For all those people that think they can just "sue" Ibill.
 

I belive if they file for chap 11. Bankrupcy.. You Can not Sue to obtain money.

And hope they file for chap 7 Rebuilding the company..

:2 cents:

Think its the other way around, chapter 7 = liquidate, chapter 11 = reorganization

Uh thats why they have to sue NOW

so what's the story with them, are they officially dead now or are they still trying to make a come back?

Link?

Come back, didn't they even pay most people yet?It's just going to get hard with so many people leaving for paycom and/or CCBill and after their 2nd "we are sorry" campaign nobody will trust them anyway anymore.

Most people that used them and ran any kind of a profitable biz, secured their traffic and more important, their rebilling 45 days ago (I hope for their sake) and backed themselves up with a secondary processor.
Personally I have about 10k to lose if they file, so I am trying to be fairly optimistic that they will remedy the situation. If they file 11 or 7 and you sue, you will only see the pennies on the dollar the court decides, and that's IF you file. Wait on line.
This drama will come to an end soon and the outcome will be one of two; they will file, or they will pay and process. There is no in-between.

Right, just a few more days now and the outcome will be clear. In fact I would say the 5pm CMI update tomorrow will be decisive in the minds of many.

I'm still hopeful and still expecting that Ibill can pull this off.

Yeah banks always get their money but you're the one that's fucked in the end, old story but always experienced again.

The thing that amazes me about these processing businesses is that they are just routing money.

They need staff, premises and a computer. They see what is coming in every day, they know what they earn from that and they can simply adjust the costs accordingly to run at a profit.

There should not be a problem with charge backs, now that it's pinned at 1%, they also have the 10 to 15% they hold back.

Unless of course they consider this a cash cow and were paying themselves over the top and running a business that simply did not make sense on the balance sheet.

Maybe their bank got out for other reasons than their involvement in porn. Perhaps they could see the problems.

first data is big in porn and pretty much big in anything, it must be more then porn that caused this

Managers want their x millions a year and if they aren't there nobody is willing to work :winkwink:

Yea but they can sue for databases :P