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  #11  
Old 12-17-2005, 05:53 AM
sternroolz sternroolz is offline
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Default Re: Follow up to Doyles bid for the wpt

Please tell me you are like 22 years old and that your youthfulness is why you are so naive.

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Is it illegal to do such a thing ? I mean how would they prove this ... Seems like it would be just 100% circumstancial evidence without any witnesses.

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  #12  
Old 12-18-2005, 01:36 AM
Snarf Snarf is offline
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Default Re: Follow up to Doyles bid for the wpt

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...just ask Martha Stewart.

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You're ignorant.
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  #13  
Old 12-18-2005, 04:40 PM
Leonardo Leonardo is offline
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Default Re: Follow up to Doyles bid for the wpt

He can make a bid, that is fine. It is only illegal if he has no intention to actually buy the company, or if he tells his friends that he is going to make a bid before he does it, then they act on that information. If he had every intention of buying it if the shareholders accepted, I think he will be ok. To prove that he knew that someone else would act on information he provided may be tough.
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  #14  
Old 12-18-2005, 08:53 PM
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Default Re: Follow up to Doyles bid for the wpt

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...just ask Martha Stewart.

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You're ignorant.

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Indeed. A poster inquiring about the legality of insider trading could not be aided by a comparison to the most well known insider trading case ever? I do agree, though, and I thank you for your feedback.
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  #15  
Old 12-18-2005, 10:55 PM
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Default Re: Follow up to Doyles bid for the wpt

Doyle is clearly the target of the investigation. Read the SEC release here. The SEC is trying to use the crime-fraud exception to pierce the attorney client privilege, which means that they are arguing to the judge that the law firm was in a criminal and/or fraudulent conspiracy with Doyle to violate the securities laws. Bottom line: SEC has already subpoenaed all trading records in equity and options for WPTE for probably 6 months prior to the tender offer, and they will track down every single sizeable purchase or sale in the ticker. Each of the individuals involved with these trades will be subpoenaed to testify as to whether they had any connection to Doyle. Some may be offered immunity deals to tesify against Doyle. If there was any improper trading in WPTE, it will be discovered. If Doyle was involved, he is going to prison.
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  #16  
Old 12-19-2005, 12:10 PM
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Default Re: Follow up to Doyles bid for the wpt

Bottom line: If the revered Doyle Brunson -- the Godfather of Poker and greatest living legend -- did something so that either he, his friends, or his family could profit from the manipulation of the WPT stock price...Then he should end up in jail, playing for cigs just like any other low rent crook.
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  #17  
Old 12-19-2005, 01:27 PM
bruce bruce is offline
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Default Re: Follow up to Doyles bid for the wpt

Not exactly the first time questionable activity has been directed at Doyle.
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  #18  
Old 12-19-2005, 10:13 PM
Bolivia Bolivia is offline
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Default Re: Follow up to Doyles bid for the wpt

It's totally illegal to make an offer to jack up the stock price if you have no intentions to really purchase the company. This is highly illegal [censored], keep in mind Martha Stewart went to jail for something even lesser (if i remember correctly she was not involved in the actual manipulation of the stock only benifited from the information). Things don't look to hot for Doyle when u consider he used a criminal/divorce law firm to prepare documents for a $700MM bid. Most people typically contract a well respected M&A group at an investment bank to provide analysis and help determine a suitable offer, with minimum retainer fees that can often be as much as $1MM. Even tho relatively speaking this $700MM is considered small in the business world, I think it's fishy to have hired a joke of a law firm to handle your business (Goodman & Chesnoff PC). Also from what I understand the Goodman, comes from the same family as the corrupt vegas mayor that was detailed in positively 5th street. Lastly, the timing is bad, cuz if Doyle does go to jail it'll take about 2 to 3 years to go through the court process, just in time for when America wakes up with it's inevitable poker hangover.

-ed
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  #19  
Old 12-21-2005, 11:19 PM
bearly bearly is offline
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Default Re: Follow up to Doyles bid for the wpt

a very succinct post---and right on target. i think a whole lot more should be said about many of the 'poker heroes'. you'd think we were taking about danial boone, or jim bowie. and people think it's cute when they here that so-and-so left town just one step ahead of the law. i don't, and i think there are a number of rather common criminals and hustlers among the poker elite. i hope folks w/ good sources of information will follow this story.......b
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  #20  
Old 12-21-2005, 11:35 PM
mosta mosta is offline
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Default Re: Follow up to Doyles bid for the wpt

[ QUOTE ]
He can make a bid, that is fine. It is only illegal if he has no intention to actually buy the company, or if he tells his friends that he is going to make a bid before he does it, then they act on that information. If he had every intention of buying it if the shareholders accepted, I think he will be ok. To prove that he knew that someone else would act on information he provided may be tough.

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My hunch that I'd wager on is he traded no stock and tipped no one and will walk away clear and clean. He's not that dumb and it's not worth it. (you could say the same was true of martha and look at her, but I doubt martha really got it and she wasn't an archtect as doyle would have to be.)

What's the legal basis for charging someone with an insincere takeover bid? I'm curious because I just finished a securities reg class (like 2 days ago) and, because I haven't had M&A, I wasn't able to get beyond the 10b-5 insider trading issue (or section 14 tender violations if it had been that). In general contract terms if you make an offer you can withdraw it before it is accepted. and an acquisition couldn't be accepted until the share holders vote on it. (I imagine a bid would normally be kept open as an optoin for a period to allow you to go through the process without risk of it being pointless?) but I understand you don't necessarily want people to be able to monkey around with fake bids. Is this federal statuory law--which?--or Delaware? ... ? tx.
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