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Originally Posted by MickeyG
Im glad to see they're offering something. Im going to login in a few minutes and try and figure it all out.
Thing that burns me is they still haven't mentioned the revshares. All of our affiliates have been screwed and are continuing to be screwed by ibill. ibill is still deducting the revshare monies from our master account but not forwarding it on to the affiliates.
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Ibill is saying that they are including the affiliates into your payout and it's your responsibility to pay your affiliates from that money.
"The Holder/Payee further acknowledges that any and all sums due and owing to any and all affiliates will be satisfied solely by the Holder/Payee and not by First Data Merchant Services Corporation or Internet Billing Company, LLC. "
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I'm just confused on how they are paying us. They say several different things.
First they say...
"In addition to First Data releasing, directly to iBill clients, funds it was holding for Visa reserves and transactions processed during September 16-22, 2004, iBill is offering settlement of funds that iBill owes up to March 1, 2005 for US transactions and February 15, 2005 for gkard transactions in conjunction with our overall restructuring efforts."
(Is this we get FD now and also some of what Ibill is holding?)
Then on the "note payable" page that they are
"paying $21,600,000 in cash and $20,000,000 in Secured Notes".
(makes me think that we are getting some type of money up front from ibill in addition to the FD release).
Then they say they are
"funding the balance of the payments owed to clients in the form of a Note. Each Note Payable is guaranteed by iBill and will be redeemable for cash plus 3% interest in four equal installments payable on each six (6) month anniversary of issuance.".
( Now we are just getting a note once every 6 months for 25% owed that will be paid 6 months from when we get that note? Is this note ibill and FD? or just Ibill? and why will it take up to 2 years to pay out something due 7 months ago?)
Then,
"This Note Payable will be subject to an amortization schedule of 25% of the face amount plus accrued interest payable in two installments on March 29 2006, and March 29, 2007."
( okay... so now they are only paying us 50% of the money... 25% plus 3% accrued interest a year from now and another 25% plus 3% accrued interest two years from now... but the last 50% is not mentioned from what I can read. Is FD included in this as well? )
And this....
"After 90 days from the execution of this Note, Maker at its discretion may elect to convert the note into a Secured Convertible Note. Such Secured Convertible Note will have identical amortization provisions as the Note Payable."
( now they can just change the notes after 90 days but we don't see any money for atleast 180?)
Then of course...
"The Maker of this note reserves the right to pre-pay whole or in part of this note prior to maturity. Should the note not be repaid at or before the due date, then the note shall accrue interest at the highest possible legal rate permitted in the State of Florida."
( This is probubly the best statement... I hope this is the one they choose and of course not wait to pay the interest)
"Finally, the Holder/Payee accepts the validity of the Note Payable enumerated herein and understands that it represents full and final settlement of a claim. "
( so this tells me that we're just getting a note again... no monies from FD or Ibill yet).
We have until April 14th to decide to take or leave... no negotiating. But do we understand what we're signing?
Do they really say different things or is it just me (and a lawyer) not getting what they are trying to say? I called Ibill today and got a service Rep but they didnt know what it meant either and agreed with me. I called three different Service managers and all were away from thier desk.
Anyone else understand what they are getting at.... or have talked to someone that knows?
XOXOXO
*Krystal*