Zero Rake CONFIRMED to be a Russ Boyd Holding !

[ZeeJustin]

[ QUOTE ]
I clearly should have said "no one has called him a criminal and had any evidence or even a good reason to do so."


[/ QUOTE ]

What aboug MSSunshine and all the other investors that lost everything because of him?

[RiverMel]

There was nothing criminal about that. When a site takes deposits, they are not guaranteed. When the site goes bankrupt, the depositors are last in line of all the creditors. There was no theft or anything else illegal about that situation.

[Piers]

[ QUOTE ]
There was nothing criminal about that. When a site takes deposits, they are not guaranteed. When the site goes bankrupt, the depositors are last in line of all the creditors. There was no theft or anything else illegal about that situation.

[/ QUOTE ]

The depositors are not investing in the company. Their money should be kept in a seperate account which is uneffective by the condition of the card room. The money does not belong to the card room.

[RiverMel]

"Should," in terms of smart business, maybe. "Should" in terms of good for the customer, definitely. But not "should" in terms of the law. It's not *illegal* to do it that way, unless you are promising that that's what you're doing.

[fnurt]

[ QUOTE ]
[ QUOTE ]
There was nothing criminal about that. When a site takes deposits, they are not guaranteed. When the site goes bankrupt, the depositors are last in line of all the creditors. There was no theft or anything else illegal about that situation.

[/ QUOTE ]

The depositors are not investing in the company. Their money should be kept in a seperate account which is uneffective by the condition of the card room. The money does not belong to the card room.

[/ QUOTE ]

Dutch's story was that 6 weeks' worth of credit card deposits were dishonored by a third-party vendor. In the meantime, Pokerspot had been processing cashouts with the expectation of those funds coming in. When the cash never materialized, the people who still had funds on deposit were left holding the bag.

I can't vouch for the truth of this story, but it clearly has nothing to do with funds on deposit being used to pay operating expenses. If everything was done in cash, there would be no problem with $-in equalling $-out, but in a world of electronic transactions, there's always the possibility for cash flow problems.

[Gotmilk]

[ QUOTE ]

There was nothing criminal about that. When a site takes deposits, they are not guaranteed. When the site goes bankrupt, the depositors are last in line of all the creditors. There was no theft or anything else illegal about that situation.

[/ QUOTE ]

COOL! I think I'll go buy The Bike, hire 20 "expert friends" at enormous salaries, and when i realize the rake isn't paying the salaries, take the cage deposits and run.

[RiverMel]

That is very different from the scenario that played out at Pokerspot. The hypothetical you suggest is clearly a criminal scheme, while the Pokerspot embroglio was simply a business gone bad. Creditors of bankrupt companies frequently end up in the position of MS Sunshine, and, while screwed, they were not the victims of criminal activity.

[Mike Haven]

here's a copy of an e-mail i received from the boss of zerorake in reply to a direct question i asked him

take from it what you will - i have no association with nor particular interest in zerorake:

Dear Sir

"Dutch" Boyd does not own, operate, manage, nor is in anyway affiliated with ZeroRake.com . Unfortunately many people have confused our ZeroRake site with Rakefree.com.

There is ABSOLUTLEY NO affiliation, connection or
relationship whatsoever between the sites or our companies.

Zerorake's software was developed by LVFH, a public Company whose shares trade on two stock exchanges. The cardroom is licensed out to and operated by ActionPoker, a wholly owned subsidiary of LVFH. To learn more about the management and LVFH, please visit lvfh.com.

I hope this clears up any uncertainties you may have had.

We have no connection to Mr. Boyd or friends of his. We have witnessed a barrage of erroneous claims of his involvement, but they are all untrue. We believe most of these claims are being spread by people who have hidden agendas and motives to see this type of cardroom model fail, for obvious interest.

Please feel free to contact me if you have any questions.

Best Regards,

Bedo Kalpakian
bedo@lvfh.com

Chairman

6th Floor, 1199 West Hastings Street
Vancouver, B.C. V6E 3T5
Canada

P - (604) 681-0204 or (604) 681-1519
F - (604) 681-9428

[MS Sunshine]

Then why did he take the assets(software), not sell them and pay some of PokerSpots creditors? Why did he say that the PokerSpot software would be used in his RakeFree venture?

MS Sunshine

[William]

If this is true, how come his friend Brett Jung(something) (GANK at PokerStars) was working for them for 3 months.

Too much of a coincidence in my opinion.

W.