What if Party Closed??? Scary thought...

[OJSimpson]

Ok, so this is obviously very worst case scenario thinking, but certainly not beyong the world of possibility. I got to thinking about MS Sunshine and the 56k he never recieved, and all those who lost money from Pokerspot, as well as people who have not receieved cashouts from other smaller sites.

What would happen if Party decided to close shop. Now they claim over 50,000 people registered, maybe more. How much money are they currently holding on that site. I know me personally, they have 5k at all times, and I cash weekly everything over that if I have a winning week. And I know for a fact people have a lot more than that. However, not everyone plays big stakes or win, so lets assume the average of all Party accounts is $500. Thats $25 million bucks they have control of and are getting interest on. Now I know they are making tons of money there, but if someone decided they wanted to take an early retirement they would have $25 million to do it with. Or, what if they just went under. Talk about making the Pokerspot fiasco look like stealing pennies. That would be some crazy stuff.

And the best part, there is nothing anyone could do about it...at least not us Americans. Lets hope Dutch Boyd isnt on the Party board of Directors.

Ahh, the dangers of online poker. Oh well, I'll just keep playing and hope for the best.

[OJSimpson]

Who would lose more than MS Sunshine's $56k if Party closed their doors today??? I know someone out there would...

[daryn]

hmm, if i had a money machine that was cranking out millions a week in rake, why would i close up shop for a measly $25 Million?

[Senor Choppy]

I'd lose almost my entire net worth. But the loss of future income would be what I would jumped off a bridge over.

[Sarge85]

Money Management + Risk Management = Longer Life

Sarge/images/graemlins/diamond.gif

[OJSimpson]

could be many reasons, but of course you wouldnt do it if you were cranking out millions a week and expected to do so forever. However, it would really only take some unfavorable legislation or just negative business environmental changes to prompt something so drastic. $25 million, and probably a lot more than that, is still a nice incentive to do anything.

Keep in mind, it doesnt have to be a voluntary closing to cause people to lose money.

[Ulysses]

$25M is not very much at all for a business that made in the neighborhood of $500M last year and will make more than that this year.

[Senor Choppy]

Longer Life != Better Life

[Fred Duke]

I read the thread and heard things like 'Board of Directors' as if Party Poker is some legit corporation (like Enron or Adelphia!). Those of you with big bankrolls on deposit would not sleep at night if the true nature of most online poker room management were disclosed. These folks are from the margins of society in many cases. They are more likely to have gangsters and drug dealers for associates than dot com money men.

Here's a sound approach. Consider your online bankroll as a sunk cost. Look at the income stream it produces and balance the two. If the income stream is long and deep enough then you don't need to recoup your bankroll.

FYI my Party bankroll is kept tiny. I consider it to be in serious jeopardy.

[Ulysses]

[ QUOTE ]
I read the thread and heard things like 'Board of Directors' as if Party Poker is some legit corporation (like Enron or Adelphia!). Those of you with big bankrolls on deposit would not sleep at night if the true nature of most online poker room management were disclosed. These folks are from the margins of society in many cases. They are more likely to have gangsters and drug dealers for associates than dot com money men.

[/ QUOTE ]

What the F are you talking about? I know exactly who is behind Party Poker. Do you?

[benfranklin]

[ QUOTE ]
I read the thread and heard things like 'Board of Directors' as if Party Poker is some legit corporation (like Enron or Adelphia!).

[/ QUOTE ]

Yeah, I'd feel real secure if I thought Party had management like Enron. /images/graemlins/shocked.gif

[ QUOTE ]
Those of you with big bankrolls on deposit would not sleep at night if the true nature of most online poker room management were disclosed. These folks are from the margins of society in many cases. They are more likely to have gangsters and drug dealers for associates than dot com money men.


[/ QUOTE ]

You of course have some facts to back up that assertion that you can share with the rest of the class, right? Inquiring minds want to know. /images/graemlins/confused.gif ("Everyone knows." does not qualify as a fact.)

[Slacker13]

[ QUOTE ]
I consider it to be in serious jeopardy.

[/ QUOTE ]
What do you mean by that? Please explain, i'm curious.

[pretender2k]

Not very likely either but how much do you all keep there and how would you get money to the sites if you needed it and Neteller were gone? Does anyone keep money on places like Coin Central or the like just in case? Really this situation would more likely be in a temporary type like on of the sites getting hacked and taking a few days or a week to clean up the mess and get it secure again.

[Hiding]

I'd hunt down and take it all out on Shanuna Hiatt, naked even.........