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Originally posted by boobmaster
Anyone here banking that ibill will find come back from the dead? I can't believe that a company that big won't be able to find another processor. Might be a good opportunity to buy tomorrow after everyone dumps the stock.
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It's not so much whether they be able to find another processor, it's will they be able to in time, if in fact, they are only looking into an alternative now. A few days losing $800k every day and it becomes too late because the company is bankrupt and no longer has a need for a processor.
The paper work alone will take days for something this large assuming the paper work only started today or a few days ago.
It's not like multi-million dollar processors haven't gone under before for one reason or another. I can recall at least 5 in the past year and a half. Why didn't they move under a different name, get a new account, start all over again? Because it's not that easy.