Looking for Backers: Update

[Greg (FossilMan)]

If you don't know what this is about, read my post below entitled "Looking for Backers".

It's less than 48 hours since the initial posts here and on rgp, and we're up to over $15,000 in interested backers (which does not include the $10,000 I'm contributing to the pool). Thank you for the strong interest. As soon as we get together about $15,000 more, it's time to start.

Remember, if you're intersted in participating, just email me at raymers@worldnet.att.net and tell me how many $500 units you wish to invest.

Thanks, Greg Raymer (FossilMan)

Fossil:
Glad to hear you have been doing so well!!! I wish you the best!!!
-Peter
PS: Backers be forwarned my AA will hold up against Q9 this time!!!

Hi Greg:

For the people that only know you from your excellent posts in here or RPG, can you give us a summary of your poker "resume"

How long you've been playing, tournement history, number of times you lost your bankroll, who are the people that know well and have done poker business with you or any other information that you feel is appropriate to mention for people that just know you through this forum.

thank you

JAque

[Greg (FossilMan)]

Since you've asked a serious question politely, of course I will. However, remember that I only really figured to get backing from those who already know me. I honestly believe that backing a stranger is not a "wise" choice. And you and I are strangers in the sense that matters, i.e., you don't know that you can trust me.

I have been playing casino poker for about 7 years. Before that I played for a couple of years in the charity games in Illinois. I have won a net profit every year for over 7 years. In some of those years I made a profit in tourneys but not side games, in others it was side games but not tourneys, and most often it was in both.

I have won or placed in the top few spots in at least 100 small daily tournaments over the years. I have won about 20 times in the Foxwoods Tuesday night NL HE tourney alone, out of about 150 attempts. The field size for this event has varied from about 30-40 four years ago to about 100 for the last year or so. If I were an average player in that field, I should have won about 3 times during that period, so I'm doing well above average.

I have won 2 major tourneys at Foxwoods, and made the final table about 6 times. This is out of about 45 attempts against fields as small as 35 up to 500, averaging probably about 150. So, I am well above average in those attempts as well.

I have never lost my bankroll. Until about 4-5 years ago, I had no defined bankroll. I kept track of all my results, and made a small profit, but since I was only playing 3-6 and such back then, I comingled my poker and job assets in the same checking account. Since making the deal with my wife to maintain a separate poker bankroll, I have not gone broke. This bankroll started at $1000, and is presently about $15000, and I've spent an estimated $50,000 that would otherwise be in there.

And you don't need to tell me I shouldn't have spent so much. I know that, but made mistakes in attempting to keep my wife happy.

Thanks for your interest.

Later, Greg Raymer (FossilMan)

You are selling "units" to the general public at $500 each, the buyers of which apparently expect a return on their investment from the efforts of others (i.e. you).

Sounds like a sale of an unregistered security to me. Mind if someone runs this past the SEC for review ?

It's just amazing what a breeding ground for smart asses the internet is.

Oh, I forgot, Jim. there is no such thing as securities laws or fraud, and the internet is on a higher plane than ordinary commerce.

[Greg (FossilMan)]

Being an attorney who specializes in patent law, I know nothing about securities law. So, if I am breaking any SEC regulations or the like, it is certainly through ignorance rather than malevolence.

Would they really care about something this small that involves no fraudulent activity anyway? If you're correct about the legalities, I suspect I would get a phone call or a letter telling me to stop, rather than an arrest.

Thanks for the warning.

Later, Greg Raymer (FossilMan)

[JohnnyF]

In the past, perhaps the SEC sent a simple "cease and desist" letter. However, due to the recent enhanced public scrutiny of the SEC (because of Enron and WorldCom), you will likely simply be shot dead.

Best of luck -

Hi Guys,

Interesting talk on backers, yet I'm surprised no one has bought up the issue of expenses!?
Do you plan to use your new found Poker bankroll to cover the usual Poker expenses such as Hotels, meals, travel, strip-bars etc ??
If so I think taking 35% of the top is too much but if the _only_ use is for Poker I think it is a reasonable offer.

-JG

[roGER]

He's a poker player, looking for backing.

- roGER

PS: I'll bet you're the kind of player who always calls out "STRING RAISE!" when a newbie makes a totally innocent mistake...

[Greg (FossilMan)]

Expenses will come out of the bankroll.

However, the only expenses I foresee are travel (gasoline for a Honda Civic, not mileage) and hotel for the USPC at the Taj in December. I won't be charging for gas to and from Foxwoods (6 miles, not worth tracking), nor food at the casinos. Since I'll be tipping the cocktail waitress out of my stack as usual, I guess that will be an expense as well (damn, there goes $1-2/session right down the hatch, eh?). ;-)

Later, Greg Raymer (FossilMan)

You tip out of your stack during tournaments ?

[GrannyMae]

damn, there goes $1-2/session right down the hatch

i hope that means you have 1-2 beverages a night, and are not just a cheap f*** when it comes to tipping

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[Greg (FossilMan)]

I can't win here.

If I say I'm cheap, some people will look down on that.

If I say I'm generous, my backers will complain that I'm tipping away too much of their money.

I typically tip $1 per order, and get 2 drinks at a time, once or twice per session. Two diets with lime, easy ice!

Later, Greg Raymer (FossilMan)

[MS Sunshine]

"Sounds like a sale of an unregistered security to me. Mind if someone runs this past the SEC for review ? "

Why don't you run over there and do it. And while you are on the way to do that could you check everyone for a hall pass too, that you meet.

MS Sunshine

Gee, MS Sunshine, I'd have thought someone from MS, the home of Worldcom-MCI, might be more sensitive to potential securities fraud than that.

You must be kidding! You make a good living as an attorney, and you're looking for backers? Let all of us minimum wage earners and railbirds come to the rescue of this poor attorney! A piece of advice- try $1- $5 stud.