Newly founded iBill agrees to cover merchant debts of former iBill.
 

Saturday, Feb 27th, 2010

Denver, CO - It is a well-known fact that doing business with the old company known as iBill was a less than profitable experience from 2002-2007. Merchants often accepted worthless promissory notes with nothing more than hope of a future payout. For many, those notes are still tucked away in a closet or file cabinet. Much to their surprise, that long awaited payday has arrived.

On Saturday, February 27th, iBill President and CEO Jonas Brown announced that the newly founded iBill will honor all promissory notes issued by the former company of the same name. ?I know there are a lot of honest people out there who have waited far too long for this day. I?ve received numerous phone calls from former merchants who lost their sites as well as their only source of income. They were forced to turn to friends and family to pay rent and car payments while they waited on payment from iBill. These people deserve the money they earned and I?m proud to say we now have a solution to honor those debts.?

Brown added, ?Until now, there was no recourse, but earlier today our Board approved payback to all merchants who have a valid iBill promissory note.?

On April 7th, the company will release the new iBill 2.0. payment processing system. This newly developed, web-based technology will include a payback option for former iBill merchants.

Brown continued, ?This is our way of saying we understand. It is important that we rebuild our image and establish trust with those who utilize our services. This solution will go a long way toward that goal and benefit all parties involved.?

According to Brown, details of the payback will be released on April 2nd, when a tour of the new iBill will be offered. A press release will follow there after. If you would like to register for the free webex, simply go to: ibill net webex aspx

nice gesture! congrats on future success!

Well well well ......... nice move.


.

That's incredible..

Let me guess... you'll have to sign up and process with the NEW Ibill to get your payments from the OLD Ibill?

Thats a LOT of $$$.

very nice very nice

this should be good.

Holy motherfucking sig spot.

How many people actually have these "promissary notes"?

millions and millions of $'s you're gonna pay back?
Yeah right...

Interesting to see what happens next

wow big news!






:thumbsup:thumbsup

its a kind jesture but it doesn't unrepo my benz from 2003. is this a joke that they made the payback day the same week as april fools day? sorry im just bitter

April Fools!

you have your promisory note?

What about those of us that never received any sort of promissory notes?

Isn't Ibill a myth?

If this is for real, I have to commend you for doing the right thing. This may help gain the trust of lots of webmasters.

great news, Ibill is top notch again! :thumbsup

That is correct.

Reel em in.

Wouldn't that involve MEEEEELIONS ?

This is good news :)

No its not! its all smoke a mirrors . We never received a promissory not despite assurance that it was mailed. We did get a written offer of shares in the company just before First Data Bank closed them down for good. Lets see all the companies that have notes intact post here. It will be a short list. Don't believe a word until you see the $$$$$$ in your hand

I still would't trust you with my money. Anyone who does is a fool

:thumbsup :thumbsup

How nice of the former Director of Business Development (or similar title) of the "old" iBill make this offer on behalf of the "new" iBill.

I have an email from IBill where they admit they owe me $7500. Will that be good enough?

This is worth repeating ... many times:

I still would't trust you with my money. Anyone who does is a fool
I still would't trust you with my money. Anyone who does is a fool
I still would't trust you with my money. Anyone who does is a fool
I still would't trust you with my money. Anyone who does is a fool
I still would't trust you with my money. Anyone who does is a fool
I still would't trust you with my money. Anyone who does is a fool
I still would't trust you with my money. Anyone who does is a fool
I still would't trust you with my money. Anyone who does is a fool
.
.
.
I still would't trust you with my money. Anyone who does is a fool

It is going to take until April to release details on repayment? Why not just release it now?

Sounds like a pathetic PR move that will amount to nothing other then more BS excuses and stalls. :2 cents:

Mostly likely an April fools prank

How about obtaining the records and paying back webmasters who do not have promissory notes? Ibill went down owing me 20k. There were emails sent out about promissory notes but I never received one. As I recall it was mandatory to agree to a convoluted payment plan in order to receive a promissory note. This offer was made after many, many, many broken Ibill promises. It also took the legal demand for payment in full off the table and would block legal action against Ibill.

While your current gesture may sound grand it is not. It is worthless. If you are sincere, obtain the records and pay back the hard working web masters who trusted Ibill and got fucked over.

Cheyenne

It isn't just about those who used Ibill to process for their sites and got screwed. There are tons of webmasters like myself who promoted several sites that used Ibill and got screwed. I have no promissory note. I doubt I will ever see a dime. I'm sure I am not alone

i will belive it when i see it

this is pr for the rubes new to billing instead of those actually owed $$$.

Did you happen to save the conditions of accepting Ibill's promissory note? Their conditions and payment terms were convoluted and outrageous at best. The condition of Ibill's promissory note came with an agreement not to sue and was made after month after month after month of broken promises to pay. Ibill destroyed their credibility and the asked webmasters to waive their rights to sue. Did you happen to save any of the emails Ibill routinely sent out assuring long time clients that they would be catching up payments soon?

Cheyenne

Ha Ha Ha Ha !
Here's what i think will happen. These new IBALLs guys will make it a condition that you sign up with there new IBalls 2 program and the deal will be you get a lower transaction rate until your note is paid off? Something like 4% instead of 10% or whatever these fools are charging now. Stupid people will fall for this not realizing all they are doing is making Iballs more money. Im sure they will say the more joins you send the quicker your note will be paid off :error

And im sure some people are silly enough to fall for this :1orglaugh:1orglaugh

So did "new" iBill just publicly state that they're taking responsibility for the debts of "old" iBill?

If so, and they don't pay up, you should have all of the proof you need to sue them for what is rightfully yours.

A judge or jury will hopefully overlook the lack of a promissory note and give credence to iBill saying that they will pay anyone that can prove is owed money. In other words, to my untrained legal eye, new iBill has agreed to pay the debts of old iBill.

I'd think that all you have to do is take your case to court if you don't have a promissory note.

Did iBill take a page out of the Dirty D Book of Crisis Management and speak up before consulting a lawyer? If either did consult lawyers, they may want to consult more expensive ones.

Its not if, but how they will pay. Thats the question :mad:Lets see how they spin this shit :1orglaugh

Interesting. Wonder if iBill has read the promissory note and is counting on not being able to be sued if they renege on their agreement to pay here.

They've hung this supposedly good morsel out for public digestion and people are going to run with it anyway they can in absence of more information. They should probably hire a PR firm, too.

Maybe someone will get control of the cursed iBill domain along with nice new office furniture?

But as to what you're saying ... it sure would be suspicious if a startup had $30 million lying around to blow, no?

If they pay, iBill.net will go down as the most expensive domain purchase in Internet history -- what, $30 million?!

IBILL.COM is available if someone with deep pockets wants to fuck with them :1orglaugh

:1orglaugh :1orglaugh :1orglaugh

I wonder how many times a day Jonas Brown cusses about the adult industry refusing to accept the new iBill.

I also wonder how many people have cussed the old iBill.

It's a fucking nightmare and a half, really.

I can't figure out if the people behind new iBill just have a grand plan in mind and balls of steel or are truly clueless. I guess time will tell.

Here's to hoping they make good on things...

I must say you certainly have a firm grasp of the situation.

lol. I think this is dead on.

nice 1

very few people even received those notes.

some others got some rubber shares.

this smells.

Wiktionary for Bull Shit
 

This article is about the expletive. For other uses, see Bullshit (disambiguation).

Look up bullshit in Wiktionary, the free dictionary.
Bullshit (also bullcrap, bullplop, bullbutter, horseshit) is a common American English expletive which may be shortened to the euphemism bull or the initialism B.S. In British English, "ibill" is a comparable expletive, although bullshit is now commonly used in British English as well.

fuck i bill. I would not piss on them if they were on fire....yeah i am a bit bitter too...

Actually... yes I do...
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 the 2nd year anniversary from the date of execution, to
the order of Gerco Inc, a Limited Liability Company, ("the Holder" or
"Payee") the sum of: $10,277.61, 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 the date of execution. This
Note Payable will be subject to an amortization schedule of 50% of the
face amount plus accrued interest payable in two installments on the
1st and 2nd year anniversaries of the date of execution. This Note
Payable will be subject to an amortization schedule of 50% of the face
amount plus accrued interest payable in two installments on the 1st and
2nd year anniversaries of the date of execution. 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 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 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.

I say it's too late for ibill.