Ibill releases debt conversion program at the request of xbiz
 

At the request of xbiz, we have submitted the debt conversion program to them late Monday night for immediate release.

1st

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Geez..Ibill is so 1990's into the early 2000's..and oh yeah, still hasn't paid a cent to those it owes money to!

And they never will.
End of story.

Sig spot.

sig spot

I'm so confused. Are you saying that after all of these years we may finally get some of our money owned to us from the originally IBILL? Is that for real or just another marketing ploy in an attempt to sell the domain name?

So... post it here. why wait for xbiz...

After they sell the domain name for $2500 they will split that money up among everyone who is still owed, plus interest. :upsidedow

ibill doesn't own ibill.com, which is the one for sale :2 cents:

I am owed over 56k when will I see this money?

oh I see ....

"but earlier today our board approved payback to all merchants who have a valid iBill promissory note.”

So in other words they are only going to pay back a very small number of creditors involved in the lawsuit, while the rest of us smaller guys can kiss their ass.

I was with iBill since 1996, back when they were logicom and in the end that relationship cost me several thousand dollars. While I was only out about $3200 in all, I wasn't big enough to get in on the legal wranglings going on at the time. I am not alone. Thousands and thousands of smaller webmasters like myself were left in the same position as me, so why would we care if you paid off some debts of the big boys?

In fact, I would say it really just offends us even more.

What I would like to know is what exactly do you consider a valid promissory note. I have all the screen captures of my promissory note agreement with Ibill right from Ibills site. Nothing was ever sent to me on paper. Even when I specifically asked for the notes on paper they where never sent. So, are the record of the screens from Ibill proof enough?

Kelli58

We need proof of the debt to verify it.

Whatever you have, send to us on the 7th of April and we can go from there.

Why is it all a get out of Ibill post is Blah blah blah....

Yes, but what of my question.



including: (i) a written settlement agreement with FDMS to
release
certain funds held since September 16, 2004; (ii) arrangements
with M2
to process Gkard Secured payments independently and make
direct
payments to clients, which occurred on March 15. THE RESULT
Gkard Secured payments are CURRENT and on cycle.
FDMS funds are being released.
Check, Web900 and Catalog Payouts are back on track.
iBill is on the road to recovery and fulfilling its responsibilities
again.
NOTE PAYABLE
In addition to the successful implementation of the above, under
IBD's
direction, iBill has committed to fund the balance of the
payments owed
to clients in the form of a Note. The combined programs will
provide

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
Step 2 of 4: What We Owe You
The iBill settlement consists of unpaid transactional revenue for
2004 including unpaid transactional revenue up to February 28,
2005. Reserve payments include all reserves due after the last
reserve payout issued in 2004 including reserves taken in January
and February of 2005.
SMID: 112193
Transaction Type Amount Due
Online Checks $430.45
Web900 $101.57
Other Credit Cards $2,436.27
GKard thru Feb.15 $3,337.70
Balance Forward $0.00
Adjustments ($30.00)
Reserves Excluding EU & gKard $4,570.85
Total Net Liability $10,277.61

Here's a logical question ...

If you are in no way affiliated with iBill 1.0, how do you know you have enough money to cover the claims? Only insiders would know that info!

Did the board just say "however much it costs, just do it?" That is not a sound business decision. A sound business decision would have been for a startup to avoid using the iBill trademark and name altogether.

The failure to make sound business decisions is what lead the the implosion of iBill 1.0

Wow.....

Interesting turn of events, lets see how it plays out for the people owed money.

To those people running Ibill, I think it's time you came clean about everything. No more vague statements.

Relaunching the iBill name was a good business move for us for a bunch of reasons.

1. iBill.com did a great job in marketing. The brand, backlinks and name is out there

2. When people signup, we ask them how did they here about us, and we often here them saying, they remember us on the cc bill from years ago. That's branding

3. There are adult sites that still have us on there form the old iBill. Even though we never processed for them under the new company

4. News, plain and simple, iBIll is news, maybe not good news to most but news.

Anything can be re-branded with effort, don't think so, let's test it.

Do you have Tylenol in your medicine cabinet? Why would you? remember when Tylenol was laced with cyanide and killed people?

What about the last time you had Jack In The Box? if you live in a area where they are?
Why would you? remember they killed people with e coli?

The bottom line is the two companies above were at fault with issues within their company and they bounced back.

iBill CO had nothing to do with iBill FL and we need to bounce back because of the name and were up for the task.

If you have nothing to do with the old Ibill wouldn't it be easier to just start a new company? If you have the money to pay back what is owed to webmasters that got screwed by Ibill (although really, let's be honest, only a small percentage of those people are going to be paid) couldn't you just use that money to brand the new program and get new clients instead of a. having to pay off old debts of a company you have nothing to do with and b. having to fight a huge uphill battle against people who are prejudice against you?

Seems to me it would be a lot easier to just create your own reputation from scratch than try to repair a very damaged one.

Kane,

We have long term plans for the iBill name and that is why we wanted to go with it. So, some damage control is well worth it.

:1orglaugh:1orglaugh:1orglaugh

I get what you're trying to say but that is a HORRIBLE analogy.

this has got to be a joke heh

I thought it was iBill.net ? :upsidedow anyways I think I would get iBill.com as its for sale to avoid the confusion....doesnt look good not owning the .com if your looking to be a major billing corp ? Just my 2 cents.

But you dont OWN ibill.com.
Ibill.com the original domain name was sold separately from ibill.net which you currently operate under. Yes i get the fact that you simply bought ibill.net domain name. And i also think you dont owe anyone anything. This whole debt repayment thing is crazy IMO.

I get the brand part, great.
But WTF are you talking about backlinks ? All the backlinks go to ibill.com which you dont own.

this whole new ibill situation is funny

hahaha so true

He does not know shit. He is a board front man.

An analogy should be about things similar. There is nothing similar between a company that was sabotaged and one that stole from their customers. Or one that received a tainted product from a third party and one that lied to their customers.

Nothing similar at all.

Interesting:upsidedow

I've thought for a while this whole iBill returning thing was a joke of some kind.

And now, a company with no links to the old iBill are going to pay off their debts?

WHY?

This is a wind up. Now, I am sure of it.

funny how it took years for you to even acknowledge you owed anyone... when I mentioned it to you guys at Internext in 2006 you got threatening and told me to push on... odd.

They already pretty much said how it would work - no one gets any money up front. You start running your charges through ibill and they pay you back in reduced fees, until you are (someday) paid off. Now this requires you to change all your current billing arrangements away from ccbill, etc. and use (and trust) ibill. How many folks want their money that badly?

you owe me 260K dollars. dgrigat [[at]] gmail dot com

If this is a new company with a new owner etc then I am almost sure they have NO liability to pay anyone back.

:(

I'm willing to bet the families who had people die from those don't use those products and won't ever again. :pimp

I have my note, i also have bad checks from Ibill Also, I am sure I wont see a cent

Guys, guys, guys, you still don't get it! Ibill is not going to use its own money to pay off any debts ( if it had money they would have purchased the .com name by now, as it's such a valuable asset :1orglaugh ) they are going to use yours, get you to sign up to IBILL2 as a condition of supposedly paying you back. Come on they owe 33 million $ to webmaster and program owners. Unless First Data released funds to this new company where is that money coming from. Its all extremely suspicious Anyone can send in a promissory note there are copies of the old IBILL note posted on GFY and on the web. How if they dont have the old records could they possibly verify who is owed what ?

If they do have old records then you know they are in some way connected to the old company. Its all a poor marketing ploy that will backfire on them just like re opening as IBILL. Even Segpay had the sense used another name when management from the old Ibill opened up again ?
This is yet another EPIC fail
If they are doing so well why keep coming back to GFY ?
Why do they need us so badly ?