Bye Bye iBill

[cd34]

To my knowlege, there have been two payments since Oct 1. One in mid december, and one around the 5th of January. The claim is that the 5th of January payment was a 'current' payment and that they were going to work on staying current.

There was nothing said about old monies that were owed other than there were monies that were owed.

While significantly different than the pump n dump of websitebilling or globill, it does have strange parallels with some of the backchannel stuff.

The downside is that the longer it takes, the more their customer base erodes, the fewer transactions they can blend to keep a reasonable chargeback ratio. This means scrub gets turned up, and its harder and harder to push sales through until one day, not enough transactions can be pumped through, the bank closes the merchant account, the funds are held for 6 months and then released -- usually to an offshore bearer share entity.

Enron kept the balls in the air for quite some time too.