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Originally posted by scoreman
I'm fine with keeping this professional, but you can expect if you say that I am lying to you I will take that personally.
To my knowledge Care Concepts rescinded the deal because it was part of the agreement that should AMEX delist their stock due to the purchase, then the agreement was rescinded. AMEX wasnt too happy with this reverse merger as it was essentially allowing iBill to IPO without the usual oversight. IBill essentially was getting access to capital markets in the AMEX without Care Concept stockholder approval or any of the other usual requirements.
I would be one of the first to say that the IBD/iBill merger smells bad and looks shady.
As far as the 11 million debt you are referring to, I dont see it anywhere. Maybe you could post a link? I would hazard a guess that this debt has its origins with the fact that Intercept sold iBill to Penthouse Int'l for a small cash amount and a large note. That note would have been right around the amount of 11 millionish. In the event that note comes due, what do you think Intercept will do? Liquidating iBill is not the option I think they would choose as then their iBill asset goes for pennies on the dollar. They don't want iBill back so I would think they would renegotiate terms with the PHSL group.
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correct, AMEX delisted them, they rescinded. How is any of this good for ibill or care concepts (whose stock has plumeted in the last days)?
My point is that this is not a good situation for care concepts, ibill, or any of their webmasters whom are now forced into getting their own merchant accounts while having to pay ibill fees?
You are on line with the 11 million note, renegotiate all you want, Ibill doesn't look to have enough reserves or cash to take a hit by Visa or to have all of the bank reserves held and still continue its day to day operations and pay the webmasters.
Im just very worried for my clients and webmaster friends of mine, and i sincerely feel that IBill is using a small bucket to scoop water out of a sinking liner here and tell us all that things will be okay.. Thing is (as Im sure you are more than aware of) we have all heard these stories before by other companies that have gone under.
I dont think that webmasters are that niave anymore, and ignoring then / not paying past monies owed and other situations mentioned here is the way too go for giving any confidence and trust that anything promised or assurances by IBill can be taken at face value.
I sure hope your right my friend, because like you - many webmasters have a great deal to loose and IBill has only managed one thing correctly in their companies dealings - how to pull the wool over everyones eyes.