Re: SEC probes Doyle
 

4 months ago:

NEWS: WPTE posts loss for 2Q, getting hammered

Re: SEC probes Doyle
 

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SEC probes brunson's bid for WPT

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Is Doyle really worth this much money? Where did he get it all from? I just can't see poker + all his sponsorship deals possibly being enough to make him a billionaire.

Re: SEC probes Doyle
 

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SEC probes brunson's bid for WPT

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Is Doyle really worth this much money? Where did he get it all from? I just can't see poker + all his sponsorship deals possibly being enough to make him a billionaire.

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No, he claimed to have a group of investors. Doyle is not rich enough to pull this off by himself.

TT [img]/images/graemlins/club.gif[/img]

Re: SEC probes Doyle
 

The worlds of poker and finance are full of opportunistic scumbags (think Dutch Boyd). Where does Brunson come down on this sliding scale? I guarantee you he will not get sainthood for his part in it.

Re: SEC probes Doyle
 

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The worlds of poker and finance are full of opportunistic scumbags (think Dutch Boyd). Where does Brunson come down on this sliding scale? I guarantee you he will not get sainthood for his part in it.

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do you know the facts? nobody does, so STFU until you have a basis for your opinion.

mentioning boyd and doyle in same post shows you are simply a provocateur.

fool

Re: SEC probes Doyle
 

"a basis for your opinion."

I've gone round with Brunson and my limited experience is that he's no virgin. That's a bit too charitable. I thought he was duplicitous and disingenuous, 2/3rds of the way to being a scumbag.

Perhaps your experience is more favorable. You could throw his bail then.

Re: SEC probes Doyle
 

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do you know the facts? nobody does, so STFU until you have a basis for your opinion.

mentioning boyd and doyle in same post shows you are simply a provocateur.

fool

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If Doyle is guilty - and let's face it, from the outside the main factor in his defense right now is that nobody could be dumb enough to do something this obvious in public - the difference between him and Dutch is that Dutch didn't pay back/may or may not have intended to steal money from his players, while Doyle outright stole millions from WPT stockholders.

I don't know which one is worse, but that's not exactly on a different level, except maybe scale.

Re: SEC probes Doyle
 

"If Doyle is guilty ..."

The big issue is not guilt, since that is currently indeterminate. The thing that catches my eye is the huge sum of money transfered between stockholders. This transfer has at it's root (in?)action by Brunson.

I can't wait to see how it plays out.

Re: SEC probes Doyle
 

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Guilty of what?

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Guilty of submitting a fake bid to buy WPTE for over double its (at the time) current value in an effort to drive the price of the stock up so that he, or people he was affiliated with could profit from the spike on the news, and then sell before the collapse.

For those who weren't following the stock the following happened:
A bid for wpte by Doyle and a group of backers he represented was submitted to wpte and reported by a NY based newspaper. The bid was 700 million. The stock was floating around 19 to 20 at the time. If the bid was accepted the stock would be valued at approx. 36 a share. WPTE was asked about the bid and they confirmed the bid and halted selling for a few hours to investigate it. They came back and said it was a 'skeleton offer' (ie, short on specifics other than price) but that it looked valid. They reopened trading and the stock shot to 29 before the market closed. Huge volume that day as people were looking to get in under the 36 that it was expected to go to. Then the fishy stuff happened. WPTE said they needed to contact Doyle for more specifics. They tried to contact him, but he was playing in the WSOP and 'would not be available' until after the tournament which coincidently happened to be AFTER the offer would expire. WPTE contacted the law firm that represented Doyle in the offer. They were told that the law firm, after consideration, had removed itself from representing Doyle in the offer and had no further comment. WPTE felt they couldn't accept the offer without more specifics, I would guess regarding what current managements place in the new company makeup would be, and the stock tanked from 29 to 6. Investors lost millions if not billions on this fake bid.

Shareholders wanted an investigation. I really didn't think it would happen. Speculation on many forums for the stock is that Doyle owed some people money/favors and that he did it for them. The question will be how well they hid the money trail. I don't think he is nieve enough, nor his son for either of them to have been holding stock as that would be too obvious. If the SEC is able to connect a large sale of stock to people he knows then he will be in a lot of trouble and he will probably do time.

Many shareholders want to see him do hard time with a cellmate named 'bubba'. The people who lost money do not look at this fake bid as anything but criminal.

It will be interesting to see what happens.

Re: SEC probes Doyle
 

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Guilty of submitting a fake bid to buy WPTE for over double its (at the time) current value in an effort to drive the price of the stock up so that he, or people he was affiliated with could profit from the spike on the news, and then sell before the collapse.

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judge, jury and executioner??

do you not agree that the bid was so high that it is UNlikely to have been bogus considering the obvious flag it would raise?

do you understand that if beale was part of the group, getting $700mil would have been no problem?

wpte will value at that level within a year or two.