Webby |
01-01-2005 02:53 PM |
J.R.:
Quote:
I was thinking of filing on them as well.
If I am not mistaken, I can sue them from my own city in WA. since
technically this is where the biz. takes place ?
I am going to chat with my attorney next week.
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Speak with your attorney, but it's almost not worth the effort unless you have some speciality issue - other than funds they may owe.
Unless something magical happens, (tho that is not even the end of the story), - the usual bankruptcy and chapter whatever excuses will not be long. It basically means just lodging your claim with the liquidators or whoever.
When you consider, - forgetting all clients funds owed, - iBill did have around $22million deficit at the time of the Penthouse scavenging in the hope they could skin the bones further.
I can't see iBill has any paper value when you add client funds to the deficit (tho some are held by FD and balances at couple of other banks), because others have legal suits pending where the settlement amounts could take the $22m deficit to over $100m - depending.
There are other problems yet, even if iBill closed doors. Their history is being checked out and who knows what may arise out of that - it's colorful!
As far as webmasters are concerned, there is an interesting scenario.. and ironic one, where a liquidator will be negotiating/demanding funds from FD and others (the funds being the property of webmasters) and these funds being applied to evenly pay out the total indebtedness of iBill - basically devaluing the funds due to webmasters. Tho that can be another legal suit :-)
Dunno the law regarding this in the State of Florida, but plenty places elsewhere, it is a corporate criminal offense to operate a company while that company is insolvent. Sadly, I'd think that is pretty close at the moment.
Meanwhile... I better attend InterNext, even if it's just to collect my present from the iBill stand :-) Not!
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