iBill Acquisition falls through
 

DEERFIELD BEACH, Fla. ? Media holding company Interactive Brand Development Inc., formerly known as Care Concepts, has called off its acquisition of beleaguered third-party billing company iBill, according to company filings obtained by XBiz.

http://xbiz.com/news_piece.php?id=6489

There are more details in this proxy statement

http://www.sec.gov/Archives/edgar/da...ractive_s3.txt

Can someone explain all this in english to me (I'm not looking for the usual ibill sucks, im looking for clairification as to whats really going on)

Seems like theres alot of backroom deals going on involving the ownership of ibill. :helpme

:question

Don't know... Legal rubish ....

Here we go again....

They were gonna buy, they decided not to.

What's so hard to understand?

I would like my life to be as simple, not to say simplistic....

In October IBD bought ibill for $14.975 million in IBD stock. Ibill put up some sort of equity and assests in the value of $14.975 million.

In October 2004, in anticipation of the acquisition of iBill and to
collateralize our obligations to holders of our 10% notes and our series F
preferred stock aggregating $14.975 million, PHSL, Media Billing and iBill
granted such investors subordinated security interests totalling $14.975 million
in the iBill equity and assets.

Then In december they decided to cancel the deal but this is where i get confused

As consideration for the termination of the
contemplated transaction, including mutual releases, and for the security
interests in the assets and equity of iBill that continue to be retained by the
holders of these convertible securities.

So the shareholders of IBD now own the assests and equity ibill originally put up?

Media Billing has received consideration
valued at approximately $10.0 million. Such consideration consists of 20,000
shares of our non-voting Series D preferred stock convertible into a total of
20.0 million shares of our common stock and our $1.0 million 6% note payable to
Media Billing maturing on December 31, 2009. In addition, Media Billing agreed
to forgive $500,000 of indebtedness owed by our company.

They went from $14.975 million in October to $10 million in December? Where the $5 million go? And now the value of ibill is dependant on the stock price of IBD even though they aren't related in anyway?

I think it went the same way as iBill is going :glugglug

Drop that to 3 million and maybe somewhere some lunatic may want to possess it...

The other interesting part of the current iBill story is just who owns GKard or whatever that virtual card was called because the people who are walking claim it's theirs while iBill seem to be telling people that it belongs to them.

If it did go out the door with Care then iBill is back in the shit over billing.

I just got an email today from iBill announcing that my gKard account will be activated on Dec 15th.

Is anyone already using gKard?

These are certainly tough times for iBill, but the gKard concept does taking billing to a different level which makes a lot of sense. In a way, I really hope iBill can pull through.

Has anyone been processed and paid by iBill (for new signups) since they restructured their repayment terms for older outstanding accounts?

Thanks,
-Dino