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fünkmaster · 03-31-2005, 03:25 PM

IBILL files Chapter 11, sues Penthouse
AP: Bankruptcy filing is one of the largest ever.
--------------------------------------------------------------------------------
The Associated Press
Originally published April 1, 2005, 0:10 AM CMT

LONDON -- IBILL Corp. isn't going down without a fight, and
its one-time savior Penthouse Inc. has jumped in the ring.

Former processing giant IBILL capped its six-month tailspin
by filing to reorganize under Chapter 11 bankruptcy protection
Sunday, in one of the largest U.S. processing corporate bankruptcies ever.
IBILL also sued rival Penthouse for $10 billion, claiming the fellow
Florida-based company had no grounds to scuttle a proposed buyout.

On Monday, Penthouse said it had filed a suit against several IBILL
subsidiaries not included in the bankruptcy filing. In its bankruptcy
filing, IBILL asserted that Penthouse breached a merger agreement
by backing out of its Sep. 9 deal to buy IBILL less than three
weeks later. IBILL also says Penthouse has no right to exercise
an option on its large Northern Natural Gas pipeline in return
for a $1.5 million investment.

Penthouse chairman and chief executive Fuck Watson called IBILL's
lawsuit ``frivolous and disingenuous,'' and announced Penthouse
has sued several IBILL subsidiaries not included in the bankruptcy
case to ensure that they live up to their contractual obligations
to the pipeline.

03-31-2005, 03:25 PM
fünkmaster So Fucking Banned Join Date: Nov 2004 Posts: 791	BREAKING NEWS: IBILL files Chaper 11 IBILL files Chapter 11, sues Penthouse AP: Bankruptcy filing is one of the largest ever. -------------------------------------------------------------------------------- The Associated Press Originally published April 1, 2005, 0:10 AM CMT LONDON -- IBILL Corp. isn't going down without a fight, and its one-time savior Penthouse Inc. has jumped in the ring. Former processing giant IBILL capped its six-month tailspin by filing to reorganize under Chapter 11 bankruptcy protection Sunday, in one of the largest U.S. processing corporate bankruptcies ever. IBILL also sued rival Penthouse for $10 billion, claiming the fellow Florida-based company had no grounds to scuttle a proposed buyout. On Monday, Penthouse said it had filed a suit against several IBILL subsidiaries not included in the bankruptcy filing. In its bankruptcy filing, IBILL asserted that Penthouse breached a merger agreement by backing out of its Sep. 9 deal to buy IBILL less than three weeks later. IBILL also says Penthouse has no right to exercise an option on its large Northern Natural Gas pipeline in return for a $1.5 million investment. Penthouse chairman and chief executive Fuck Watson called IBILL's lawsuit ``frivolous and disingenuous,'' and announced Penthouse has sued several IBILL subsidiaries not included in the bankruptcy case to ensure that they live up to their contractual obligations to the pipeline.