GoFuckYourself.com - Adult Webmaster Forum - View Single Post - Ibill has handed over our money to some unknow third party

Shoplifter · 02-13-2005, 02:16 PM

From the IBD SEC filing:

"Commencing in January 2005, iBill has not received its normal proceeds from its European Union ("EU") processor as a result of Internet Billing Company Europe, Ltd., a wholly owned subsidiary of iBill, not maintaining a bank account at an EU bank. The EU processor had been forwarding funds to the iBill US accounts, but has declined to continue to send money cross border. The EU processor has agreed to send the funds to iBill once iBill has established an EU account. iBill has received approval from Credit Suisse for a commercial banking relationship and the account is pending administrative set up estimated to be up to 10 days. Without the EU money, iBill has a severe liquidity concern. iBill may also experience losses of business due to the delay in payment created by the circumstances."

So it seems for reasons that are obvious they have ditched the EU bank route in favour of an EU trustee.

02-13-2005, 02:16 PM
Shoplifter Richest man in Babylon Industry Role: Join Date: Jan 2002 Location: Posts: 10,002 Posts: 5,786	From the IBD SEC filing: "Commencing in January 2005, iBill has not received its normal proceeds from its European Union ("EU") processor as a result of Internet Billing Company Europe, Ltd., a wholly owned subsidiary of iBill, not maintaining a bank account at an EU bank. The EU processor had been forwarding funds to the iBill US accounts, but has declined to continue to send money cross border. The EU processor has agreed to send the funds to iBill once iBill has established an EU account. iBill has received approval from Credit Suisse for a commercial banking relationship and the account is pending administrative set up estimated to be up to 10 days. Without the EU money, iBill has a severe liquidity concern. iBill may also experience losses of business due to the delay in payment created by the circumstances." So it seems for reasons that are obvious they have ditched the EU bank route in favour of an EU trustee.