U.S. Judge OKs IwantU.com Default Judgment Against IBILL
 

Only saw this today, might interest some of you :)

Luckily we jumped that ship VERY early so they don't owe us as much as some of you...

http://xbiz.com/news/news_piece.php?id=84262

LOS ANGELES ? Counsel for Mana Internet Solutions are preparing final papers in a default judgment against the parent company of former online adult processor iBill.

Mana, which operates IWantU.com, filed suit last year in U.S. District Court in Miami claiming that it is owed $83,000 plus attorneys fees and interest, which so far has bumped up its total to $103,000.

Attorney David Steiner, who represents Mana in the accounting-claim case, was not available for comment at post time.

But XBIZ has learned that attorneys for iBill parent Interactive Brand Development (IBD) withdrew their defense against Mana last month, citing ?irreconcilable differences? with IBD.

IBD?s former law firm, Arnstein & Lehr, did not respond for comment, nor did company officials.

Last month, the federal judge involved in the case entered a default judgment against IBD as a result of their failure to retain attorneys in the case.

Mana and an unknown number of adult webmasters have pursued litigation against IBD for nonpayment of an untold number of processing reserves.

Troubles in recent months have mounted incrementally for iBill?s parent company. Broke and unable to satisfy the judgments, the company has ceased operations.

IBD last month wrote in a recent Securities and Exchange Commission filing that it has 116 lawsuits pending against the company in an aggregate amount of approximately $52 million. As of June, the company has incurred judgments worth $9 million.

In August, the company was forced to liquidate at auction its collection of cel art valued at $6.5 million. And two days after the auction, the company received notice that an affiliate of Castlerigg Master Investments Ltd. had been granted a judgment of $7 million against the company.

iBill?s tangled mess can be pinpointed at its corporate acquisition and woes it incurred with a partnering credit card company.

iBill?s troubles date back to its notification by First Data Merchant Services that it was dropping iBill from its merchant account. iBill tried to secure another merchant account holder and, according to some, failed to tell its clients.

Webmasters were frustrated in their attempts to contact the processor, which until two years ago, was one of the top third-party processors along with CCBill and Paycom.

IBD, formerly known as Care Concepts, purchased iBill and Media Billing LLC from a consortium of companies, including Penthouse, in 2004 for $55 million in an all-stock deal.

Nearly a year earlier, Norcross, Ga.-based InterCept Inc. through its Media Billing LLC division sold iBill to Penthouse for $700,000 in cash, $800,000 in a short-term loan and the assumption of $22 million in debt.

At one point IBD housed nearly 200 employees in a 50,000-square-foot headquarters and data center in Deerfield Beach, Fla.

good luck collecting.

so will they be able to collect?

Mr Varies,

I send you plasma TV.

My cousin and me find many TVs in the warehouse.

What your address?

No, there is no money left in them.

good news for you buddy. what's the chances you'll actually see the money?

A1r3k, does snowball and blast furnace mean anything to you?

congrats if you can get money from them,please pick up my 13 grand while your there.

Mr Varies.

For me please pick up my last paychecks please.

I cannot go to there anymore.

Thank You.

While not being a lawyer myself and without speaking to ours, at first glance this seems we might get our money back. IBill obviously has nothing to give anyone back but their parent company IBD still does, which is who the judge granted the default against.

Anyhoe we don't expect money but if it comes, great - we dropped IBill quite a bit before things went downhill so this was just rebills we had still had going after a year or so :upsidedow

That sucks big time. Glad I didnt get caught up in that mess.:(

Ugh Ibill... dark period.. sucks.

what the hell is this guy saying? is this a fake nick?

Hi Sherlock, long time no seen! ;)

he used to be the janitor there. he hates them too, no worries.

I have one question about iBill: where did all the money go?

?

I have over 25,000 reasons ($$$) to hope that Gary Spaniak and the band of thieves at iBill end up behind bars, or that someone eventually serves them up a little street justice for stealing so many people blind.

:mad:

ADG

That's a excellent question,I figure the 15% percent and the 10% hold wasn't really covering the bills.So as long as new money was coming in they were covered.

i got ripped by ibill

...like alot of people said in the past its not about the money ..its the principle...they fucked Us..good to see somone atleast officially fucked them back.....


...next up ...epassporte...stay tuned...you heard it here first

Only a matter of time man :thumbsup Think Spaniak already has a rap sheet? Tho can't remember now.. If not, a few of his "associates" sure do.

I once ran the IBill VP off a go-kart track back in the 90s; true story :pimp