with ibill.
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..... remember that there are no more Visa registration fees in order to accept Visa transacts that will make up about 80% of your transactions.
Please let me know what you would like to do.
Thanks,
iBill Major Account Representative I
[/quote]
and I agree with the school of thought about suing Ibill that says I don't see money there currently so why make an attorney happy
Something I'm wondering, does Ibill have a current cash flow?
What's going on with any web900's that are being processed?
Has the bank frozen assests from rebills?
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Originally posted by Becky@Feb 25 2005, 06:53 AM You know what's really sad, ibill sends out those canned statements and no one from ibill itself can come out here and explain what is going on. They have piss poor communication skills and it seems they enjoy leaving most of the industry in the dark.
How come ARS are still using iBill? Do you guys feel that they'll come through this in the end?
Don't worry. If they're smart they'll run offshore, hire some used up hags to say the owners are cool and come back with a new program.
I wanna see a globill, ibill & adultcheck joint venture. Hell, throw atherton in as the PR person and you have gold...all you need is mouthpieces who’d say Stalin was a pacifist for the right amount, to tell the idiots they're trustworthy. Gotta love whores...
Originally posted by aeon@Feb 26 2005, 01:03 PM Don't worry. If they're smart they'll run offshore, hire some used up hags to say the owners are cool and come back with a new program.
I wanna see a globill, ibill & adultcheck joint venture. Hell, throw atherton in as the PR person and you have gold...all you need is mouthpieces who’d say Stalin was a pacifist for the right amount, to tell the idiots they're trustworthy. Gotta love whores...
Great you just gave away my entire business plan...
Hell I got fucked by two out of the three! All those poor people that I tried to school in AVS. I'm glad not ALL of them chose AdultCheck but others that are still around and successful.
I emailed IBill yesterday to bitch at them about the 300 members that they're still billing and are still burning my member area bandwidth.
Their reply:
"Dear Client,
Please refer to CMI news for payout update. You can cancel all your subscribers by login into CMI under customer services.
We are excited to announce the gkard, our newest payment solution is now available to all US clients!
The gkard offers YOUR consumers an anonymous way to make purchases using a private virtual debit card while reducing exposure to risk.
* No additional Visa Fees
* World wide Acceptance
* Automatic Rebill Processing
* NO Consumer Finance or Interest Charges
* NO Consumer Load and Reload Fee
Merchant Service
iBill Support@ibill.com
Saturday to Sunday 8:30am to 5:00pm EST
Local: 954-363-4949
Toll Free: 800-764-4266
Fax number: 954-363-4499"
Originally posted by BillPMB@Feb 26 2005, 01:20 PM Hell I got fucked by two out of the three! All those poor people that I tried to school in AVS. I'm glad not ALL of them chose AdultCheck but others that are still around and successful.
Don't worry manno...according to the hags and mouthpiece whores, you and yer traffic was just "dead wood"....those rebills apparently weren't yours. That traffic wasn't yours it seems.
It's a so sweet irony. When I pissed about Adult Check here, these old scammers never mentioned litigation - they didn't even seem to care...they weren't even upset as far as I could tell.
" So, how was Thailand, or did you only go there in your dreams, retard?"
reads like you need some more las vegas style lap dances Kimmy, or maybe we just need to get you drunk enough to suck Shok's dick. Hey, you did Brad Shaw, anyone other than him is a step up!
Originally posted by BillPMB@Feb 26 2005, 11:26 PM " So, how was Thailand, or did you only go there in your dreams, retard?"
reads like you need some more las vegas style lap dances Kimmy, or maybe we just need to get you drunk enough to suck Shok's dick. Hey, you did Brad Shaw, anyone other than him is a step up!
Bill! You are soooo not the fucktard I was referring to!
02-23-2005
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