iBill Acquisition falls through

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  • MickeyG
    Confirmed User
    • May 2004
    • 4134
    #1

    iBill Acquisition falls through

    DEERFIELD BEACH, Fla. ? Media holding company Interactive Brand Development Inc., formerly known as Care Concepts, has called off its acquisition of beleaguered third-party billing company iBill, according to company filings obtained by XBiz.

    http://xbiz.com/news_piece.php?id=6489

    There are more details in this proxy statement

    http://www.sec.gov/Archives/edgar/da...ractive_s3.txt

    Can someone explain all this in english to me (I'm not looking for the usual ibill sucks, im looking for clairification as to whats really going on)

    Seems like theres alot of backroom deals going on involving the ownership of ibill.
    Tags: None
    • directfiesta
      Too lazy to set a custom title
      • Oct 2002
      • 30192
      #2


      Don't know... Legal rubish ....
      I know that Asspimple is stoopid ... As he says, it is a FACT !

      But I can't figure out how he can breathe or type , at the same time ....

        Comment

        • DEA - banned for life
          V.I.P.
          • Nov 2004
          • 7886
          #3
          Here we go again....

            Comment

            • StuartD
              Sofa King Band
              • Jul 2002
              • 29903
              #4
              They were gonna buy, they decided not to.

              What's so hard to understand?
              This is me on facebook
              This is me on twitter

                Comment

                • directfiesta
                  Too lazy to set a custom title
                  • Oct 2002
                  • 30192
                  #5
                  Originally posted by MaskedMan
                  They were gonna buy, they decided not to.

                  What's so hard to understand?
                  I would like my life to be as simple, not to say simplistic....
                  I know that Asspimple is stoopid ... As he says, it is a FACT !

                  But I can't figure out how he can breathe or type , at the same time ....

                    Comment

                    • MickeyG
                      Confirmed User
                      • May 2004
                      • 4134
                      #6
                      Originally posted by MaskedMan
                      They were gonna buy, they decided not to.

                      What's so hard to understand?
                      In October IBD bought ibill for $14.975 million in IBD stock. Ibill put up some sort of equity and assests in the value of $14.975 million.

                      In October 2004, in anticipation of the acquisition of iBill and to
                      collateralize our obligations to holders of our 10% notes and our series F
                      preferred stock aggregating $14.975 million, PHSL, Media Billing and iBill
                      granted such investors subordinated security interests totalling $14.975 million
                      in the iBill equity and assets.

                      Then In december they decided to cancel the deal but this is where i get confused

                      As consideration for the termination of the
                      contemplated transaction, including mutual releases, and for the security
                      interests in the assets and equity of iBill that continue to be retained by the
                      holders of these convertible securities.

                      So the shareholders of IBD now own the assests and equity ibill originally put up?

                      Media Billing has received consideration
                      valued at approximately $10.0 million. Such consideration consists of 20,000
                      shares of our non-voting Series D preferred stock convertible into a total of
                      20.0 million shares of our common stock and our $1.0 million 6% note payable to
                      Media Billing maturing on December 31, 2009. In addition, Media Billing agreed
                      to forgive $500,000 of indebtedness owed by our company.

                      They went from $14.975 million in October to $10 million in December? Where the $5 million go? And now the value of ibill is dependant on the stock price of IBD even though they aren't related in anyway?

                        Comment

                        • Webby
                          Too lazy to set a custom title
                          • Oct 2002
                          • 14956
                          #7
                          They went from $14.975 million in October to $10 million in December? Where the $5 million go?
                          I think it went the same way as iBill is going

                          Drop that to 3 million and maybe somewhere some lunatic may want to possess it...
                          XXX TLD's - Another mosquito to swat.

                            Comment

                            • The Other Steve
                              Confirmed User
                              • Dec 2001
                              • 2106
                              #8
                              The other interesting part of the current iBill story is just who owns GKard or whatever that virtual card was called because the people who are walking claim it's theirs while iBill seem to be telling people that it belongs to them.

                              If it did go out the door with Care then iBill is back in the shit over billing.
                              Left intentionally blank ... just like my brain

                                Comment

                                • dcortez
                                  DINO CORTEZ™
                                  • Jun 2003
                                  • 2145
                                  #9
                                  Originally posted by The Other Steve
                                  The other interesting part of the current iBill story is just who owns GKard or whatever that virtual card was called because the people who are walking claim it's theirs while iBill seem to be telling people that it belongs to them.

                                  If it did go out the door with Care then iBill is back in the shit over billing.
                                  I just got an email today from iBill announcing that my gKard account will be activated on Dec 15th.

                                  Is anyone already using gKard?

                                  These are certainly tough times for iBill, but the gKard concept does taking billing to a different level which makes a lot of sense. In a way, I really hope iBill can pull through.

                                  Has anyone been processed and paid by iBill (for new signups) since they restructured their repayment terms for older outstanding accounts?

                                  Thanks,
                                  -Dino

                                    Comment

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