IBD Purchase Of IBill
 

IBD had until January 21st to complete a 2004 deal to purchase iBill from PHSL.

It appears IBD dirs decided reluctantly to go ahead with the purchase. Anyone know if that deal has been completed?

Here are some refs.. the most recent first...

http://www.tmcnet.com/usubmit/2005/Jan/1110024.htm

http://biz.yahoo.com/bw/050121/215478_1.html

http://biz.yahoo.com/bw/041214/145825_1.html

Everybody start using ibill again!!

ok bad taste joke i know....

Well they have a good business model for making short term large amounts of money:

1: advertise themselves a a 3rd party processor to get webmasters to send them customers with money.

2: bill the customers on time, every time, sometimes twice.

3: string the merchants along with a string of excuses ? its in the mail, its going out in 3
days, my bank ate my money this week ect ect?.

4: throw the merchants a small bone every month or so with a bit of money promisi9ng more very soon.

5: Pocket as much as you can ( cause you know the bank is paying them on time ).

6: repeat the above as much as possible.

Exactly
 

You said it

:thumbsup

Rui:

I was more thinking of IBD who don't seem to be in a great financial condition themselves :-)

Whether true or not, there are questions about em trading while basically insolvent with a $37K deficit which is hardly any position to even start addressing a subsidiary like iBill who have substantial liabilites.

I wouldn't bet that this "purchase" is going to fix all the mess IBILL is nowadays, ence the irony in the post above.

Rui:

I think you hit that nail on the head!! :-)

http://biz.yahoo.com/rb/050124/media...use_sec_4.html

Here is another one to tickle your fancy... seems they are nipping them in the bud....

Can you say: 'jail time?'

Well with any purchase you have to disclose all current issues and let the buyer know all potential problems or damages that could come against the company... they must have big plans if they were willing to take on the risk, or the other side of it is IBill has things under control so the buyer wasn't so worried......

Matt

Nad:

I was wondering when that four letter word - jail, would be raised :-)

Tho it has been mentioned in private for some time now...