First Data? - GoFuckYourself.com

killshot · 12-19-2004, 01:07 PM

Much of the focus lately has been on Ibill and their inability to pay for even current transactions.

But what about all that money First Data supposedly owes them?

Does anyone know contractually what date that money is supposed to be released to Ibill?

And what would happen if Ibill went bankrupt before First Data paid out?

Would First Data be required to release the money directly to Ibill clients? or would a court decide what happens to that money?

yuvalus · 12-19-2004, 03:10 PM

Odds are they would file for bankruptcy protection first meaning no one can sue them for outstanding money for a period of time while they try to save their asses.

Normally indebted companies do not pay clients. Data would be forced to pay iBill only and it would be up to iBill to pay what they owe. The only exception would be to sue Data, class action, after iBill is gone. That would be a long shot as it is iBill, not Data, that technically owes you money.

Drake · 12-19-2004, 03:41 PM

good question

PornGeneral · 12-19-2004, 03:47 PM

First Data owes Ibill the money under contract.

A judge would decide how the payout if the money came in would be disbursed. Webmaster payouts possibly are last on that list. A judge can't force First Data to pay sooner, but a bankrupt Ibill could initiate a legal claim against First Data if they didn't own up to the contractual agreement.

My

Not a legal opinion!!

Also, most merchant/bank agreements weight heavily in favor of the Banks so Ibill is at First Data's mercy....

Probono · 12-19-2004, 03:47 PM

I have no inside knowledge of the Ibill situation, however we also used FDC as our processor. They said they would hold our impound account for six months, they released it in three months.

If Ibill does file bankrupcy the FDC account would be an asset and part of the corporate liquidation.

All secured creditors and the lawyers will have their hands in the till first. The remainder, if any after they are paid, would be divided prorata to all unsecured creditors.

xclusive · 12-19-2004, 03:51 PM

Great question and it really would be up to the judge...

WereOnYourSide · 12-19-2004, 04:22 PM

From what we have been told, First Data still owes iBill money, but it is still unsure when the money will be released. I would hope that regardless of what happens to iBill that the webmasters will still be paid. That would seriously suck if they didn't. I don't see why they wouldn't though because bottom line is that the money First Data has doesn't belong to them.

12-19-2004, 01:07 PM	#1
killshot Confirmed User Industry Role: Join Date: Dec 2004 Location: OGG / PDX Posts: 456	First Data? Much of the focus lately has been on Ibill and their inability to pay for even current transactions. But what about all that money First Data supposedly owes them? Does anyone know contractually what date that money is supposed to be released to Ibill? And what would happen if Ibill went bankrupt before First Data paid out? Would First Data be required to release the money directly to Ibill clients? or would a court decide what happens to that money? __________________

12-19-2004, 03:10 PM	#2
yuvalus Confirmed User Join Date: Oct 2003 Posts: 1,906	Odds are they would file for bankruptcy protection first meaning no one can sue them for outstanding money for a period of time while they try to save their asses. Normally indebted companies do not pay clients. Data would be forced to pay iBill only and it would be up to iBill to pay what they owe. The only exception would be to sue Data, class action, after iBill is gone. That would be a long shot as it is iBill, not Data, that technically owes you money. __________________ Mail me: [email protected]

12-19-2004, 03:47 PM	#4
PornGeneral Confirmed User Join Date: Sep 2004 Location: In front of computer Posts: 564	First Data owes Ibill the money under contract. A judge would decide how the payout if the money came in would be disbursed. Webmaster payouts possibly are last on that list. A judge can't force First Data to pay sooner, but a bankrupt Ibill could initiate a legal claim against First Data if they didn't own up to the contractual agreement. My Not a legal opinion!! Also, most merchant/bank agreements weight heavily in favor of the Banks so Ibill is at First Data's mercy.... __________________ "The object of war is not to die for your country but to make the other bastard die for his." -Patton "Only the dead have seen the end of war." -Plato

12-19-2004, 03:51 PM	#6
xclusive Too lazy to set a custom title Join Date: Apr 2004 Location: Buffalo, NY Posts: 35,218	Great question and it really would be up to the judge... __________________ I support MediumPimpin.com / Shemp's Outlawtgp.com /

12-19-2004, 04:22 PM	#7
WereOnYourSide Registered User Join Date: Nov 2004 Posts: 30	From what we have been told, First Data still owes iBill money, but it is still unsure when the money will be released. I would hope that regardless of what happens to iBill that the webmasters will still be paid. That would seriously suck if they didn't. I don't see why they wouldn't though because bottom line is that the money First Data has doesn't belong to them. __________________ We may work at iBill but believe us, we're on your side. We probably can't answer your technical questions, but we can certainly commiserate with you.

12-19-2004, 03:41 PM	#3
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	good question

12-19-2004, 03:47 PM	#5
Probono Confirmed User Join Date: Oct 2002 Location: Under the Rainbow Posts: 2,731	I have no inside knowledge of the Ibill situation, however we also used FDC as our processor. They said they would hold our impound account for six months, they released it in three months. If Ibill does file bankrupcy the FDC account would be an asset and part of the corporate liquidation. All secured creditors and the lawyers will have their hands in the till first. The remainder, if any after they are paid, would be divided prorata to all unsecured creditors.