[Asianj]

One way of looking at it is that a stock price of 40 for Party is implying

1. A realistic if not growth business model (for their non- US business) after withdrawl from the US. This is a very, very risky assumption.

PLUS (In Bold)

2. Option value that they can recover some or all of its existing position in the US once they clarrify the regulatory environment and their potential liability to operating in the US.

How can anyone who has played a lot on both Party and Stars think that the fish - after a long stint at Stars - will go back to Party? Stars is just a much better consumer experience and this will accelerate a trend/development that would have occured over time i.e Poker Stars eats away at Pary's market share.

My point is that there are a lot of risky assumptions still embedded in Party's current share price.

Please keep in mind that the gaming analysts covering these stocks are not going to make their careers saying sell after a stock falls 60%, but they can lose their careers saying sell and being wrong.

Anyone who holds the stock and waits for the sell-side's analysis will lose what value their stock holdings still have. Hedge funds should all be researching this left/right (if as a previous commentator noted it is still possible to short the stock) and be shorting this thing in size.

Please excuse my poor spelling and grammer.