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#1
12-17-2005, 07:38 PM
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Re: SEC probes Doyle
[ QUOTE ]
No, but I can see him being retarded enough, to get involved with people who would, without any actual dishonest intent on his part. Mack [/ QUOTE ] Without knowing Doyle but knowing a little about those situations, this is the explanation that best fits the known facts, IMO. That's assuming Doyle isn't a financial genius and would be unable on his own to say whether WPT was worth $700 mil or $300 mil. It could even be his whole group falls into that category and the money was made by wall street traders - but that's not likely. More likely, either one of his investors or, possibly, an advisor was playing a side game on his own. Part of the answer may lie in why the stock was worth 18 before the bid but 6 after. Was somebody accumulating prior? 
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#2
12-16-2005, 10:09 PM
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Re: SEC probes Doyle
The stock collapsed from 29 to 6 a share after the bid fell through. There were many people who lost a bundle and are going to be very happy to hear this news. They have been crying for an investigation from the start and I didn't think it would really happen. I lucked out and sold at 28.
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#3
12-16-2005, 10:27 PM
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Re: SEC probes Doyle
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i sure hope it is exoneration. [/ QUOTE ] Uh, why? He looks pretty guilty! [img]/images/graemlins/laugh.gif[/img]
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#5
12-17-2005, 02:58 PM
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Re: SEC probes Doyle
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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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#6
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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#8
12-18-2005, 04:32 AM
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Re: SEC probes Doyle
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this was inevitable. only disclosure will settle this. said disclosure will sink or exonerate him. i sure hope it is exoneration. [img]/images/graemlins/frown.gif[/img] [/ QUOTE ] I hope the truth comes out, wether it's sink or exonerate.
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#9
12-18-2005, 12:24 PM
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Re: SEC probes Doyle
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I hope the truth comes out, wether it's sink or exonerate. [/ QUOTE ] I couldn't agree with you more.
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#10
12-16-2005, 11:12 PM
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Re: SEC probes Doyle
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Hybrid Mode
