Still waiting .....Ibill ?

Ah.. You must have missed the update.

CMI? You mean that website shit?? iBill don't use that any more - that's just used for reporting to webmasters as to how much sales money they have been ripped off for today.

The official announcements are given by iBill reps on chatboards who lately confirmed that Galanis and co-conspirators were dumping $10.4 mill into iBill to pay everyone.

We know all this to be fact cos it was said on GFY and we are dealing with Galanis and associates - people you can trust to be honorable, reliable and not deal in drugs. They will not let anyone down - believe me.

heh i think they intend on closing and filing bankrupt with alot of peoples money, i hope not but it kinda looks that way

I think it's the "And associates" you have to be wary of. ;)

Correct !!!!

I think your kinda right

damn, these ibill news really suck

NickPapageorgio:

These kinda "faces" have been hanging around Bob G for the last.. dunno, but at least three decades. Even while Penthouse is in bankruptcy, they still creep out of the woodwork and play a role. Odd how people attract so many faces :-)

Ibill is done for as I don't think they will be able to build the trust again and it's very important for a processor...

xclusive:

Sometimes pigs fly :-) It's only my opinion, but I can't see that it is helpful or healthy to have anyone with a questionable background involved in any form of financial organization contolling the funds of clients.

I never noticed the DEA showing an interest in corporate officers of the Bank of America - tho other shit has happened.

Other factors are the financial condition - Gallanis and friends bought iBill on the cheap by a cash payment and accepting around $22mill of debts. If they were unable to support that debt level - why buy it and then plunder client accounts to stay afloat?

Then there is the First Data saga... tho likely caused in part by the fact that First Data also don't consider Gallanis to be a person that can be entrusted with the credit card data of others. Tho why iBill only had one bank in the US is beyond any sane biz judgement, - plus the fact they were pre-warned of the withdrawal of First Data.

Overall, especially when you include other pending Federal action, it's not exactly an attractive scenario. Little surprise Gallanis/iBill were willing to do a shares for cash deal with webmasters :-) (Promissory notes? Meaningless!)

I know very little about truth in iBill, but can see immediately there is no way iBill need to be recieving funds from any bank where over 80% of these funds are due as payments to webmasters/clients. They are not responsible enough to handle these funds or pay them out.

Following from that, there is no way First Data need to be paying iBill directly for any funds in a few months time. There is no indication that these funds will be paid to webmasters - apart from the word of iBill. Again, only my opinion - but the First Data funds need to be handled by a third party and dispersed to relevant webmasters.

The current saga/story about a $10.4 mill injection, unless otherwise proven, is no more than a delaying tactic on the part of iBill/Gallanis to extend the time until First Data pay. At that time, hell knows what may happen :-)

If anyone in a responsible position in iBill care to ensure any webmaster that the above is in any way incorrect and are willing to place their money where there mouth is and personally guarantee monies and confirm this is not the case - feel free!

BTW Jason.. I know you read all this shit:-) Just remember no person is untouchable - that is a lesson you should have learned already.

First making threats on a board is not a good thing to do and secondly either its going to work out or its not. Unfortunately If ibill goes down the drain I doubt we will ever see a nickle. So I hope for the best, I want to get paid.

tony404:

Excuse me???

First, I don't make "threats".

Second, I have no other interest than protecting any existing funds and not having these passed on to some person already deemed to be not competent.

Rest assured, if I was intent on "threatening" - I sure as hell would not talk about it on some board.

I dont care one way or another but that could be read as a threat.

tony404:

Crap! You clearly know little about the background. Jason Gallanis knows exactly what that means - he has had some personal experiences to know the meaning.

tony404:

Tony... I got to wonder sometimes why you appear to have such a goodwill exercise going on iBill. Sure, you have stated many valid reasons why - but it is still... kinda a lot of support you have :-)

In the face of current facts, this is "unusal"....

I read about him. This is adult I dont expect ex-citibank guys. lol The thing that sucks is the whole third party model is not regulated so no one is protected .

tony404:

Exactly!!!! Could not agree less that 100%!!

It is for that reason some things *may* have to happen to secure funds before they are used to clear off some of iBills debts or disappear into a coke snorting habit.

This endless babble about this is making those with legitimate concerns look bad. I am sure Mr. Galanis et all are sitting atop their solid gold toilets reading this and laughing. Some of the officers at Ibill may take heat, but those above them never will.

If Ibill does go under no one will ever see a dime. Period. Either you can accept this and move on, or the reality of it will force you to move on.

I'm guessing that the Ibill story will come to a conclusion one way or the other over the next few days, either by evident fact or the practicality of their clients trying to do business under these conditions.

Well according to Ibill press release, Ibill wants to buy time till Jan 31st. So nobody will start asking questions till around 2nd week of Feb. By then they are only around a month away from the First Data money which if they get their hands on it, they will cut and run.

All the while, considering the fact that Jason Galanis and Charles Samel together only put in $750,000 to buy Ibill, they are trying to walk away with a handsome profit of millions of dollars at the expense of 1000's of webmasters and likely over $30 million dollars of past due payments owed.

Your Back I missed you , so did you grow some balls ,so you can tell us who you really are lol

Shoplifter:

If you think you have seen "endless babble" so far - no way!! It has not even started and may last a few years in other places.

It really does not matter if Gallanis has 50 solid gold toilets - they all serve the same purpose and matter little when shit hits the fan.

It is far too early to consider that only officers of iBill will take the heat -this is not some Pontius Pilate hand-washing scenario. Cross contamination already exists.

I don't care what Gallanis does - that's in his hands and I have no grudge with him. He knows what he knows best. It's learned habits - we all have em to some degree :-)

Usually companies declare bankruptcy when they can't make the payments on their debts. But all Ibill has to do is use the webmaster payment money to make loan payments which should more than cover it. But with some loans, they become payable at a certain date in which if not paid in full, the bank forces the company into bankruptcy to collect.

Corporate owners do not like to go into bankruptcy because what that means is they loose both control and ownership of the company which is transferred to the debt holders.