No more Pokershare for Americans

[lighterjobs]

this is so [censored] lame.

i knew this idea would fall through.

[Catt]

[ QUOTE ]
Your statement about the SEC is patently BS. The real reason is that this site was created specifically to grab rakeback customers from Party. Now that Party has started Armegeddon on it's own affiliates and skins, the market isn't there to grab any more. Why should UB bleed money off to savy internet players via pokershare when they could force them to play on UB? Any "it might be illegal" statements from Pokershare are pure cover. They saw an opportunity to poach their own skin and they took it. Simple.

Scum bags.

X

[/ QUOTE ]

I do not know what the motivation for this event was. However, if being a member at Pokershare entitled someone to share in the profits of the business, then it could very well be intrepreted as establishing an ownership in the business (even if sharing in the profits required some activity - like playing hands). And offering ownership interests in a business, when the ownership interests are essntially offered publicly, would represent a serious risk of violating the Securities Act of 1933 because the issuer didn't register the offering (as well as a serious risk of violating the Securities Exchange Act of 1934 if the issuer failed to file required disclosures). I have no particular knowledge about the structure of the Pokershare business, nor how an account there might reasonably be seen or not seen as acquiring a security under the '33 Act. However, I can say pretty confidently that claim of "patent BS" is uniformed BS.

[Exsubmariner]

I submit that the issue must have been addressed prior to incorporation. If their lawyers didn't think this through they were just stupid. I still maintain that the murkyness of legality here is simply cover. Someone realized how HUGE the stake they were giving away in the business was and decided they would do better to keep it. Did any UK customers get email? Will they.....hmmmmm?

X

[Catt]

Incorporation has absolutely nothing to do with the securities laws. Their lawyers might have been stupid nonetheless. And UB may be pushing this legal interpretation for other business reasons. None of that matters in terms of the present situation. You're spouting off 'cause you're pissed, but your spouting is essentially BS nonetheless; you have no idea whether the legal justifications are plausible or not because you haven't a clue about the the strength of the legal justifications - you're just pissed and vocal.

[Exsubmariner]

Yeah,
I'm pissed and vocal. I'm not a lawyer either. But I'm pissed and vocal and pay lawyers. Enough pissed vocal people willing to pay and I bet there's some lawyer somewhere who is willing to sue.

X

[ QUOTE ]
Yeah,
I'm pissed and vocal. I'm not a lawyer either. But I'm pissed and vocal and pay lawyers. Enough pissed vocal people willing to pay and I bet there's some lawyer somewhere who is willing to sue.

X

[/ QUOTE ]
I'm in. I want my pennies that are coming to me through Pokershare's loyalty program. I wonder if they'll pay even though I'm no longer registered. Doubtful.

GUMBY

[TimsterToo]

Some time ago I PMd Max Wright here on 2+2 and mailed him personally (well personally, on his pokermanager@pokershare account [img]/images/graemlins/grin.gif[/img]) to ask about rakeback. I never received an answer which was a bit strange after the amount of promoting he had done on here.

I then mailed support but strangely enough got a reply back from UB support on the subject. Although I loved the share concept and he had me as a customer this whole thing just smelled fishy and I cashed out everything and asked them to close my account. I then simply opened an account with the unmentionable through UB.

I've been wondering for sometime now if I made the right decision but something just didn't seem right. After today I'm happy that I'm out of there even if it wouldn't have affected me so much as I live in the Netherlands. (but I suspect that Pokershare is going down anyways)

What I don't see is how anyone can get upset with UB? They've done nothing else then have to see how a probably reasonably big % of there assertive high stakes players moves to a competitor who has the exact same software with the exact same players and has the exact same cashier service without being able to stop them. If I were them I would've raised hell with my platform supplier too. I also haven't heard of any player getting into a conflict with UB over this so it does show that they take matters up with the right people and don't take it out on the players.

Can you say the same for Pokershare?

[scrapperdog]

[ QUOTE ]
So there goes my trust for UB. My thoughts are that the pokershare business model caused major concenrs that they were violating US securities laws (US owners owning an equity stake in a non us company that is not registered with the SEC as a foregin issuer = not legal lol). The problem witht his thought is that sharepoints were not true equity stakes. There were no voting rights or management rights associated with the "shares" which is the most fundamental right associated with equity ownership. The "dividends" were not really dividends, but rather they were a form of profit sharing. I'm not about to get all nerdy and analyze whether these paymetns are legal under US securities laws, but my guess is that the SEC thinks not. I wonder if I'll receive my somewhat substantial dividend for my play in the last quarter. I hope so, but an not very optimistic.

On a side note, what is the best site to play at ( one that a reputable source offers rakeback on obviously) that has a lot of players registered? Any thoughts?

Ryan

[/ QUOTE ]

BTW for the real reason pokershare was shut down see Dan Druff's post. Has nothing to do with any of this... like I thought. If this kind of stuff was a serious concern they would have shut it down before it started.

the SEC thing makes no sense. first, poker sites are not concerned with US laws (ie statements made by party poker before thier ipo). second, the email stated North Americans, not Americans. if it was a US law thing, it wouldn't be for all of North America. try to remember that people outside the USA are not subject to american laws.

[DamitBob]

[ QUOTE ]
I would like to stress that it was beyond our control. We consider our players and affiliates our number one priority and we would like to assure you that we are doing everything in our power to remedy this action.


[/ QUOTE ]

Total crap. You stole players with no worries of UB stompin yer lil azz into the ground. Pokernow was a recent example of what happens if you wanna try to steal players from sites that have big money and clout.

Didn't you learn anything form PokerNow, Maxy?

It was just a few months ago. Now you are in the same broken down pile as them and the entire internet poker player community hates you...........girlfriend.

Pokershare took a chance that they would get away with it. It didnt take long for them to get kicked to the curb.

I was excited about finally having rakeback at my fav software and tourney site (UB). When I saw tool boy stealing thousands of players I knew it wouldnt last. It couldn't. Preschoolers don't win fights with High School Linebackers. UB has alotta flaws but Pokershares justa wannabe now.....