BetOnSports to shut U.S. facing operations
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By Simon Kennedy
Last Update: 2:39 AM ET Aug 11, 2006
<LABEL class=StoryContent id=StoryContent_Content>LONDON (MarketWatch) -- Online gaming company BetOnSports said Friday that, in the light of the temporary restraining order and indictment issued against it in the U.S., it has decided to close its U.S. facing operations. The company said it will cease its operations in Costa Rica and Antigua, which serve U.S. customers, will pay liabilities to staff and creditors and will repay balances to U.S. customers in an orderly manner. BetOnSports added that its ability to pay customers and creditors depend on it being able to realize sufficient funds from its assets outside Costa Rica and Antigua as well as earning sufficient profits from its non-U.S. facing business.
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<LABEL class=StoryContent></LABEL>
<LABEL class=StoryContent>WE</LABEL>
<LABEL class=StoryContent>ARE</LABEL>
<LABEL class=StoryContent>FUKED. :monsters- </LABEL>
<LABEL class=StoryContent></LABEL>
<LABEL class=StoryContent>Read between the lines, this spells "bankruptcy." Of course they won't be able to raise enough funds to pay off creditors AND players. I am considering writing the AUSA prosecuting this case to suggest they obtain an amended restraining order giving PLAYERS super priority over "creditors" (ie banks, "watchdog sites," agents, etc.). Of course they are probably monitoring this site anyway, so maybe they will just read it and take up the idea. </LABEL>
http:///
By Simon Kennedy
Last Update: 2:39 AM ET Aug 11, 2006
<LABEL class=StoryContent id=StoryContent_Content>LONDON (MarketWatch) -- Online gaming company BetOnSports said Friday that, in the light of the temporary restraining order and indictment issued against it in the U.S., it has decided to close its U.S. facing operations. The company said it will cease its operations in Costa Rica and Antigua, which serve U.S. customers, will pay liabilities to staff and creditors and will repay balances to U.S. customers in an orderly manner. BetOnSports added that its ability to pay customers and creditors depend on it being able to realize sufficient funds from its assets outside Costa Rica and Antigua as well as earning sufficient profits from its non-U.S. facing business.
<LABEL class=StoryContent></LABEL>
<LABEL class=StoryContent>WE</LABEL>
<LABEL class=StoryContent>ARE</LABEL>
<LABEL class=StoryContent>FUKED. :monsters- </LABEL>
<LABEL class=StoryContent></LABEL>
<LABEL class=StoryContent>Read between the lines, this spells "bankruptcy." Of course they won't be able to raise enough funds to pay off creditors AND players. I am considering writing the AUSA prosecuting this case to suggest they obtain an amended restraining order giving PLAYERS super priority over "creditors" (ie banks, "watchdog sites," agents, etc.). Of course they are probably monitoring this site anyway, so maybe they will just read it and take up the idea. </LABEL>