Tony404:
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Avoid paying clients they didnt have the money, now they are trying to correct that. Is it more fun to focus on the negative and what does not lying and paying their clients have to do with benefiting from ibill demise. Business 101 3 competitors goes to two competitors the two left standing benefit.
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The last bit first... Agree it is not good to have little competition in the market and one less means the leaning towards a monopoly. This is currently the subject of a federal investigation.
Mmmm.. I'll choose my words carefully on the rest :-)
What you have is a business that was already in debt before any "company restructing" or shareholder shuffling.
The new principals were not of a background that made others comfortable and we saw the removal, tho pre warned, of the only transacting bank in the US, partly because, in the First Data instance, the bank simply did not trust the iBill principals with access to credit card data on millions of people.
This was a serious error of judgement to have only one bank in the US. This is entirely iBill's problem - they caused it my placing themselves in this position.
I really don't care when iBill claim to have no money - that is their problem. Gallais and co did buy the company for little hard cash and knowing of it's indebtedness. Any rational person knows that many millions need to be injected into iBill - Gallanis did not do this, but instead, between the ongoing debt and the withdrawal of First Data, - just ignore it and stuff a few million in to keep the operation afloat and just pass the buck on to webmasters and not pay them.
Overall.. this is just gross financial irresponsibility and, forgetting all the petty lies and deceit, this is a company that needs not only closing down, but criminal charges laid against, at least, the prime officers.
As an aside, I have had very reliable feedback from two directors of banks and they have no doubts on the above nor would they even risk any of their bank funds with this company, especially with the current management in place. It is clear First Data had very good reasons for withdrawing.
Hate to say it, I am not interested in seeing iBill cease, but each day that passes, I see little reason why they need to be a blot on the landscape.
It is a matter of pay ALL webmasters in FULL .. like now, - or cease to operate. This will not be within iBill's control shortly, hence the need to act.