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#2
12-17-2005, 02:58 PM
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Re: SEC probes Doyle
[ QUOTE ]
Guilty of what? [/ QUOTE ] 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. 
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#3
12-17-2005, 03:13 PM
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Re: SEC probes Doyle
[ QUOTE ]
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. [/ QUOTE ] 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.
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#4
12-17-2005, 04:21 PM
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Re: SEC probes Doyle
[ QUOTE ]
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? [/ QUOTE ] Brunson's bid was clearly labeled a BLUFF at the time! (Do a search of the stock market forum/archives, if you want to see what was said about the offer at the time) [ QUOTE ] do you understand that if beale was part of the group, getting $700mil would have been no problem? [/ QUOTE ] WPTE wasn't worth anywhere near $700 mil then, or now! [ QUOTE ] wpte will value at that level within a year or two. [/ QUOTE ] What will be the catalyst? WPTE has never made a profit!!!
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#5
12-17-2005, 04:52 PM
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Re: SEC probes Doyle
[ QUOTE ]
[ QUOTE ] 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. [/ QUOTE ] 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. [/ QUOTE ] Firstly, you are a moron. Secondly, if the bid was not bogus, then why did Doyle not talk with the WPT after the bid was announced? Thirdly, the WPT is currently worth $125 million and has negative earnings. How is this stock going to climb to a market cap of $700 million when they can't figure out how to make money? And finally, you are a moron. I can't believe there were enough fools on this board to pay to send you to the WSOP. They might as well have flushed that money down the toilet.
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#6
12-17-2005, 05:27 PM
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Re: SEC probes Doyle
[ QUOTE ]
And finally, you are a moron. I can't believe there were enough fools on this board to pay to send you to the WSOP. They might as well have flushed that money down the toilet. [/ QUOTE ]  we shall see who the moron is. doyle will be cleared.
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#7
12-17-2005, 06:16 PM
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Re: SEC probes Doyle
Just cause hes the godfather doesnt mean hes innocent? I agree with dude u are a moron.. and ill be taking donations for next years wsop lol hahahahahah
if theyll send u theyll send anyone
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#9
12-17-2005, 07:14 PM
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Re: SEC probes Doyle
[ QUOTE ]
Just cause hes the godfather doesnt mean hes innocent? I agree with dude u are a moron.. and ill be taking donations for next years wsop lol hahahahahah if theyll send u theyll send anyone [/ QUOTE ] Hehe, silly newbies, talking back to granny. Guess in a week or so we'll find a couple more corpses behind the casino with knitting needles sticking out of their eyeballs.
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#10
12-17-2005, 09:28 PM
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Re: SEC probes Doyle
[ QUOTE ]
we shall see who the moron is. doyle will be cleared. [/ QUOTE ] You used to be cynical, now you're glorifying a person who makes a living parting fools and their money? It's not exactly a stretch of the imagination to think that Doyle was in on the scam. Yes, it's easy to see that it raises flags. Yes, it's easy for most of us to see that this is an incredibly stupid thing to do. But still, people with degrees in law and finance try this exact trick all the time, and right about every civilized country has an agency devoted to nothing but tracking down these clowns. This is a mistake that very intelligent people commit on near daily basis. I've never met Doyle. I don't know much about him, but nothing in what I know makes me think him more unlikely than anyone else in manipulating stock prices for gain. Heck, this is a guy who brags about being able to fast talk people into making bigger and bigger bets until they are under such emotional strain that they start making mistakes. (This is basically his golf strategy, make the bets so large that the opponent, though of a lower handicap gets so stressed by the money riding on the shot that Doyle turns from a dog to a favorite. He routinely talks people into gambling way above their bankroll, just to cause them to make mistakes by which he can profit.) This isn't exactly the most endearing image you can cultivate for yourself. Yeah, I like what Doyle has done for poker. But I doubt the Vatican will be nominating him for sainthood any time soon. In fact all I know about Doyle is really that he is good at poker. From this I can't infer much, and certainly not that he is more likely than your average Masters_In_Economics guy to be an honest and law abiding businessman. He's a human being. Not a saint, but a regular guy. A smart one, with a real talent for poker. But still, a human. It's a stupid mistake to try and manipulate a stock like this. But let's face it, most humans perform stupid mistakes routinely.
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