pornguy:
Quote:
|
Dont blame it all on iBill.
|
Why not?
We could always blame VISA, First Data blah, but they are not the source of iBill's problems.
Galanis and associates bought iBill for little cash down ($750K) and agreed to take on the existing debts. What did they do about paying em or injecting any capital - not too much!
But.. they did get advance warning from First Data that they were not happy with the prospect of dealing with the new principals, partly because they just did not trust them with the credit card details of millions of clients.
What did iBill do when they were given notice? Nothing.
A judge made a ruling in one instance lately and after hearing the detail, ruled that iBill's problems were all of their own making.
Galanis/Molina/PHSL are basically unfit to be in control of iBill. The background of the people involved is not attractive to any bank, - it is only a suspicion, but I'd think that is the same problem other banks are having when dealing with iBill.
We can always blame others of course - It's all the clients fault for asking to be paid! :-)