New iBill owners IBD sold us out already - GoFuckYourself.com

scoreman · 02-09-2005, 08:14 PM

This is from the January 15th 2005 8k SEC disclosure made by IBD (sorry its long--ive bolded the important part):

In October 2004, the Company acquired a 39.3% minority interest in PMG from the Bell/Staton Group and issued $9.525 million of 10% notes due September 15, 2009 (?10% Notes?), 35,000 shares of Series E convertible preferred stock, 54,500 shares of Series F convertible preferred stock and 45,000 shares of Series G convertible preferred stock (collectively, the ?Transaction Securities?). The Company issued these securities, which remain held in escrow, in exchange for the cash used to acquire the 39% minority interest in PMG. The Series E convertible preferred stock investor is Monarch Pointe Fund Ltd. The Series F convertible preferred stock investors are Castlerigg and Vestcap International Management Ltd. (?Vestcap?). The Series G convertible preferred stock investor is GMI Investment Partners. The reason for the issuance of the notes and three different series of convertible preferred stock in exchange for the cash used to acquire the 39.3% minority interest in PMG was the different needs of the respective investors. As part of its disclosure of these transactions in its Form 8-K dated October 19, 2004, the Company also disclosed that, if for any reason, the AMEX would not approve by January 21, 2005 a listing application for the shares to be issued in the iBill Acquisition, ?the Company would nevertheless close the iBill Acquisition, withdraw from the AMEX and seek to re-list its common stock on the NASDAQ Stock Exchange or the NASD OTC-Bulletin Board. There can be no assurance that the Company will be able to qualify for listing? on NASDAQ or the OTC-Bulletin Board. As of the date hereof, the Company has not submitted, but intends to submit, a listing application for shares of common stock to be issued in the iBill Acquisition. As currently constituted, closing the iBill Acquisition on January 21, 2005 only would involve the issuance of shares of Series D convertible preferred stock.

In anticipation of the acquisition of iBill and to collateralize the Company?s obligations under the $9.525 million of the Company?s 10% Notes and its Series F preferred stock, PHSL and iBill granted to the holders of such 10% Notes and Series F preferred stock subordinated liens and security interests on the iBill equity and assets totaling $14.975 million.

WTF??? 15 million in iBill equity and assets? Did I just read our First Data money being mortgaged off ?

Juicy D. Links · 02-09-2005, 10:17 PM

bump for a good post

Kimmykim · 02-09-2005, 10:30 PM

Quote:

Originally Posted by scoreman

WTF??? 15 million in iBill equity and assets? Did I just read our First Data money being mortgaged off ?

Sadly enough, it looks just like that.

directfiesta · 02-09-2005, 11:29 PM

thieves

Cogitator · 02-10-2005, 08:19 PM

What's this I read about their monies being held in trust by third party?

scoreman · 02-11-2005, 07:49 AM

Do you have a URL on where you are reading this?

Calvinguy · 02-11-2005, 08:06 AM

Don't know if this is the original source but someone mentioned Jakub Krawczyk...

http://www.master-x.com/forum/topics/29880/page/500/

faisalp · 02-11-2005, 09:23 AM

Quote:

PHSL and iBill granted to the holders of such 10% Notes and Series F preferred stock subordinated liens and security interests on the iBill equity and assets totaling $14.975 million.

the key is SUBORDINATED, not preferred

depends where webmasters rank in the ibill pecking order

make that judgement for yourself

body · 02-11-2005, 09:26 AM

hmmmm

Nysus · 02-11-2005, 09:51 AM

Could mean they're actually getting money in though?

Matt

BigWebRev · 02-11-2005, 09:52 AM

don't tell me your all surprised.......

scardog · 02-11-2005, 10:05 AM

I don't know preferred stock from livestock. I thought First Data was paying the money to merchants, not to ibill. Was this BullshXX?

nojob · 02-11-2005, 10:24 AM

bump for a good thread

Gottis · 02-11-2005, 11:06 AM

Where is Webby, I'm awaiting his/her daily ibill hate post.

joey3001 · 02-11-2005, 11:33 AM

Quote:

Originally Posted by scardog

I don't know preferred stock from livestock. I thought First Data was paying the money to merchants, not to ibill. Was this BullshXX?

where did you read that first data was going to pay us?

Doc Herbal · 02-11-2005, 11:35 AM

First Data would not be paying the money to the merchants, they are currently holding funds from IBill.

This news does not bode well!

scardog · 02-11-2005, 11:43 AM

I didn't read it, I heard it. Much the same way I get all my information about Ibill. Third hand.

02-09-2005, 08:14 PM	#1
scoreman Confirmed User Join Date: Nov 2001 Location: Miami, Florida Posts: 1,491	New iBill owners IBD sold us out already This is from the January 15th 2005 8k SEC disclosure made by IBD (sorry its long--ive bolded the important part): In October 2004, the Company acquired a 39.3% minority interest in PMG from the Bell/Staton Group and issued $9.525 million of 10% notes due September 15, 2009 (?10% Notes?), 35,000 shares of Series E convertible preferred stock, 54,500 shares of Series F convertible preferred stock and 45,000 shares of Series G convertible preferred stock (collectively, the ?Transaction Securities?). The Company issued these securities, which remain held in escrow, in exchange for the cash used to acquire the 39% minority interest in PMG. The Series E convertible preferred stock investor is Monarch Pointe Fund Ltd. The Series F convertible preferred stock investors are Castlerigg and Vestcap International Management Ltd. (?Vestcap?). The Series G convertible preferred stock investor is GMI Investment Partners. The reason for the issuance of the notes and three different series of convertible preferred stock in exchange for the cash used to acquire the 39.3% minority interest in PMG was the different needs of the respective investors. As part of its disclosure of these transactions in its Form 8-K dated October 19, 2004, the Company also disclosed that, if for any reason, the AMEX would not approve by January 21, 2005 a listing application for the shares to be issued in the iBill Acquisition, ?the Company would nevertheless close the iBill Acquisition, withdraw from the AMEX and seek to re-list its common stock on the NASDAQ Stock Exchange or the NASD OTC-Bulletin Board. There can be no assurance that the Company will be able to qualify for listing? on NASDAQ or the OTC-Bulletin Board. As of the date hereof, the Company has not submitted, but intends to submit, a listing application for shares of common stock to be issued in the iBill Acquisition. As currently constituted, closing the iBill Acquisition on January 21, 2005 only would involve the issuance of shares of Series D convertible preferred stock. In anticipation of the acquisition of iBill and to collateralize the Company?s obligations under the $9.525 million of the Company?s 10% Notes and its Series F preferred stock, PHSL and iBill granted to the holders of such 10% Notes and Series F preferred stock subordinated liens and security interests on the iBill equity and assets totaling $14.975 million. WTF??? 15 million in iBill equity and assets? Did I just read our First Data money being mortgaged off ? __________________

02-09-2005, 11:29 PM	#4
directfiesta Too lazy to set a custom title Industry Role: Join Date: Oct 2002 Location: Montreal, Quebec Posts: 29,675	thieves __________________ 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 ....

02-10-2005, 08:19 PM	#5
Cogitator Confirmed User Join Date: Feb 2002 Location: Florida Posts: 672	What's this I read about their monies being held in trust by third party? __________________ - this space intentionally left blank -

02-11-2005, 07:49 AM	#6
scoreman Confirmed User Join Date: Nov 2001 Location: Miami, Florida Posts: 1,491	Do you have a URL on where you are reading this? __________________

02-11-2005, 09:26 AM	#9
body Confirmed User Industry Role: Join Date: Oct 2002 Posts: 5,012	hmmmm __________________ The Goddess Of Steps

02-09-2005, 10:17 PM	#2
Juicy D. Links So Fucking Banned Industry Role: Join Date: Apr 2001 Location: N.Y. -Long Island -- Posts: 122,992	bump for a good post

02-11-2005, 08:06 AM	#7
Calvinguy Confirmed User Join Date: Oct 2002 Location: European Union Posts: 1,752	Don't know if this is the original source but someone mentioned Jakub Krawczyk... http://www.master-x.com/forum/topics/29880/page/500/

02-11-2005, 09:51 AM	#10
Nysus Confirmed User Industry Role: Join Date: Aug 2001 Posts: 7,817	Could mean they're actually getting money in though? Matt __________________ What name is pr0 / Untouched Markets using these days? Untouched Markets - pr0 - Refund My Money Now Someone owes me $2,000 because they didn't do any work that was paid for pointing at pr0 / William / UntouchedMarkets See https://gfy.com/fucking-around-and-business-discussion/948258-untouchedmarkets-pr0-refund-money-post16744521.html and for more detailed see https://gfy.com/fucking-around-and-business-discussion/948645-re-recent-bullshit-drama-explained-detail-pr0-untouched-markets.html

02-11-2005, 09:52 AM	#11
BigWebRev Confirmed User Join Date: Aug 2004 Location: L A Posts: 1,631	don't tell me your all surprised.......

02-11-2005, 10:05 AM	#12
scardog Confirmed User Join Date: Aug 2004 Posts: 886	I don't know preferred stock from livestock. I thought First Data was paying the money to merchants, not to ibill. Was this BullshXX?

02-11-2005, 10:24 AM	#13
nojob The Original NoJob Join Date: Feb 2004 Location: Jerzzey Posts: 3,682	bump for a good thread

02-11-2005, 11:06 AM	#14
Gottis Confirmed User Join Date: May 2004 Location: VIP NO ID Posts: 1,746	Where is Webby, I'm awaiting his/her daily ibill hate post. __________________ Hit me up for ABC link trades - icq 7583011

02-11-2005, 11:35 AM	#16
Doc Herbal Confirmed User Join Date: May 2001 Location: East Coast Posts: 123	First Data would not be paying the money to the merchants, they are currently holding funds from IBill. This news does not bode well! __________________ SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, then you may use a 624x80 instead of a 120x60.

02-11-2005, 11:43 AM	#17
scardog Confirmed User Join Date: Aug 2004 Posts: 886	I didn't read it, I heard it. Much the same way I get all my information about Ibill. Third hand.