Pacific Webworks Goes Quietly

Pacific Webworks Sold

Oh how the mighty have fallen.

Pacific WebWorks Sale Approved

The U.S. Bankruptcy Court approved Pacific WebWorks motion authorizing the sale of Debtor’s intellipay subsidiary free and clear of liens, claims, encumbrances and interests.

The order states, “The Debtor conducted an auction consistent with the procedures described in the Motion on April 20, 2016 at 10:00 a.m. (the Auction). The highest and best bid submitted at the Auction was by Convenient Payments, in the amount of $140,000. The second highest and best bid submitted at the Auction was by Otterstrom in the amount of $130,000.”

Look what happens when fraudulent business practices are used and sound advice ignored.

http://finance.yahoo.com/q?s=PWEB

PWW Share Price Feb 2016
PWW Share Price Feb 2016

Look at what once was…

PWW 5yr share history
PWW 5yr share history

Back in September 2009, Pacific Webworks was proudly announcing $21.4 million in gross profits.  Shares were over 30 cents.
http://www.pcworld.com/article/184003/article.html

Now the business is sold, share price less than a cent.

Karmic Retribution Ignored?

But PWW were warned, not least in these pages.

Along with Jesse Willms they ignored the dire warnings about improper business practices.  Willms even threatened me with his lawyers to shut up.

In the end, they were both just too bad, too visibly illegal, too hurtfully immoral in their ways that even the glacially slow process of real justice finally caught up with them – PWW couldn’t take the hit from a Google lawsuit, Willms couldn’t take the hit from the Feds, though he still continues in business without his old fanfares of self-publicity and his websites are notable for their lack of detail what he actually does anymore.

One Reply to “Pacific Webworks Goes Quietly”

  1. The remaining Pacific Webworks business has now filed for bankruptcy!
    http://bankruptcompanynews.com/pacific-webworks-08-23-16/
    Quote:

    Pacific WebWorks filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Liquidation under Chapter 11 of the Bankruptcy Code. A related Disclosure Statement was not filed.

    Under the Plan, holders of class 1-priority claims will receive 100% of the principal amount of their claims, holders of class 2-general unsecured claims will receive in full satisfaction of their claims (i) 80% of the amount of their allowed general unsecured claims, in cash, on the initial distribution date; and (ii) subsequent distribution(s) of a pro rata share of the unsecured distribution amount, holders of class 3-equity interests are impaired under the Plan. In the event that the liquidating trustee can pay in full 100% of allowed general unsecured claims, then the liquidating trustee shall make a final, pro rata distribution of remaining funds on hand to holders of equity interests.

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