Is it true iBill's CEO got fired?
 

Has anybody heard anything?

left to pursue entrepreneurial opportunities doesn't sound like fired to me, but what do I know

Yeah, I applied for the job & I waiting for a reply... I will let you guys know when they call me:1orglaugh

How did you find out? Is there a press release?

that or resigning is the polite way to fire a CEO

Ya know, maybe Garrett just wasn't happy there... I don't work there, you don't work there, so how would we really know?

He had a contract for three years. He had two years left on it. You don't just "leave" a contract.

no one knows except the board and top execs, but when a CEO leaves shortly after some fairly big negative news, you pretty much take it as a firing.

That's what it seems like. Especially since some lawyer guy called Ed Cherry left the same day.

ATLANTA, Feb. 11 /PRNewswire-FirstCall/ -- InterCept, Inc. (Nasdaq: ICPT - News), a leading provider of technology products and services for financial institutions and merchants, today announced that InterCept and the former owners of iBill have amended the iBill asset purchase agreement to settle outstanding issues related to the $10.5 million remaining in escrow and to eliminate the contractual earnout provisions. Under the recent amendment, InterCept received $8.0 million from the escrow and the former owners received the remaining $2.5 million. At the closing of the original agreement on April 8, 2002, InterCept placed a portion of the purchase price in escrow to secure representations and warranties of the former owners. In the amendment, the former owners also agreed to eliminate the earnout provisions in the purchase agreement. InterCept agreed to indemnify the former owners for any claims resulting from processing-related activities that occurred before April 8, 2002.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020214/ICPTLOGO )
In addition, Garrett Bender, iBill's President and CEO, has left the company to pursue other interests. Mr. Bender has agreed to be available to iBill for a period of 60 days to assist with the transition. John M. Perry, CEO of InterCept Merchant Services, is currently performing a strategic review of iBill and will be directing its day-to-day activities in the interim. John W. Collins, Chairman and CEO of InterCept, noted, "We recognize Garrett's efforts at iBill and wish him well in his future endeavors."

Further commenting on the amendment, Mr. Collins stated, "We believe that the conclusion of the escrow and earnout matters will give InterCept more control over the direction of iBill. We believe that we will now be able to better respond to the requirements of the card associations and to operate iBill in a way that better matches our philosophy and needs."

yeah, precicely
ibill's parent company Intercept's stock has dropped from $18 to $5 in a span of 1 month based primarly on ibill losing major market share to the other billing companies and losing alot of revenue...ibill is dragging down the stock, so someone has to pay

I put my money on him being "asked to leave". Yeah, he is "pursuing entrepreneurial opportunities", but I doubt it is his choice.

InterCept and the former owners of iBill have amended the iBill asset purchase agreement to settle outstanding issues related to the $10.5 million remaining in escrow and to eliminate the contractual earnout provisions

Unless I am missreading this Intercept purchases the assets to Ibill, not Ibill. This could mean that Ibill liabilities might not be paid.

Does anyone know more about this? This could effect reserves held etc.

Shit that is real bad news. Edward Cherry was the only guy that gave a shit about Ibill and its clients. I talked to him many time about copyright infringements and he acted immediately he also sorted out other billing problems for us when no one else would return calls or e-mails. I hope Edward gets a job with Epoch cause he was one of the good guys.

This is the beginning of the end :ak47:

Maybe it's just all part of a consolidation of iBill into Intercept's own operations.

But they STILL have big comfy offices:thumbsup

This is one other reason why I want to recommend the Cascading billing of the MPA2 program http://www.mansionproductions.com/mpa2.html

At least if something like this happens you have back up processors.

ICQ#11564972

I know if I was the CEO of Intercept, I would have fired ibill's CEO. All of you guys who have dealt with ibill recently would have as well. So why is it such a stretch to say that he did get fired?

Contracts are often renogotiated or have hidden terms the public doesn't see. One would imagine that both sides had some wiggle room...

but who knows, I don't work there.

Also, any time two companies merge [or ones buys the other]there are bound to be executive [and other] possitions eliminated. Ibill has been in a relationship for a while with intercept I wouldn't be surprised to see intercept move more of its key people to positions of resposibility within ibill especially if the ibill division of intercept is responsible for the huge stock price drop. These people are responsible to shareholders and have to look like they are doing something right???

When you type fast and don't proof read you make typOs.

No what this means is that when Intercept purchased Ibill, they placed $10.5 mil of the purchase price in Escrow to be sure that Ibill was going to perform as it said it would.

THe article says that the former owners are getting $2.5 mil and intercept are keeping the rest. This just means that obviously it isnt performing up to scratch and rather than wait till the end of the escrow period they have agreed to settle up now.

It doesnt affect ibills operations, as they have been run by intercept in since the purchase (infact intercept now have $8mil more than they did)

It _might_ also mean there were some hidden issues in their balance sheet that the buyer couldn't disclose during the due dilligence process ...

ah but jennycards, under SEC rules that would possibly constitute a big problem for the side that failed to disclose... and could create some issues with the due diligence process.

Personally I hope that is not the case.

Does this:

"InterCept agreed to indemnify the former owners for any claims resulting from processing-related activities that occurred before April 8, 2002. "



Just mean that intercept agrees that they, not the former owners are responsible for holdbacks etc etc... occuring [all transactions] before april 8th [when they took over?]


Wouldn't that mean everyone is more likely to be paid, unless intercept goes bankrupt...

People do sometimes leave before the end of a contract. It's usually by mutual agreement.

By the same token, CEOs who leave in the middle of a contract without a specific place to go...such as another job...that normally means they got the boot. And, which there is such a thing as a no cut contract...any contract is breakable.

Brutal

Ah good, I suppose signups will go up again?

What happened after April 8, 2002? Does Intercept know something we don't?

So, that's it?

only fired? I'd put him and all IBill employess in death row :ak47:

Garrett Bender's relationship with Jesus Dialer have anything to do with this news?

Garrett had one job to do

Sell iBill for as much money as he could for the board of iBill

He did that, and it seems did it well!

Now it is up to InterCept (the new owner) to make iBill right, for all the shit we (we meaning the webmasters who stood by them over the past year or so of hell) have had to put up with.

A strong iBill is a strong industry
A strong CCBill is a strong industry
A strong Epochis a strong industry
A strong WSB is a strong industry
etc etc etc

Billing is the choke point for all of us, so hopefully iBill will now go forward and take our battle to the banks and start to be in the business of doing business (by looking after its clients, namely us) and do the following:

1) Work on increasing its conversions
2) look at the web900 debarcle and pay the webmasters so they have faith again in them
3) pay the webmasters on time
4) for webmasters on weekly payments, put them back to the pay dates they had b4, as that week that was bumped hurt like hell
5) Let your staff in all your departments talk to the webmasters. iBills accounting department should be able to be called and asked "where is my check'? Not the current situation where you cant get past a sales rep or customer support rep, who is doing all they can, but really dont have access to what is needed
6) Repay the $750 Visa fee like al the other IPSP's did

I use iBill, and iBill is my partner in business

All I can say is Hooray for the managment chnage. Its about bloody time. A the focus has ben far to long on the sale, and not on the webmasters

Note to Intercept: When looking for a new CEO, take a photo of Ron Cadwell from CCBill and aspire to that level of dedication and professionalism


Hugs to all
Daniel

Today I had 3 signups processed by ibill, that doesn't happen often to me :thumbsup

Daniel,

Did you speak with Bill about the merchant account?

---------

Garrett,

We are expanding again and looking for customer service reps in case you need a job. I will be happy to help you out. :winkwink:

Thank you, Mitch Farber

Geez.

Kimmy,

That wasn't funny?

Mitch

Gday Mitch

Bill advised me that my chances of getting a US based Merchnat account are pretty much fuck all

So as I said earlier, with all my URL's registered with iBill and CCBill with Visa USA, it looks like I am pretty stuffed...

And Kimmy, I had a huge blast at iBill and you didnt say a word. Sheesh things are looking up (lmao)

Hugs to all
Dan

"left to pursue entrepreneurial opportunities"


Thats Wall St Journal speak for we canned his ass. lol

Also the shitty attitudes they have had there, well that comes from the top. Now hopefully the new ceo cares about the client.

Daniel,

I was thinking offshore for you. We are setting up at several banks for merchants with your volume. Let's contunue through email.

Mitch

Garrett might just have the last laugh here.

Mitch,

We all knock iBill for good reason for the way they have handled things the last year. But I would be careful not to burn to many bridges by publically slamming your peers in any industry.

Just my :2 cents:

Hey Woodman

Mitch wasnt slamming Garrett in any way as I read it

Two things have been said by Mitch so far:

1) He has been discussing my merchnat account needs (which I hae been investigating as an addittion to my use of the IPSP's

2) He made a quirky comment about offering Garrett a job (in jest)

So if either of these comments are to be considered offensive, then sheesk, we as a bunch of porners have become waaaaaaaaaaaay to politically correct

And to be truthful

Fuck Political Correctness

Hugs to all
Dan

2)

Funny yes, Mitch, but also in poor taste to me personally.

If Garrett quit, then it would only be funny. If he didnt, which I dunno as I've said, then it's not funny coming from a former competitor.

Believe me I say things in poor taste on occasion too, usually from not thinking it out, I admit it.

Daniel, slamming IBill is not the same as cracking on Garrett personally. Regardless of the state of his tenure at IBill, I like him on a personal level.

:thumbsup :thumbsup

woodman & Kimmy,

It was just a joke....
Garrett is not reading the board anyway.... he is on our site applyng for that CS position. lol

Mitch

I tell you what, if Edward did leave, i hope that he has a non-compete, otherwise, i would love to process through his billing company (if he started one) ARS, APOLLO, NETMGT, AUSSIES, BABENET, are you interested in 5% or 6% fees?

Someone tap his cell phone and find out what the gig is.

Now that was a strange post....

hmm,, ya right after what Ibill turned into?
whose gonna want to do business with him

he got alot of dead weight,, chances are he will stay away from the processing game

quote:
--------------------------------------------------------------------------------
Originally posted by iBill-Cathy
All-Here are the facts:

-Garrett has resigned to pursue other entrepreneurial opportunities
-John Perry will resume day to day management
-John has 20+ experience in the banking industry (Wells Fargo, First Data, Nova) and with the card associations
-John will be at the iBill facility 3 to 4 days a week and is available 24X7
-Garrett will support the transition of day to day operations to John Perry
-Intercept is committed to iBill and helping us grow our business
-iBill continues to be profitable and has a growing revenue base
-There are no other planned management changes

Cathy
--------------------------------------------------------------------------------



Cathy,
Your facts leave open alot of questions:
-How can John Perry be expected to run IBILL day to day operations competently if he is off to Atlanta every week and has at best a 60-80% time in office? Especially since he is taking control of something that took years of fulltime work for Garrett to get a good handle on? Every company that I have ever seen that has absentee leadership suffers greatly, and it can only be pulled off by leadership that knows completely the ins and outs of the business. John Perry does NOT know the ins and outs yet, no way. You speak of 20 years but he has less than 6 weeks experience working with the high risk portfolio that the adult market is. He is unproven and more to the point he brings with him agendas from the Intercept mothership that are unknown.

-Is Intercept's management committed to the adult market? Or, are we just something that they would like to keep hush hush so that the institutional investors wont bail out and push Intercept's stock to levels where they would be in violation of their debt covenants and looking at Chapter 11? Everything seems to point to that Intercept wants to grow the Weather Channel type business and not the adult market. Listening to their press conference, John Collins seemed extremely less than enthusiastic over the adult portion of the IBILL business.


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I've got a letter like that from a former employer.

I'd lay odds that he did indeed get fired. That's corporate double-speak for "don't let the door hit you in the ass on the way out." Of course, it's all justififed considering the big POS that iBill has become. Amazing how a perfectly good company can be run into the ground these days.