PokerStars expected to pull out as well

[fnord_too]

[ QUOTE ]
Nate,

"I'm not sure that PartyPoker and 888 did themselves justice my making a decision in essentially 24 hours."

It's silly to think that PartyPoker, a multibillion dollar public corporation, just made a hasty off-the-cuff decision here. I would wager a large amount that they have had a number of top-caliber lawyers and strategists working out the relative merits of various scenarios that might take place and the actions Party could take. It is very likely that they acted this fast simply because they had already worked out exactly what they felt was their best move in this specific scenario.

[/ QUOTE ]

El D,

My only question is if they spent all the time and resources to develop contigency plans, meaning they obviously considered the legislation a real risk, why did they not lobby against the legislation? Also, I was under the oppinion that the exact language was not public for long enough to thouroughly analyze it before their decision. I am not saying they did not think things through, I am reasonably sure they did, but I am still left scratching my head. Oh, and bigger businessess have made hasty, ill conceived decisions (e.g. AOL/Time Warner from the TW side), so it could just be a knee jerk reaction.

About the best thought I have read on any of this was KKF's "Why didn't I hedge and short party?" The posts about the possibility of the legislation have been up for at least weeks. (Actaully I am not sure if US citizens can deal in party stock legally, so maybe it wasn't such a great thought).

[Gary Stevenson]

i think lee made an official statement somewhere in the thread...though it didn't say much

[CanIPlayII]

They lost 60% of their stock market value. I do not beleive, and have read in the London Times, that they thought this would get thru. This hit them like a freight train. Maybe legal was planning for it but someone dropped the ball, big time.
See Iraq war for an example.

[Canard]

[ QUOTE ]
See Iraq war for an example.

[/ QUOTE ]

That was Party Poker too? Who knew?!

[HSB]

[ QUOTE ]
[ QUOTE ]
See Iraq war for an example.

[/ QUOTE ]

That was Party Poker too? Who knew?!

[/ QUOTE ]

Yeah, if PokerStars had done the war, we'd be done now.

[JoseGonzlez]

yeah well if Party Poker planned the war Saddamm would still be in power

[Kneel B4 Zod]

[ QUOTE ]
[ QUOTE ]
Nate,

"I'm not sure that PartyPoker and 888 did themselves justice my making a decision in essentially 24 hours."

It's silly to think that PartyPoker, a multibillion dollar public corporation, just made a hasty off-the-cuff decision here. I would wager a large amount that they have had a number of top-caliber lawyers and strategists working out the relative merits of various scenarios that might take place and the actions Party could take. It is very likely that they acted this fast simply because they had already worked out exactly what they felt was their best move in this specific scenario.

[/ QUOTE ]

El D,

My only question is if they spent all the time and resources to develop contigency plans, meaning they obviously considered the legislation a real risk, why did they not lobby against the legislation? Also, I was under the oppinion that the exact language was not public for long enough to thouroughly analyze it before their decision. I am not saying they did not think things through, I am reasonably sure they did, but I am still left scratching my head. Oh, and bigger businessess have made hasty, ill conceived decisions (e.g. AOL/Time Warner from the TW side), so it could just be a knee jerk reaction.

About the best thought I have read on any of this was KKF's "Why didn't I hedge and short party?" The posts about the possibility of the legislation have been up for at least weeks. (Actaully I am not sure if US citizens can deal in party stock legally, so maybe it wasn't such a great thought).

[/ QUOTE ]

foreign entities on sktchy legal ground don't really have a lot of lobbying influence. the PPA may have (partially) been their attempt at lobbying.

[El Diablo]

fnord,

"why did they not lobby against the legislation?"

What makes you sure they haven't lobbied against it?

As for trading in the stock, it is most definitely very possible and completely legal to do so in the US. I know a number of people who made a ton shorting Party.

[HSB]

[ QUOTE ]
yeah well if Party Poker planned the war Saddamm would still be in power

[/ QUOTE ]

And if Poo Mountain had planned the war, we'd have invaded Wisconsin.

[jrz1972]

If Poker Mountain had planned the war, we would have told Saddam we were sending a million troops to drive him from power, but then actually sent two 13 year-old boys to t.p. his lawn.