I-Bill was denied the motion
 

The judge said the agreement was very clear. The motion was denied.

FUCK

The TRO was lifted.

ouch

damn

No shit? So now what happens?

Steve Lightspeed

Hopefully nothing horrible. I've had a sick feeling all day. :(

Well I'd say you have to figure if First Data didn't want to process their transactions anymore then the lift on the TRO will have them closing it off ASAP. Unless I-Bill is somehow able to negotiate something with them to keep it alive until the new bank is setup but I have to imagine that's not possible since they would have tried that before running to court.

damn

They file a another motion and try something new. If they have a good legal team which they should they should be able to buy themselves time to find a new solution!

I figured the judge would do that. Written agreements always get taken over verbal. iBill should have got the extension in writting when dealing with millions of $$. Plus waiting till August 2004 to find another processor to replace one that is expiring in Sept 2004 just doesn't seem like a smart business move when dealing with millions.

IMHO!!!!

Some of you never give up. Every once in a while it's ok to let go of blind optimism and prepare for the worst.

As far as I know processing is already going through a new merchant for them.

Do you really think other banks won't want $800k per day in transactions? :)

Matt

That's assuming First Data gave them any indication they would back out. I'm surprised they didn't try to have a new contract with them in place much sooner though. I would think you'd set a date you have to have a new contract by and if it's not in place you go find a new processor, assuming the old one is hedging for a reason.

Were they to busy selling off thier corporate stock before this event?? Not a lot of volume in the stock, hmm.

http://finance.yahoo.com/q?s=ibd&d=t

http://biz.yahoo.com/bw/040831/315617_1.html

also, iBill delivered to First Data the notice that Merrick would be taking over their transactions on Sept 15, 2004. The very day that their agreement expired...rushed? or was that a last-minute demand by First Data?

Any lawyers know if there is jurisprudence to support a doctrine of promissory estoppel in the united states?

Why are you so optimistic in every thread?

I hate to admit it, but you are right.

In their own words from the motion for tro, within days they would be out of business.

Time for iBill to begin Plan B. Hopefully they have one.
WG

I am sure they do

Unfortunately you don't just process $800,000 in sales per day without quite a bit of infrastructure in place. I don't know that they would have set anything up new in such a hurry. I think what's happening now is that FD hasn't shut off the gateway yet since this all just went down. We'll know shortly, that's for sure.

I hope they work something out because if not this will be the single biggest hit this industry has taken since Web800 went down and this one will likely be worse.

BIG statement, for sure.

Rick, where did your info come from?
Seems that there is alot of info being
tossed around. Are you certain the source
is reliable?


C

Duocash?

<I know bad time>

Even though they say otherwise? I hope you don't have all your assetts with Ibill for your own sake.

You should try it.

This type of thing isn't going to take down a company doing nearly $300 million in revenues per month. It just won't happen.

It's odd that they wouldn't have a few different backup plans ready to use, but from what I have heard they are managing fine.

Matt

It's hard to tell when that company has been bought and sold as frequently as it has been the last year.

WG

I had a little birdie on the window ledge in the court room. The source is 100% reliable.

300 million a month?

They don't have to create the infrastructure, they have to find a company with an existing infrastructure. There are other companies like First Data.

Matt

Saying it again.

Print out your WM agreements and account statements. If it does go bad then you may have proof of a claim. If not its just a good precaution.

Ummm you knucklehead, they process 300 million in transactions. A huge majority of that is paid out to those who earned it, some is held in reserves, then they have administrative costs. 300 million gross = not much net.

From what I can tell IBD stock is currently Halted. Which isn't usually a good sign.

hmmmmmmmmmm

Damn. This is bad. From what I've heard Rick appears to be right.

I wish I wasn't, bro. I wasn't trying to cause shit over the last couple of days. I've been trying to warn everyone.

unreal.............this one's a shocker

Ok, pussycash.com uses I-Bill. Who else?

uh boy :(

When was iBill originally notified by First Data about this?

Oh yeah....Back in may. That's what I thought.

http://gofuckyourself.com/showthread...hreadid=298619

People don't listen, Rick.

:(