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Originally Posted by Nilsy42
Hey Webmasters... I have zero problem in admitting that I am a WebAmateur... but I have both Pure Mathematics and Physics from Oxford and London Univeristy, and a long business career small advertising agencies to huge computer companies as an Art Director.
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Agree with you on not wasting time with folks who can't or won't perform - there is no point.
Companies go bust every day and ya move on - it's the cost of trading.
However, the difference between a "normal company" and iBill is that they have lied and conned over time and that pisses off creditors. Sure, again, it is not unknown for companies in a tight corner to lie in the hope of survival.
The flip side to this is ... hard to describe briefly, but a knowing total screwup by idiots who thought they would like to be "kings" of the adult net, firstly by purchasing Penthouse (ego is a great weakness) and then taking over "where the money is" - namely debt-ridden iBill. They "purchased" iBill for little money and took on it's debts. These debts were never honored.
Where did they think they money was going to come from to clear iBill's problems? The only source of funds, - forgetting the prospect of the new purchasers injecting serious money, - was from ongoing trading and "dealing" with webmasters by various means (depending on what day it was) - such as offering worthless shares in another associate company - IBDI, and making "agreements" with webmasters which were not kept in many instances and in others where the timescale for payment would fall outside the time in which this "test project" would run. Namely, iBill would cease prior to payment time and hence kill of the prospect of "personal funds" being used.
The words "Ponzi scheme" have been used - this is probably fairly accurate.
In addition, several companies were set up to "cover" in the event of the demise of iBill and are still being used as a guise today - an example being gKard (ya gotta excuse the ego showing again - the "g" stand for Galanis). This is a company that "associates" with iBill, but still cannot pay funds to webmasters at the due date.
Nilsy42, it's not just about iBill. It's about experienced con artists at work. One was the largest defrauder in US history at one time. It's about "associations" with others of dubious background. It's about massive amounts of money which have already been defrauded from 1000's of people in other issues, and, as yet, remain unaccounted for.
When banks submit there letters of resignation to a company - there is good solid reason, especially in this instance. We are dealing with crooks and their "associates", - whether formally convicted or not - who play games with companies and are well-experienced in "manipluation".
It's kinda rare to have this scenario, but when it pops it's ugly head, - no matter the cost, - many folks want to stay with it and see justice done.