Re: 10/25/04 - [IPMT] iPayment exec sues over message board comments
iPayment exec sues over message board comments
Roy Moore
Nashville Business Journal
Another lawsuit has been filed over comments posted on a Yahoo! message board regarding a Nashville-area company.
Carl Grimstaud, president of iPayment Inc., has filed suit against Yahoo to learn the identity of a poster who accused him and other top officials at the Nashville-based payment processing firm (Nasdaq: IPMT) of committing crimes and fraud.
In an Aug. 11 posting, the user "michaelbutts9200" also accused Grimstaud of exposing and ridiculing the poster's health issues, cutting that person's salary and denying money needed to obtain adequate health care.
In his Davidson County Circuit Court case, Grimstaud denies committing crimes or fraud or breaching the employer-employee relationship of any current or former employee.
The poster's comments came shortly after a U.S. Bankruptcy Court trustee filed a $151 million lawsuit against iPayment, its executives and others, accusing them of fraud in connection with a 2000 acquisition.
Responding to that lawsuit, iPayment said it believes the complaint and the underlying allegations are "without merit" and said it intends to "vigorously defend against them."
iPayment's legal action comes 10 months after Dollar General Corp. filed a similar suit against an anonymous poster, accusing the person of disclosing sensitive financial information. Goodlettsville-based Dollar General dropped the suit in July.
Although the Grimstaud lawsuit initially drove down iPayment's stock price, the company's shares have since rebounded to north of $40. iPayment went public in May 2003 at $16 per share.
Calling the comments from "michaelbutts9200" knowingly false and defaming, Grimstaud filed suit against Yahoo to learn the poster's name. If a trial court grants authorization for discovery, that ruling will be presented to California Superior Court for the County of Santa Clara, which would then issue a subpoena.
Once a subpoena is issued, Yahoo would e-mail those named in the subpoena saying they must file an objection with the court or Yahoo would comply with the subpoena, an official within Yahoo wrote the plaintiff. Grimstaud could then take action against the poster.
Others accused in the posting of improper actions include Chairman and CEO Greg Daily and Executive Vice President Robert Torino, but they haven't filed suit.
Grimstaud is represented in this case by Aubrey Harwell III of Neal & Harwell in Nashville and White & Case in New York.
The "michaelbutts9200" user name hasn't appeared on iPayment's Yahoo message board since Aug. 11. The user's profile is not up on Yahoo and couldn't be found to contact.
rmoore@bizjournals.com n 615-248-2222 ext. 117
© 2004 American City Business Journals Inc.
nashville.bizjournals.com
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Re: iPayment sued on behalf of predecess
by: michaelbutts9200
Long-Term Sentiment: Strong Sell 08/10/04 09:15 pm
Msg: 542 of 637
The current FRAUD lawsuit is just the tip of the iceberg and a lot more is coming. Carl Grimstad thought that the information about the multiple frauds committed by Daily, Grimstad, Torino & Shubert that Michael Butts, the former President of creditcards.com has, went to the grave when he died an untimely death.
The information that Michael had is alive, contrary to what the FRAUDSTERS think.
There are MANY other lawsuits that will be coming forward, just like the Bankruptcy case, a day or two before the statue of limitations expire.
Stand by for more from the grave.
finance.messages.yahoo.com
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iPayments & Greg Daily in Porn Business
by: michaelbutts9200 08/10/04 09:58 pm
Msg: 543 of 637
Anyone who questions if Greg Daily and iPayments made much of their money processing for porn operators need only contact any of the former employees of creditcards.com. Daily KNEW that the company processed for adult merchants ALL along.
All investors should question the company about the porn merchants that process through them today.
finance.messages.yahoo.com
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Re: $4,700,000 Merchant Loss???????
by: michaelbutts9200 08/10/04 10:03 pm
Msg: 544 of 637
It's EASY to loose this much on ADULT merchants due to chargebacks and fines.
How much of the loss was fines due to Visa and Mastercard?
Posted as a reply to: Msg 352 by dizzyinla
finance.messages.yahoo.com
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iPayments Employees Should Ban Together
by: michaelbutts9200 08/10/04 10:14 pm
Msg: 545 of 637
The MO described in the posting from justreality1900 is EXACTLY what Greg Daily did when he bought creditcards.com. All employees should contact former creditcards.com employees to understand how these people operate.
Investors should look at the PMT - NOVA merger in the late 90's. It took less than a year for that deal to sour and investors lost over one billion.
Ask anyone who trusted Greg Daily before if they trust him now. See what answers you get.
Posted as a reply to: Msg 135 by justreality1900
finance.messages.yahoo.com
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Re: iPayment sued on behalf of predecessor's creditors
by: michaelbutts9200 08/11/04 08:06 am
Msg: 548 of 637
Crimes and frauds of the magnitude committed by Greg Daily, Carl Grimstad, Bob Torino and Rich Schubert will not let the dead sleep in peace until they have been exposed.
Carl Grimstad breached the confidential employer-employee relationship by exposing and ridicculing my health issues. He made my last days on earth a living hell. He cut my salary by over half and denied me the money I needed to obtain adequate heathcare.
Surely, some of the money that Greg Daily and his wife have contributed to the Nashville Symphony is the blood money they stole from me.
See the way they spend their stolen treasure at nashvillesymphony.org/symphony_center/ news_groundbreaking.html
More to follow as one can not silence the already dead.
I am gone, but won't be.....forgotten
Posted as a reply to: Msg 547 by goldfarbd
finance.messages.yahoo.com
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Re: New Press Release on Fraud Suit
by: michaelbutts9200 08/11/04 05:54 pm
Msg: 555 of 637
The press release says......
"It's very interesting to see the response from former associates of Mr. Daily and Mr. Grimstad on the internet chat room message boards what kind of debris they have left in their wake."
They also have left some dead bodies and many broken souls.
Grimstad is heartless and Torino is his "boy" who does whatever he is told, regardless of the legality or morality involved.
Torino, a pure bred homophobe, can do little more than sleep with female employees while hiding the fact that his son "came out" and is a proud gay man.
The day he heard the news, he was ready to jump out the sixth floor window at 9200 Sunset.
Remember you sockless wonders, what goes around, comes around.
Posted as a reply to: Msg 550 by goldfarbd
finance.messages.yahoo.com
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HOW IS THIS TURD STILL FLOATING?
by: kiss_my_red_white_n_blue_ass (777/USA)
Long-Term Sentiment: Strong Sell 09/16/04 07:45 pm
Msg: 591 of 637
HIYA BIG_STOCK_PIMPLE, YOU DUMB FUCK.
Here's a great clue this thing is a hunka crap. I tried getting help from these boobs and guess what? No one could answer a simple fuckin' question or give me any help, and I am an ISO!
I tried on multiple occassions to get help, get questions answered and have calls returned... these pood sumbitches coldn't find their ass with both hands.
And to top it off... i see that dumbshit big_stock_pimple is on this board rah rahing this hunka junk. Now with a major iceberg ahead in the lawsuit, I see this Titanic going where it belongs...... to hell.
I can't believe this badly run company is even still alive..... diluted shares after lawsuit is lost: $0.08.
SHORT TIME
hey pumple you gonna stay around or go down on me again like I made ya do the last time on CE..moron
finance.messages.yahoo.com
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iPayment losing Yahoo Store customers
by: autographsforsaledotcom (37/M/San Diego) 09/28/04 03:49 am
Msg: 598 of 637
I am about to permanently dump iPayment and 1st National Processing because
of poor customer service regarding chargebacks and risk management.
They are holding $1367 of my batch funds with no interest for 2 months and
they did so without bothering to inform me. When I inquired I found their
reasons were bogus and faulty and they still have not bothered to apologize.
I also have lost $600 because of 1st National's inability to deal with a
bogus chargeback which the customer told his bank he was no longer
contesting. Therefore as far as I'm concerned iPayment and 1st National has
stolen $2000 from me.
I consulted Yahoo! Store message boards and the owners there are getting increasinly unhappy with iPayment's lack of customer service and are happily switching over to eMerchantGroup's processing, as am I.
finance.messages.yahoo.com
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bingodrinker & stockpimple... you pair
by: kiss_my_red_white_n_blue_ass (777/USA)
Long-Term Sentiment: Strong Sell 09/28/04 02:11 pm
Msg: 599 of 637
of dumbasses. Read this & I hope you actually dont lose everything you own in this turd & FDC.
You are an even bigger idiot than I thought...
here's some math & real #s. Remember the last time I did this? EFS was $50 a share & you were rah rahing that turd all the way to 18... THEN had the balls to finally admit you were clueless at $14 ON EFS. read this close dickhead, it is NUMBERS:
TRANSACITON SOLUTIONS , PER YOUR POST:
"portfolio of approximately 4,000 small merchants and annual charge volume of approximately $500 million. "
M A T H... 4, 000 merchants at 500M a year is about $480,000 PER MONTH DIPSHIT... IT GETS WORSE IF YOU KNOW THIS BUSINESS AT ALL DILDOHEAD.
480,000 PER MONTH for 4,000 merchants is $120 PER MONTH PER MERCHANT. There is NO way in HELL this anything BUT BAD NEWS FOR iPaymentsrshit. EVEN IF IT WAS $1200 a month per merchant this would still be BAD business. Hell FDC jetisons you as a merchat application if you don't do $5,000 a month.... WHY? OVERHEAD LOSS & RISK
HERE ARE THE SPECIFIC REASONS YOU & THIS SUCK MY WEENEY:
1- THESE R NOT CHARGE REVENUES ANYONE WOULD BUY UNLESS THEY WERE YOU.
2- THESE MUST BE BOGUS ACCOUNTS BECAUSE NO ONE WRITES OR TAKES ON BUSINESS THAT LITTLE. THIS IS MICROSCOPIC.
3- NO 1 could even cover the overhead required & risk required to take on that many merchants with that little microscopic amount of business per merchant per meonth.
7- 2 THINGS THAT OUGHT TO WORRY THE CRAP OUT OF YOU IN THE ARTICLE YOU POST. 1st, see that word "SMALL MERCHANTS"... nuf said. 2nd, No where does this thing say the $500M is Visa & Mastercard ONLY. Hell this may be Fuelman, WEX, VOY, PPB, A/E & DISC combined with the V & M/C. Now do NOT show your total ignorance & ask what those are. I will assume you now shall go ask someone & come back here & post what a genius you are.
Once again you have proven me right... idiots & cheerleaders are born every minute & repeat past behaviors.
Now couple this rah rah piece by pimple with the FACT their Support people cant find their ass with both hands. I have tested them! And the HUGE A$$ LAW$SUIT that will kill them, and you have Casey Jones driving this pos.
$0.03 a share, bwahahahahahahaha
SHORT TIME EVERY GREEN DAY.
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