Doyle Brunson's bid for WPT...

[DWarrior]

Is WPTE a good buy? Sounds like they're pretty much at or close to their peak, and are probably trading way beyond that.

I mean, seriously, how much more poker can we have on TV?

[DesertCat]

[ QUOTE ]
Is WPTE a good buy? Sounds like they're pretty much at or close to their peak, and are probably trading way beyond that.

I mean, seriously, how much more poker can we have on TV?

[/ QUOTE ]

I think the WPTE's financials should improve as they renegotiate TV contracts, it's my understanding that they signed "bargain basement" deals that are worth much more now (someone correct me if this isn't true anymore).

But my guess is they are still way over valued right now. They need to show much much higher earnings to justify this stock price.

[AA suited]

Update to Brunson's bid

[TN_POKER_MAN]

24/7 "The Poker Channel"

[thuja]

I agree with Newfant. This looks like a massive pump and dump scheme. WPT despite it's popularity, has not been able to generate tangible profits for its investors.

What better way for insiders to profit than coming up with a bogus takeover offer at a 100% premium to stock price?

Where there is smoke there is fire, and as an individual investor I would be extremely leery about putting money into this company.

What does it say about WPT's future financial prospects when the insiders would rather try and pump & dump to recoup their investment, than hold on to the shares because the company is a goldmine?

[BassMasterK]

It's not a good buy now. Much like the originator of this post, I bought into WPTE two weeks before this happened. I was taking a long position. As soon as it shot up, I got out because to me the offering of 100% over market value, a market value that many felt wasn't warrented (the stock was overvalued) was a big red flag for me. People were going crazy buying up the stock on news of this "offer". The speculation was that the offer was not so much for the value of the TV program and rights, but because WPT just opened their new online casino at www.wtponline.com, and the strength of the WPT brand. What I don't think they realized is that since WPT is based in America, they can't take American bettors money, and currently Americans make up roughly 75 - 80% of all online bettors. This highly limits the customers base. Also they are late to the game as there are loads of poker sites already. But what they do have is name recognition and a show that is like free advertising for this online venture.

Long term, I think they have a shot of making it into something successful, but it won't be overnight and it will take some careful planning.

Regarding Doyle, over on the yahoo message boards for WPTE, people are calling for his head to roll. They want everything from the SEC to prosecute him, to him spending the rest of his life in jail (with some not very nice bunkmates), to him to get cancer, to ...well....some not very nice things. Lot's of people got greedy, didn't do their homework and now they feel scammed. I'm glad I got out when I did. When the dust settles, I may pop back in, but not until all the backlash from this move is over.