Poker.com Cashout - No Worries

DAE · #1 12-11-2002, 08:25 PM

I cashed out today after reading the warning posts. Funds were deposited in my neteller account WITHIN 2 HOURS. My fears were probably unsubstantiated and I wish I had left some funds with the site.

A little perspective on Lorinda's findings:

1) In the last year, their stock price fell %50 from .32 to .16 (not .009), but many publically-traded companies experienced similar (and worse) drops this year.

2)Problems with the licensing side of their business does not mean that their cardroom operation is insolvent.

3)I see the forced resignation of their CEO as a positive sign. It means that the Directors recognized a problem and are taking measures to fix it. They could have copied Worldcom and Enron, ignoring problems until the inevitable trainwreck.

4) The reason I originally made a deposit with them is because they are (to my knowledge) the only internet poker room listed on a public stock exchange. Being listed on NASDAQ requires that a company meet certain financial standards and that they periodically publish financial reports - this carries a lot more credibility than Paradise which doesn't even publish an address or phone number.

lorinda · #2 12-11-2002, 08:41 PM

I just went back to the yahoo site to check the range.52-wk

Range
0.016 - 0.32

http://finance.yahoo.com/q?s=PKER.OB&d=t

Now I _Know_ I don't understand markets, but this seems to mean that the range is from 1.6c to 32c and the 0.016 is today's quote.

Could you please show me what I am doing wrong (If I am) so that I don't make this mistake again, thanks!

Lori

DAE · #3 12-11-2002, 08:54 PM

You are right Lorinda (1.6c to 32c) I misread the stock prices range.

Tommy R · #4 12-11-2002, 09:00 PM

The site traffic does not seem to be effected as much as one would think. Since the hijacking there has only been slight decrease in player traffic. This is a very good sign.

Insp. Clue!So? · #5 12-11-2002, 09:21 PM

Made a withdrawal request yesterday, as of yet no confirmation they are processing it.

DAE · #6 12-11-2002, 11:07 PM

I requested the cashout not from Poker.com's site, but from the Neteller side - per Poker.com's instructions on their help page.

Insp. Clue!So? · #7 12-12-2002, 03:52 PM

I got a message from them saying that they were processing a check, and that they had contacted me before. It's possible since I get tons of email and might've missed one, but I doubt it. Anyway you are right about using Neteller; I forgot and now it seems I have to wait for an inbound check. Not their fault, but this should be clearer on the cashout page and not hidden on the website (or sites [img]/forums/images/icons/wink.gif[/img].

tablerunr · #8 12-12-2002, 05:37 PM

OTC BB:PKER.OB

That means their stock is only traded "Over the counter"
or pink slipped. It is a sure sign the stock is not only very weak but delisted from actually being traded on the open automated market. This type of stock is commonly referred to as "Penny Stock". Very high risk.

mbpoker · #9 12-12-2002, 06:27 PM

>4) The reason I originally made a deposit with them is because they are (to my knowledge) the only internet poker room listed on a public stock exchange

As I recall there was a post that stated that poker.com listed on the stock exchange market and the company that owns the poker room are not the same. If this is one of the important reasons for you to play there you better check with them.

Ted Geisel · #10 12-13-2002, 02:16 AM

Poker.com's SEC 10Q, dated 11/14/02 tells us that, contrary to your belief, Poker.com, Inc., is NOT a publicly traded poker room. It is a software licensing company, which gets its software from a third party, who has caused it problems, and licenses its software to at least one operator who apparently has had its own problems.

1. Poker.com, Inc. reported "unexpected difficulties with the companies third-party casino software provider" which "may impact the collections of current casino licenses and thus, an allowance for doubtful accounts of $250(000) were accrued for." In other words, they expect to be stiffed on $250K because of some failure by their software supplier, which they describe later "software problems" which "will" affect their collections.

2. Poker.com, Inc. was due money from Antico Holdings, a poker sublicensee, but had to renegotiate payment.... (Anyone know which room is currently run by Antico Holdings ?)

3. Antico Holdings, the site operator, has assigned to Poker.com, Inc. the 15% credit card hold back it is charged for credit purchases by Players. In other words, did Antico Holdings, whoever that is, assign player money to Poker.com to secure payment for software license fees ?

Lorinda, can you dig into this one ?