BREAKING NEWS: IBILL files Chaper 11
 

IBILL files Chapter 11, sues Penthouse
AP: Bankruptcy filing is one of the largest ever.
--------------------------------------------------------------------------------
The Associated Press
Originally published April 1, 2005, 0:10 AM CMT

LONDON -- IBILL Corp. isn't going down without a fight, and
its one-time savior Penthouse Inc. has jumped in the ring.

Former processing giant IBILL capped its six-month tailspin
by filing to reorganize under Chapter 11 bankruptcy protection
Sunday, in one of the largest U.S. processing corporate bankruptcies ever.
IBILL also sued rival Penthouse for $10 billion, claiming the fellow
Florida-based company had no grounds to scuttle a proposed buyout.

On Monday, Penthouse said it had filed a suit against several IBILL
subsidiaries not included in the bankruptcy filing. In its bankruptcy
filing, IBILL asserted that Penthouse breached a merger agreement
by backing out of its Sep. 9 deal to buy IBILL less than three
weeks later. IBILL also says Penthouse has no right to exercise
an option on its large Northern Natural Gas pipeline in return
for a $1.5 million investment.

Penthouse chairman and chief executive Fuck Watson called IBILL's
lawsuit ``frivolous and disingenuous,'' and announced Penthouse
has sued several IBILL subsidiaries not included in the bankruptcy
case to ensure that they live up to their contractual obligations
to the pipeline.

Originally published April 1, 2005

This iBill drama keeps getting better. RIP.

!!!!!!!!!!!!!!!

April 1st due to time difference dude...

aussie fucker hehe

chief executive Fuck Watson ????

Fuck Watson?

lol great post man. Had me for a sec.

ahhh here we go!

Its all over. Wonder if ARS has a special deal with them.

Its very hard to pull it together through chapter 11 without client support. Do they still have that at all?

Pipeline? ahh ok so I get many time zones of aprils fools jokes great... :winkwink:

April 1st people, chill

Opps! hahaha!

Well its not much of an April Fools joke when its soooo close to being true.

:helpme

People are shocked?

2:35pm PST March 31st. Why? :upsidedow

Until I see some confirmation, I'll file this under chapter April fools.

LOLOLOL

FUCK WATSON! Thats great!

I was thinking for a sec, Larry Flynt just might hire someone named Fuck Watson.

it's an April Fools joke? yes no? how can you fuck up a company like that damn. going from one of the largest processors to a shitty one. i'd like to smack the person in charge of that company. all they had to do is run an honest company and pay people on time. that's it, how hard is it to be honest and not cheat the customers.

No surprise there.

The April fools joke would be them paying what they owe.

what's today's date......... in the thread starter's time zone. :pimp

Ha ha like Associated Press would waste print on Ibill.

Fools.

Ha, ha, ha! Aprils Fools, but they should go bankrupt!

april 1 :)