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Originally Posted by Shoplifter
From the IBD SEC filing:
"Commencing in January 2005, iBill has not received its normal proceeds from its European Union ("EU") processor as a result of Internet Billing Company Europe, Ltd., a wholly owned subsidiary of iBill, not maintaining a bank account at an EU bank. The EU processor had been forwarding funds to the iBill US accounts, but has declined to continue to send money cross border. The EU processor has agreed to send the funds to iBill once iBill has established an EU account. iBill has received approval from Credit Suisse for a commercial banking relationship and the account is pending administrative set up estimated to be up to 10 days. Without the EU money, iBill has a severe liquidity concern. iBill may also experience losses of business due to the delay in payment created by the circumstances."
So it seems for reasons that are obvious they have ditched the EU bank route in favour of an EU trustee.
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Agree!! But remember who wrote this crap :-) It's the usual "pending" and "estimated" words.
Pity iBill forgot to establish an EU presence in full and open a bank account - assuming this statement has any truth.
Who knows, but it's fair to say iBill is not the type of client that banks would fall over themselves and plead to do biz with.
Any money is safer in the hands of *anyone* than left with iBill to manage, - or mismanage.
It's a pathetic joke that any company did not the foresight to have tools in place for almost all incidents which have happened so far. The ability to "look forward" has severe limitations when left to iBill.