UB Software Provider Out - The Merry-go-round continues

fleece_me · #1 10-12-2006, 05:34 PM

[ 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.

BluffTHIS! · #2 10-12-2006, 05:37 PM

You mean the same story as was related in this Excapsa thread on this same page below?

gonebroke · #3 10-12-2006, 05:38 PM

I hope the exchange these companies are listed on does a full investigation and arrest these SOB's.

fleece_me · #4 10-12-2006, 05:40 PM

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.

wpr101 · #5 10-12-2006, 05:41 PM

UB = Ultimate Bet right? So the company making their software is shutting down?

fleece_me · #6 10-12-2006, 05:44 PM

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.

BluffTHIS! · #7 10-12-2006, 05:46 PM

So basically you created this thread to say "investing in online poker concerns is rigged" didn't you?

fleece_me · #8 10-12-2006, 05:51 PM

[ QUOTE ]
UB = Ultimate Bet right? So the company making their software is shutting down?

[/ QUOTE ]

When UB "went public" only the software company was floated. The poker site itself was not. The software company only had UB and UB affiliates like Devilfish as customers anyway.

What is happening now is the software company (which has nothing to do with any gaming transaction) is being re-bought at an absurd price by the founder of the company.

Compare and contrast this to Cryptologic, potentially in the same boat as Exscapa only worse since they are traded on the NASDAQ. Crypto was up 2% or so today.

The whole thing is a scam. The gaming operators were already breaking the law and Exscapa was just the software arm of UB broken off to cash in while keeping the operations part of UB private.

repulse · #9 10-12-2006, 05:52 PM

I read the article and don't quite understand what it means. Can somebody knowledgeable explain what this means for the future of UltimateBet? Thanks.

BluffTHIS! · #10 10-12-2006, 05:54 PM

UB's software provider is dumping their gaming software business, so UB either has to start maintaining and upgrading their software themselves, or find new software.