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Ibill is done for as I don't think they will be able to build the trust again and it's very important for a processor...
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Sometimes pigs fly :-) It's only my opinion, but I can't see that it is helpful or healthy to have anyone with a questionable background involved in any form of financial organization contolling the funds of clients.
I never noticed the DEA showing an interest in corporate officers of the Bank of America - tho other shit has happened.
Other factors are the financial condition - Gallanis and friends bought iBill on the cheap by a cash payment and accepting around $22mill of debts. If they were unable to support that debt level - why buy it and then plunder client accounts to stay afloat?
Then there is the First Data saga... tho likely caused in part by the fact that First Data also don't consider Gallanis to be a person that can be entrusted with the credit card data of others. Tho why iBill only had one bank in the US is beyond any sane biz judgement, - plus the fact they were pre-warned of the withdrawal of First Data.
Overall, especially when you include other pending Federal action, it's not exactly an attractive scenario. Little surprise Gallanis/iBill were willing to do a shares for cash deal with webmasters :-) (Promissory notes? Meaningless!)
I know very little about truth in iBill, but can see immediately there is no way iBill need to be recieving funds from any bank where over 80% of these funds are due as payments to webmasters/clients. They are not responsible enough to handle these funds or pay them out.
Following from that, there is no way First Data need to be paying iBill directly for any funds in a few months time. There is no indication that these funds will be paid to webmasters - apart from the word of iBill. Again, only my opinion - but the First Data funds need to be handled by a third party and dispersed to relevant webmasters.
The current saga/story about a $10.4 mill injection, unless otherwise proven, is no more than a delaying tactic on the part of iBill/Gallanis to extend the time until First Data pay. At that time, hell knows what may happen :-)
If anyone in a responsible position in iBill care to ensure any webmaster that the above is in any way incorrect and are willing to place their money where there mouth is and personally guarantee monies and confirm this is not the case - feel free!
BTW Jason.. I know you read all this shit:-) Just remember no person is untouchable - that is a lesson you should have learned already.