Boatman says
Quote:
Pips is in trouble because it defaulted ( as in did not pay) on it's loans to us.
I do not agree with this. Picpay was the reason for the breakdown in transfers.
Pips is unlikely to attract that much attention from BN and there have been several posts to the effect that it is already cleared by the Bank and that Bryan is cleared to continue to run the business along with Bistro, Newmark Business Centre etc.
The default on payments was caused by the failure to adequately verify merchant accounts and some of the merchants abused the system in a way that was unnacceptable to the regulators. This business, Picpay, is the one which has been closed and with which the banks would not play ball over our transfers.
To be fair to the management I understand that in the wake of 911 there was such a welter of new regulations that it was very difficult to comply. I have even heard senior bank staff in the UK say that they did not understand it all.
So we must hope now that Pips can come up with a new system which is acceptable. Assuming the funds are still there I am sure that Bryan will come up with a way to get everything moving again, but I am equally sure that it will take some time,
Just my two bobs worth :)
Michael