sent to me by a friend:

have you seen intercepts 10k they filed today, do a search on ibill in it, is interesting. Sure people on Oprano would want to know.

http://biz.yahoo.com/e/021114/icpt10-q.html

It amazes me that a company making so much money has a loan.

So what do you think this all really means?

What's the part that's interesting? I'm not in the mood to read all that on a Saturday morning.

I think it's a stock holders report. It basically says they took out loans, could'nt meet the deadline and asked for an extension. That their business relied on Worldcom for revenues via web900 and some backend tech stuff.

Botom line... they lost money.

That's what I got from a quick glance. I didn't read the whole thing. That kind of shit hurts my eyes.

interesting quotes

Worldcom owes ibill $2.4 million for WEB900, the good news its not effecting webmaster payouts.


also this

"" In the third quarter of 2001 and the first quarter of 2002,
Visa determined that iBill violated its operating rules by having excessive
charge-backs, which resulted in fines. Also, MasterCard is currently reviewing
our charge-back ratios. If MasterCard or Visa determine that our charge-back
percentages exceed their limits, it could result in additional fines or the
termination of our ability to accept credit cards for payment, either of which
would materially adversely affect our financial condition and results of
operations.
""

also MasterCard fined their bank $75,000

OUCH

We see where this is all going.

Come on WIG do a Adult Pay card now! Maybe we can form a cartel and create a new pay system.

There's no way in hell to meet their charge back ratios. Years ago all this would have been factoring which is against their regs. Third party processors found loop holes that basically allowed them to enter a type of partnership where they would provide the processing.

If you see the post on Oprano about: Visa, Mastercard Tried To Block Rivals - Disclosures revealed massive federal.... (now on thesecond page)

It seems to me that third party processing isn't something they want. The charge back ratio was always 3% in the past. Why would they do this now? I honestly feel that this will become a major issues in the near future unless these class action suits delay or change everything.

DV

Very interesting read

Trying to cover their ass for not doing due diligence (how can you not) before acquiring Ibill and other companies?

Beyond that the whole thing boiled down says ...... "Don't expect profits and we might seriously be fucked"

and that's not just Ibill but ICPT as a whole

Looks like the made a lot of bad decisions

Time to short ICPT again? :zoinks:



Last edited by Vick at Nov 16 2002, 08:47 AM