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Originally Posted by xenigo
what exactly is their reason for falling behind on payments anyway? I'd think if they have been billing the money, they'd have the money to pay. Are they just going to pull a theft manuever stockpiling cash and planning on declaring bankruptcy?
I haven't really heard the story. Anyone know?
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Anything is possible :-)
The last major or known fraud by those close to the principals of iBill was for $400million. How they expected to pull that one off - who knows?
But.. there have been other close shaves since then as well.
On the background - It's a long story, but bascially involves Marc Bell, Luis Molina and Jason Galanis attempting to generate assets for PHSL (Penthouse owners) by purchasing iBill for nothing and taking on their debts. There was paper shuffling on January 21st with IBD (where Molina has a 50% holding) and IBD are now in bed with iBill.
Molina and Gallanis have been charged with accounting fraud by the SEC where it is claimed they forged Bob Guccione's signature.
iBill is .. overall, a corp that has been grossly mis-managed, lost all credibilty with banks and has a habit of lying/acting to the level that this has become fraud.