IBill Parent Says It Needs to Restate Earnings for 4 Quarters

[Stephen]

IBill Parent Says It Needs to Restate Earnings for 4 Quarters

Interactive Brand Development reported in a filing to the Securities and Exchange Commission that it needs to restate its financial statements for the last four quarters. IBD, which owns third-party credit card processor iBill, has a 35 percent stake in Penthouse and an approximate 18 percent share in ITVN.

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[Webby]

Originally Posted by Stephen

IBill Parent Says It Needs to Restate Earnings for 4 Quarters

Of course they do

[G-Rotica]

hahaha8220;We donhahaha8217;t know yet [the resolution],hahaha8221; Spaniak said at the time. hahaha8220;But so far wehahaha8217;ve paid companies $22 million. Wehahaha8217;re still working on the notes.hahaha8221;

I call bullshit.

[SilentKnight]

Originally Posted by G-Rotica

hahaha8220;We donhahaha8217;t know yet [the resolution],hahaha8221; Spaniak said at the time. hahaha8220;But so far wehahaha8217;ve paid companies $22 million. Wehahaha8217;re still working on the notes.hahaha8221;

I call bullshit.

That's the same quote from Spaniak that's been featured in several recent stories. Always the same bullshit.

Funny how he highlights an amount they 'claim' to have paid - but not how much is still owed.

To be more accurate, he should have said, "We've paid companies $22 million....and only bankrupted a few thousand."

[minusonebit]

Hahaha, well then iBill has offically joined in with WorldCom and Enron. How lovely.

[DAVESNOTHERE]

theres absolutely no way they have dished out 22 million. i use to work there, i know this. they owe 43 million and no way did they pay the "half" they promised last month.