Poker Hedge Fund

[The Dingo]

I was approached a while back to raise funds for the dudes taking on Mr Beal in his Bellagio matches. My background is inv bank trading and running hedge fund/s.

Post UIGEA, basically mid July 2007, depending on the govt actions (or lack thereof) my partners and I were considering the following, note I have done a soft raise of US$10M approx and am sure that will be there if there is no event risk....

Anyway, here is what I want to do

1. Fund online and cash pros on a % win basis to play for a fund much in the way my traders trade for hedge funds and CTAs

2. This part may or may not be legal or even moral but set up a group of bots to play lower limit and lower no limit online poker on various sites (I may set this up in BVI for safety). I would welcome moralistic thoughts on this. Note my own hedge fund trades as a bot using tradestation software and via online futures brokers etc (automated)..

3. A small portion of the fund will be for live tournament pros and online tourny pros.....I actually prefer just taking a chunk and funding some real top low variance pros (any thoughts on this)..say $400k per year for 1 or 2 top liners to play.

What size capital could be put to risk in the various poker segments (would $100M be too much), ie how many say 1/2, 2/4, 3/6, 5/10, 10/20 limit, no limit, PLO etc games could we fill out.

Any and all f/b welcomed including thoughts if this is just batshit crazy (I have reviewed many online pros equity curves and they are amazing, truly remarkable so I think as a fund concept aiming for a low variance ror it looks good).

I am based in NY but have partners in "safe jurisdictions" so we are expert in structuring offshore entities and tax haven stuff etc...