Ibills new Promisary Note I found Today
 

Hey guys
Check your merchant info area, I went into mine and there was a link to view firstdata amounts owed, it said I had to review them and agree to get paid out, So gladly I did, that was yesterday. Today I go in and I find this li, nk
FirstData Release Info
So I click and boom
it says this-------------------------------------------------------------------------
Over the past several months iBill and our customers have endured a difficult period. As you can see with some of the recent announcements, we are now in a position to move forward. In addition to First Data releasing, directly to iBill clients, funds it was holding for Visa reserves and transactions processed during September 16-22, 2004, iBill is offering settlement of funds that iBill owes up to March 1, 2005 for US transactions and February 15, 2005 for gkard transactions in conjunction with our overall restructuring efforts. The offer represents a more significant recovery of the funds owed than would otherwise occur without a settlement in place. The objective is to provide as much of a settlement to our customers as is economically possible and to position the company to move forward in a positive manner with our customers. The iBill settlement will provide you with a high overall payment relative to the amount owed. As part of the new direction, iBill has implemented programs to pr ovide you with secure payouts in the future. Our goal is to offer you and your customers high quality processing services while separating financial payouts to independent third parties to ensure timely and consistent payouts going forward
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Then there is another link Additional iBill Settlement amount "NOTE PAYABLE"

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Dear Clients:

Today iBill announced that it is making a payment to its clients of $41,600,000. The payment is comprised of $21,600,000 in cash and $20,000,000 in Secured Notes.

iBill Recent History

On January 21, 2005, iBill was acquired by Interactive Brand Development Inc. ("IBD"). IBD spent nearly seven months negotiating the iBill transaction. After considerable and contentious deliberations, IBD elected to complete the acquisition based on its belief that iBill, as a pioneer on the Internet, has great potential despite a historical capital deficit.

Since the acquisition, only 60 days ago, IBD has taken dramatic corrective steps. IBD engaged one of the leading turn-around advisory firms in the United States. The firm evaluated the cash, the financial statements, the operations and most all aspects of the business and delivered its findings to the IBD board of directors. Based in part on these recommendations, the management of IBD has implemented a series of measures to stabilize the business and to position it for future growth. Most importantly, IBD has successfully made critical arrangements with both former and current third party processors; including: (i) a written settlement agreement with FDMS to release certain funds held since September 16, 2004; (ii) a written agreement with its EU processor to release funds held since December 14, 2004; (iii) arrangements with M2 to process Gkard Secured payments independently and make direct payments to clients, which occurred on March 15.

The Result
Gkard Secured payments are CURRENT and on cycle.
EU credit card payments will be CURRENT by the end of April
FDMS funds are being released.
iBill is on the road to recovery and fulfilling its responsibilities again.
Note Payable

In addition to the successful implementation of the above, under IBD's direction, iBill has committed to fund the balance of the payments owed to clients in the form of a Note. The combined programs will provide significant and immediate cash payouts together with a long-term financial commitment by the company. The form of the Note Payable is below. Each Note Payable is guaranteed by iBill and will be redeemable for cash plus 3% interest in four equal installments payable on each six (6) month anniversary of issuance. After you ACCEPT the terms on the Merchant Info page, a signed note for the settlement amount will be mailed to you. Participation in the plan will be cutoff after April 14, 2005. iBill may choose to defer the issuance of the Note Payable for those clients who are currently on Do Not Pay status, or who have a credit balance.

Misconceptions

Contrary to popular myth, no one at iBill or IBD has absconded with funds. The fact is that new capital has been injected into iBill. IBD is conducting a comprehensive audit into all 2004 transactions. No one at iBill has compromised credit card data and the credit card data remains secure. Understandably, extreme frustration has lead to sometimes emotional conclusions. In some cases, business competition has inflamed inaccurate rumors.

The Alternatives and Consequences

In collaboration with its turnaround advisors, IBD evaluated all possible options, including a formal reorganization of iBill under Chapter 11 and reached the same obvious conclusion each time; anything other than a cash and Note Payable plan would likely result in iBill closing its doors. If, after nine years in the industry, iBill was forced to shut down, our analysis is that client recoveries would be severely compromised. Clients could eventually only receive pennies on the dollar; pennies recovered after several years. As a result, we arrived at this plan. IBD feels that this is the only viable alternative to the unnecessary losses and delays which would result from a formal reorganization of iBill under Chapter 11.

The plan is a structured settlement with defined terms. It is not negotiable. You do, however, have the right not to accept the plan. IBD is critically aware that one size rarely fits all; and in this circumstance it is likely even more the case. However, IBD is seeking to avoid what would otherwise be inevitable through a formal reorganization where substantial loses would occur. Under our plan, participating clients receive 100 cents on the dollar today (though not all in cash upfront).

We appreciate the support clients have shown iBill. We hope we have reciprocated by demonstrating decisive action in our first 60 days of leadership.

Interactive Brand Development, Inc.

Note Payable

FOR VALUE ACKNOWLEDGED AND RECEIVED, Internet Billing Company LLC, a Georgia limited liability company, ("Maker" or "Payor") promises to pay on or before March 29, 2007, to the order of ______________, a ________ corporation, ("the Holder" or "Payee") the sum of: _____________ THOUSAND DOLLARS ($______.00), reduced by any chargebacks or adjustments, as agreed to by the parties with interest at the rate of Three Percent (3%) paid in arrears from March 29, 2005. This Note Payable will be subject to an amortization schedule of 25% of the face amount plus accrued interest payable in two installments on March 29 2006, and March 29, 2007. After 90 days from the execution of this Note, Maker at its discretion may elect to convert the note into a Secured Convertible Note. Such Secured Convertible Note will have identical amortization provisions as the Note Payable.

Presentment, demand, notice of dishonor and protest are hereby waived, and the parties hereto assent to indulgence of the Payee without waiver by the Payee of any of his, her, or its rights hereunder.

The Maker of this note reserves the right to pre-pay whole or in part of this note prior to maturity. Should the note not be repaid at or before the due date, then the note shall accrue interest at the highest possible legal rate permitted in the State of Florida.

Internet Billing Company LLC

Acceptance:

The undersigned Holder/Payee does hereby acknowledge that they have read and understood, in its entirety, the ?Limited Release? and that said ?Limited Release? represents the full and final satisfaction of all claims due and owing from First Data Merchant Services Corporation and Internet Billing Company LLC, with respect to the particular claims described therein. The Holder/Payee further acknowledges that any and all sums due and owing to any and all affiliates will be satisfied solely by the Holder/Payee and not by First Data Merchant Services Corporation or Internet Billing Company, LLC. Finally, the Holder/Payee accepts the validity of the Note Payable enumerated herein and understands that it represents full and final settlement of a claim.

Accepted by:


_____________________________________
Signature of Note Holder/Payee
Print This Page
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Lemme know your thoughts please everyone
Debs

Im glad to see they're offering something. Im going to login in a few minutes and try and figure it all out.

Thing that burns me is they still haven't mentioned the revshares. All of our affiliates have been screwed and are continuing to be screwed by ibill. ibill is still deducting the revshare monies from our master account but not forwarding it on to the affiliates.

Please let me know what you figure out. I dont know what to do or think anymore, I was thinking about the same though, at least its something

I was checking this out all day yesterday. This is what is says:

They are going to release about 61% of the owed money from September and the reserve money, this is from the original money owed (First Data).

Then they give you a total of the 39% from First Data and the money owed up to February 15th.

Here comes the fun part !! :winkwink:

Take that total that they now owe you and you will recieve this in 4 payments, every 6 months. 1st payment September 05 - 2nd payment March 06 - 3rd payment September 06 - 4th payment March 07.

You will also recieve 3% interest on each payment.

That is a quick sum of what they said. You must Comply and accept their offer by April 15th.

Also the 61% from First Data will be coming directly to the webmasters from First Data, just no payout date posted yet.

:upsidedow

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Ibill is saying that they are including the affiliates into your payout and it's your responsibility to pay your affiliates from that money.

"The Holder/Payee further acknowledges that any and all sums due and owing to any and all affiliates will be satisfied solely by the Holder/Payee and not by First Data Merchant Services Corporation or Internet Billing Company, LLC. "
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I'm just confused on how they are paying us. They say several different things.

First they say...
"In addition to First Data releasing, directly to iBill clients, funds it was holding for Visa reserves and transactions processed during September 16-22, 2004, iBill is offering settlement of funds that iBill owes up to March 1, 2005 for US transactions and February 15, 2005 for gkard transactions in conjunction with our overall restructuring efforts."
(Is this we get FD now and also some of what Ibill is holding?)

Then on the "note payable" page that they are
"paying $21,600,000 in cash and $20,000,000 in Secured Notes".
(makes me think that we are getting some type of money up front from ibill in addition to the FD release).

Then they say they are
"funding the balance of the payments owed to clients in the form of a Note. Each Note Payable is guaranteed by iBill and will be redeemable for cash plus 3% interest in four equal installments payable on each six (6) month anniversary of issuance.".
( Now we are just getting a note once every 6 months for 25% owed that will be paid 6 months from when we get that note? Is this note ibill and FD? or just Ibill? and why will it take up to 2 years to pay out something due 7 months ago?)

Then,
"This Note Payable will be subject to an amortization schedule of 25% of the face amount plus accrued interest payable in two installments on March 29 2006, and March 29, 2007."
( okay... so now they are only paying us 50% of the money... 25% plus 3% accrued interest a year from now and another 25% plus 3% accrued interest two years from now... but the last 50% is not mentioned from what I can read. Is FD included in this as well? )

And this....
"After 90 days from the execution of this Note, Maker at its discretion may elect to convert the note into a Secured Convertible Note. Such Secured Convertible Note will have identical amortization provisions as the Note Payable."
( now they can just change the notes after 90 days but we don't see any money for atleast 180?)

Then of course...
"The Maker of this note reserves the right to pre-pay whole or in part of this note prior to maturity. Should the note not be repaid at or before the due date, then the note shall accrue interest at the highest possible legal rate permitted in the State of Florida."
( This is probubly the best statement... I hope this is the one they choose and of course not wait to pay the interest)

"Finally, the Holder/Payee accepts the validity of the Note Payable enumerated herein and understands that it represents full and final settlement of a claim. "
( so this tells me that we're just getting a note again... no monies from FD or Ibill yet).

We have until April 14th to decide to take or leave... no negotiating. But do we understand what we're signing?

Do they really say different things or is it just me (and a lawyer) not getting what they are trying to say? I called Ibill today and got a service Rep but they didnt know what it meant either and agreed with me. I called three different Service managers and all were away from thier desk.

Anyone else understand what they are getting at.... or have talked to someone that knows?

XOXOXO
*Krystal*

so what im reading is that we will be paid in full by 2007? lol...

i think i will let my lawyers continue the lawsuit path. it was filed on friday against them.. i want my money now, not in 2007.

after you take the time to sue them (which could be years) and pay your lawyer you will get less money then they're offering. iBill realizes this, and I believe it is one of the reasons they've made this offer.

actually its costing me 900.00 to file an 18k lawsuit..

Where did you get those numbers from?
It never said that

Just to get the % of FD funds that they state would be nice.

Is ibill going down for the count?

i think its the opposite. by doing this payout. they will stay in business. i am not a fan of ibill at all, but i think this is was their best choice. atleast you guys get paid (my lawsuit is pending)

Um did i read that part right , the payments will be made in "notes" that arent cashable for 6 months at a time ?

CLIFFNOTES:

You wont get paid what your owed for over 2 years

Joey,

I'd love to have the name of your attorney. Can you send me an email? That would be very much appreciated.

Cheyenne
[email protected]

Bump. Bump.

Thats fucken funny.

Simple translation.


"BOW DOWN SUCK THIS!
BOW DOWN NO MONAY!

Agree?"

WHich in itself makes no sense really...

Well. It's a little confusing, but it's better than logging in and seeing "We filed for bankruptcy. Bye."

Some time ago I accepted that the money Ibill owes is gone...chalked up to lessons learned. (It would be a wonderful surprise if they amaze everyone and pull out of their mess.) I will not be accepting their lame pay out. Not only do they break their payout promises but to accept those terms would be sucking their dicks. After a great deal of consideration, I also won't be suing...there are better places, given my personal circumstances, to focus energy. However, when the point in time comes, probably soon, that there is no hope anyone will be paid in a reasonably fair and decent manner, I will hire an attorney to help write a compliant to SAG's office. The executives who made the decisions to lie to hard working people would be held accountable and clear message sent to the next cc processor who considers the option of taking a similiar route.

Straight from the soap box,
Cheyenne

Who ever get's there First Data wire first post it here.

Ibill said the wire is coming straight from them after you click teh agree link.

This is in IBILL Merchant INFO:
"Visa reserves are calculated at 60.87% of the total reserve amount collected by iBill. The 60.87% is based on our Visa transaction volume over the three-month period prior to September 2004. (Please note that First Data did not hold reserve funds specifically related to MasterCard transactions)."
I said 61% to round it off

"Note Payable
In addition to the successful implementation of the above, under IBD's direction, iBill has committed to fund the balance of the payments owed to clients in the form of a Note. The combined programs will provide significant and immediate cash payouts together with a long-term financial commitment by the company. The form of the Note Payable is below. Each Note Payable is guaranteed by iBill and will be redeemable for cash plus 3% interest in four equal installments payable on each six (6) month anniversary of issuance. After you ACCEPT the terms on the Merchant Info page, a signed note for the settlement amount will be mailed to you. Participation in the plan will be cutoff after April 14, 2005. iBill may choose to defer the issuance of the Note Payable for those clients who are currently on Do Not Pay status, or who have a credit balance."
"promises to pay on or before March 29, 2007,"
Here is the 3% and the 6month payments

This is all from IBILL

Can anyone break this down into laymans terms? we agree then what? lets say your owed a total of 50k from ibill how does it work out into payments and when would they go out?

OK, i tried to explain this earlier inthe thread, but here it goes again :)

There are 2 sets of payments owed.

1. the original money - First Data Money - This includes Spetember 16th-28th of payments and your past 6 months of reserve.
2. Then the Gkard money that started on November 1st - all transactions from november 1st - Feburary 15th.

so let's say you are owed 10K for the 1st and 50K for the 2nd.

you will receive 60.87% (61%) of the 10K which is coming directly from First Data (no payout date released yet) - So first data will pay you $6,100.

Now you are owed by IBILL $50,000 + $3,900(left from Data) - Ibill is taking on this amount owed to you. So now ibill owes you $53,900

Now you will you get the $53,900 split into 4 payments, every 6 months.

1st payment September 05 - 2nd payment March 06 - 3rd payment September 06 - 4th payment March 07.

so you would get $13,475 per payment + 3% interest

So you will be paid off by March 2007.

I think that is as easy as i can explain it. Hope that helps :thumbsup

I'm owed $70,000 and Im accepting this deal cause until yesterday I doubted we would see ANY money at all. Charles Prast is some kind of investment banker so I assume he knows what he is doing.

ill borrow 70k from you and pay you 3 % interest over 2 years

I don't get this. In the CMI my net sales from 9/1/2004 through 2/25/2005 are $41,000, yet in their settlement form in the Merchant Info it shows Total iBill Amount owed thru February 28, 2005: $23,500 and thats before the First Data release amount. Am I missing something here?

Fuck the numbers ... Take the money ( about for 15% of total owned ) and run far away, further than Globill ran .... :2 cents:

Is this just for master accounts?

I'm owed a few K across a couple of programs as a reseller....but I'm not thinking I'm ever going to see that money.

It seems, and I really didn't crunch the numbers , that they are allocating the program owners the full signup .
That is what I understood, but I have only 2 " employees " ...

Anybody else has info ?

Pretty much what i came up with ..ecept i was under impression that a note would go out in sept 2005 for first payment...but it wouldt be cashable until 6 months later..in march......i would rather go with your opinoin though and get some cash in sept :thumbsup