I belive if they file for chap 11. Bankrupcy.. You Can not Sue to obtain money.
And hope they file for chap 7 Rebuilding the company..
And hope they file for chap 7 Rebuilding the company..
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Think its the other way around, chapter 7 = liquidate, chapter 11 = reorganization
“Ours is a world of nuclear giants and ethical infants. We know more about war than we know about peace, more about killing than we know about living. If we continue to develop our technology without wisdom or prudence, our servant may prove to be our executioner.” ― Omar Bradley (1948) -
Uh thats why they have to sue NOWComment
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so what's the story with them, are they officially dead now or are they still trying to make a come back?In November, you can vote for America's next president or its first dictator.Comment
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Originally posted by Nasty
Think its the other way around, chapter 7 = liquidate, chapter 11 = reorganization
Link?Comment
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Come back, didn't they even pay most people yet?It's just going to get hard with so many people leaving for paycom and/or CCBill and after their 2nd "we are sorry" campaign nobody will trust them anyway anymore.Originally posted by crockett
so what's the story with them, are they officially dead now or are they still trying to make a come back?
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Most people that used them and ran any kind of a profitable biz, secured their traffic and more important, their rebilling 45 days ago (I hope for their sake) and backed themselves up with a secondary processor.Originally posted by johndoebob
Come back, didn't they even pay most people yet?It's just going to get hard with so many people leaving for paycom and/or CCBill and after their 2nd "we are sorry" campaign nobody will trust them anyway anymore.
Personally I have about 10k to lose if they file, so I am trying to be fairly optimistic that they will remedy the situation. If they file 11 or 7 and you sue, you will only see the pennies on the dollar the court decides, and that's IF you file. Wait on line.
This drama will come to an end soon and the outcome will be one of two; they will file, or they will pay and process. There is no in-between.Comment
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Right, just a few more days now and the outcome will be clear. In fact I would say the 5pm CMI update tomorrow will be decisive in the minds of many.Originally posted by DeadFidel
This drama will come to an end soon and the outcome will be one of two; they will file, or they will pay and process. There is no in-between.
I'm still hopeful and still expecting that Ibill can pull this off.Comment
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Yeah banks always get their money but you're the one that's fucked in the end, old story but always experienced again.Originally posted by DeadFidel
If they file 11 or 7 and you sue, you will only see the pennies on the dollar the court decides, and that's IF you file. Wait on line.Comment
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The thing that amazes me about these processing businesses is that they are just routing money.
They need staff, premises and a computer. They see what is coming in every day, they know what they earn from that and they can simply adjust the costs accordingly to run at a profit.
There should not be a problem with charge backs, now that it's pinned at 1%, they also have the 10 to 15% they hold back.
Unless of course they consider this a cash cow and were paying themselves over the top and running a business that simply did not make sense on the balance sheet.
Maybe their bank got out for other reasons than their involvement in porn. Perhaps they could see the problems.Comment
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first data is big in porn and pretty much big in anything, it must be more then porn that caused thisOriginally posted by charly
The thing that amazes me about these processing businesses is that they are just routing money.
They need staff, premises and a computer. They see what is coming in every day, they know what they earn from that and they can simply adjust the costs accordingly to run at a profit.
There should not be a problem with charge backs, now that it's pinned at 1%, they also have the 10 to 15% they hold back.
Unless of course they consider this a cash cow and were paying themselves over the top and running a business that simply did not make sense on the balance sheet.
Maybe their bank got out for other reasons than their involvement in porn. Perhaps they could see the problems.
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Managers want their x millions a year and if they aren't there nobody is willing to workOriginally posted by charly
The thing that amazes me about these processing businesses is that they are just routing money.
They need staff, premises and a computer. They see what is coming in every day, they know what they earn from that and they can simply adjust the costs accordingly to run at a profit.
There should not be a problem with charge backs, now that it's pinned at 1%, they also have the 10 to 15% they hold back.
Unless of course they consider this a cash cow and were paying themselves over the top and running a business that simply did not make sense on the balance sheet.
Maybe their bank got out for other reasons than their involvement in porn. Perhaps they could see the problems.
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Yea but they can sue for databases :POriginally posted by rayadp05Comment
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