Let me see if I can find the email I got from them after I wrote to ask if payment would ever be made.
Okay, here we go. This is c/p'd from an email dated 11/08/04
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Hello Selena,
Thank you for your email to iBill today.
In regards to your request:
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Payment status
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We will resume normal payout on Dec 1st as well as the 1st monies of past due payout. So on Dec 1st you will get a payment for sales processed from 11/1-11/15-04 as well as a portion of the past due payout owed to you.
Past Due Payouts:
iBill has always stated that we recognize all past due payments to our clients and our committed to meeting these obligations.
Currently First Data holds approximately $15M
We are not moving forward with any additional litigation with First Data, but are working to develop a release schedule of these funds We are also working on obtaining additional capital into iBill. While this is in process, we do not expect to see outside funds into iBill until sometime after the first of the year.
Initially-based on potential release of monies from First Data and
anticipated outside funding, we had hoped to have all past due amounts addressed by October 31.
Due to a delay in both avenues, we will be moving forward under the following program:
Starting in December, each client will be paid out over a 12 month period for past due amounts from the period of September 15 to October 31. This will include reserves. Past due amounts will be paid with 6% interest Promissory notes will be signed by Officers and Board Members of the company
Our goal is to payout much quicker than over a 12 month period
Clients will also have the ability to convert past due amounts into equity of IBD stock at a discount By early next week, an online form will be available in the iBill Merchant Info area to request the promissory note or IBD equity option CMI reporting will include statements of past due amounts for all clients to view
We appreciate your continued patience as we work through this transition. We are very confident in our ability to move forward and are excited about the opportunities ahead of us with gkard program. For those that have additional questions regarding the conference call, please email
movingforward@ibill.com. Please include your master account number and account type (iBill EU, gkard, iBill Direct ect) in the email. Your questions will be used to develop a FAQ to be posted on CMI
If I can be of any further assistance, please let me know.
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I don't know about you, but I am disinclined to accept the stock option in lieu of cash.
