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#1
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UB Software Provider Out - The Merry-go-round continues
[ QUOTE ]
Excapsa to Sell Assets, Scrap Listing on U.S. Gaming Crackdown By Keith Campbell Oct. 12 (Bloomberg) -- Excapsa Software Inc., whose products run gambling Web sites, said it will sell its operating assets, becoming the latest company to withdraw from U.S. online gaming after Congress cracked down on the industry. [/ QUOTE ] Make no mistake about this or any other public company "ceasing to do business" in the United States. What is happening is the founders of these companies are re-purchasing the entities that they took public at inflated prices. In this case, Russ Hamilton, Phil H, et all. The same thing happened with Leisure and Gaming (the VIP Group) and is potentially happening with Sportingbet and WWTS. The people getting absolutely brutalized here are the shareholders. It is very sad because the truth of the matter is that all these enterprises were already illegal. Why in the fcsck do they think they were operating in third world countries to begin with? lol. Very sad fleecing being delivered to shareholders and the people that made the founders of these companies rich. The founders are going to keep getting rich and the shareholders get brutalized. Link to Bloomberg article The only good thing to come of this is we can humor ourselves at the names of the entities re-buying what they already sold at deflated prices. In this case, it is "Blast Off Ltd. of Malta.". Not sure if this is a quickie they rushed through to get incorporated or what. |
#3
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Re: UB Software Provider Out - The Merry-go-round continues
Well I missed that thread but the larger point I am trying to make is that what we are seeing is a systematic robbing of the shareholders of these places.
Their businesses were already illegal. Quite frankly, this is the best thing to ever happen for most of these founders. They sold their companies at IPOs at ridiculous multiples and now get them back for pennies on the dollar. The companies keep on making the big money. This stuff was already illegal and to see the shenanigans happen now is almost too much to behold. Truly one of the greatest heists in the history of our time. |
#4
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Re: UB Software Provider Out - The Merry-go-round continues
I fail to see anything unethical in what UB has done.
Unless their investors were as thick as bricks and are congenital open mouth breathers, they must have known that this was a high risk investment, i.e. they could make a huge bundle or lose almost their entire initial investment. They HAD to have known the risks assuming they had more than two neurons to rub together. UB merely did what UB had to do to stay in business. |
#5
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Re: UB Software Provider Out - The Merry-go-round continues
I hope the exchange these companies are listed on does a full investigation and arrest these SOB's.
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#6
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Re: UB Software Provider Out - The Merry-go-round continues
I agree.
I mean where was the shareholders meetings held to decide to sell the software side of UB back to Russ H? Where are the declarations from the AIM that these businesses cease trading if they don't get out of the US market? Where are the declarations from the UK that these companies are breaking the law? Of course they were all breaking the law. Sports betting has been illegal since 1961 and most of these poker sites are breaking a ton of state gambling laws by operating in each state. Of course there has never been a single state CRIMINAL prosecution of a gambling site so they can operate with impunity. The whole thing is a scam and a very profitable one at that. |
#7
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Re: UB Software Provider Out - The Merry-go-round continues
So basically you created this thread to say "investing in online poker concerns is rigged" didn't you?
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#8
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Re: UB Software Provider Out - The Merry-go-round continues
[ QUOTE ]
So basically you created this thread to say "investing in online poker concerns is rigged" didn't you? [/ QUOTE ] Nope. Didn't see the other thread. Quit being a nit and behold the awesomeness of the theft that is taking place here. They took a company public for several hundred million dollars. Annie Duke and Phil H made 30 million each. Antonio Made 1 million for his 1/4 of 1 percent. They are buying it back for 10 million. Get it? |
#9
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Re: UB Software Provider Out - The Merry-go-round continues
Good for them and bad for the suckers who invested.
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#10
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Re: UB Software Provider Out - The Merry-go-round continues
[ QUOTE ]
Annie Duke and Phil H made 30 million each. [/ QUOTE ] Looks like there's going to be another $30 million in the poker economy soon. |
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