ALL BETS ARE OFF!
An exclusive by Frank Rosenthal
Posted on Monday, September 13 @ 15:02:27 EDT by webadmin
Part 1:
On Friday, September 3, the Australian stock exchange halted all trading of BetCorp.com the parent company for BetWWTS.com, a sports & racebook operating on the island of Antigua, after all but one member of their executive board of directors resigned. Several major publications including the Sydney Sun Herald, reported that Bill Scott, the former owner of the Antiguan gaming operation was in violation of the stock exchange prohibition which clearly stated that Scott cease all activities of influence. However, and incognito, Scott is and has been the de facto ruler of a "ship" in distress. Additionally, the Herald identified Scott as a "convicted racketeer and U.S. fugitive".
To imply that Scott is a racketeer and a gangster is in my view a gross exaggeration, and an insult to all career gangsters. A diminutive two-bit-stiff artist, who plays both ends against the middle, devoid of scruples with a Napoleonic complex, would seem to be more fitting and accurate.
In January, 2003 Scott hit a jackpot, selling his sports and race book. $15 million is cash, and stock valued at $10 million. As the majority stock holder using a host of "beards" Scott has controlled the publicly traded company by using tactics of intimidation and threats of reprisal. In august, 2004 Simon Noble, the CEO of WWTS, at the expressed direction of Scott, was terminated. The official explanation, which is absolutely erroneous, stated that Mr. Noble had resigned for "personal reasons." In truth, Simon Noble formally charged and accused Scott, with precise accuracy, of "torpedoing" his stature and compromising the best interests of the "book shop" due to his double agenda which included a sweetheart deal with operating bookmakers in and throughout Southeast Asia, and specifically Taiwan. Simon Noble and several others including one of the top 5 line-managers worldwide were blindsided at the very outset. Scott provided an arrangement whereby top professionals from Taiwan, with a history for wagering on high powered steam, at 40k a pop -105 a 50% juice reduction, and a 25% kickback! At one point during a business trip in Taiwan, Scott had directed Simon to instruct their wagering department to accept wagers on soccer games for $100k… at that point Simon balked, recognizing and rejecting Scott's inexplicable madness. Soon thereafter, Simon waived a flag of surrender. Scott quickly pounced on his prey, surreptitiously taking dead-aim at a young, vulnerable, and helpless CEO, and an established line-manager from San José, Costa Rica, with 20 years of experience under his belt. One might question some of Mr. Noble's judgment calls. However, at bare minimum the young brit displayed an attitude of genuine dedication, and earnestness. Regardless, Scott demanded his dismissal. Scott had openly promised and pledged to unseat and abolish any board member who opposed his reckless and irresponsible mandate.
While being in the right place, at the right time, Scott was able to amass a handsome fortune in spite of the fact that he was neither industry skilled nor knowledgeable. Nonetheless, as a stone-cold lifelong bookmaker he did clearly understand and recognize that 11 to 10 conquered 99.9% of all players and punters alike.
As of mid August, customer deposits exceeded $6 million. The Australian stock exchange specifically demands that all players' deposits be placed in an escrow account. That demand has been ignored, and one particular player, a doctor from northern California, had $1.4 million on deposit. If the good doctor has not withdrawn his money, it would seem to me that he would be in need of a doctor, perhaps a psychiatrist?
The Antiguan government and the Australian Stock Exchange become red-faced while Bill Scott has regained control of the company by consigning 26% of his voting rights to Ben Shaw, and Grant Griffiths, two ring wise Australians with less than a 4% position. They'll reorganize, stack a new board of selected cronies, and add some whistles and bells hoping to gain an upward bounce. Regardless, if the sportsbook does not "catch lighting in a bottle," they'll go belly-up. This albatross could become a class action lawsuit as the stock price has tumbled from the mid 60's down to 16.5 cents per share.
Next up in part 2:
The wheelers and dealers behind the lines and "cooked books" ala Bill Scott
An exclusive by Frank Rosenthal
Posted on Monday, September 13 @ 15:02:27 EDT by webadmin
Part 1:
On Friday, September 3, the Australian stock exchange halted all trading of BetCorp.com the parent company for BetWWTS.com, a sports & racebook operating on the island of Antigua, after all but one member of their executive board of directors resigned. Several major publications including the Sydney Sun Herald, reported that Bill Scott, the former owner of the Antiguan gaming operation was in violation of the stock exchange prohibition which clearly stated that Scott cease all activities of influence. However, and incognito, Scott is and has been the de facto ruler of a "ship" in distress. Additionally, the Herald identified Scott as a "convicted racketeer and U.S. fugitive".
To imply that Scott is a racketeer and a gangster is in my view a gross exaggeration, and an insult to all career gangsters. A diminutive two-bit-stiff artist, who plays both ends against the middle, devoid of scruples with a Napoleonic complex, would seem to be more fitting and accurate.
In January, 2003 Scott hit a jackpot, selling his sports and race book. $15 million is cash, and stock valued at $10 million. As the majority stock holder using a host of "beards" Scott has controlled the publicly traded company by using tactics of intimidation and threats of reprisal. In august, 2004 Simon Noble, the CEO of WWTS, at the expressed direction of Scott, was terminated. The official explanation, which is absolutely erroneous, stated that Mr. Noble had resigned for "personal reasons." In truth, Simon Noble formally charged and accused Scott, with precise accuracy, of "torpedoing" his stature and compromising the best interests of the "book shop" due to his double agenda which included a sweetheart deal with operating bookmakers in and throughout Southeast Asia, and specifically Taiwan. Simon Noble and several others including one of the top 5 line-managers worldwide were blindsided at the very outset. Scott provided an arrangement whereby top professionals from Taiwan, with a history for wagering on high powered steam, at 40k a pop -105 a 50% juice reduction, and a 25% kickback! At one point during a business trip in Taiwan, Scott had directed Simon to instruct their wagering department to accept wagers on soccer games for $100k… at that point Simon balked, recognizing and rejecting Scott's inexplicable madness. Soon thereafter, Simon waived a flag of surrender. Scott quickly pounced on his prey, surreptitiously taking dead-aim at a young, vulnerable, and helpless CEO, and an established line-manager from San José, Costa Rica, with 20 years of experience under his belt. One might question some of Mr. Noble's judgment calls. However, at bare minimum the young brit displayed an attitude of genuine dedication, and earnestness. Regardless, Scott demanded his dismissal. Scott had openly promised and pledged to unseat and abolish any board member who opposed his reckless and irresponsible mandate.
While being in the right place, at the right time, Scott was able to amass a handsome fortune in spite of the fact that he was neither industry skilled nor knowledgeable. Nonetheless, as a stone-cold lifelong bookmaker he did clearly understand and recognize that 11 to 10 conquered 99.9% of all players and punters alike.
As of mid August, customer deposits exceeded $6 million. The Australian stock exchange specifically demands that all players' deposits be placed in an escrow account. That demand has been ignored, and one particular player, a doctor from northern California, had $1.4 million on deposit. If the good doctor has not withdrawn his money, it would seem to me that he would be in need of a doctor, perhaps a psychiatrist?
The Antiguan government and the Australian Stock Exchange become red-faced while Bill Scott has regained control of the company by consigning 26% of his voting rights to Ben Shaw, and Grant Griffiths, two ring wise Australians with less than a 4% position. They'll reorganize, stack a new board of selected cronies, and add some whistles and bells hoping to gain an upward bounce. Regardless, if the sportsbook does not "catch lighting in a bottle," they'll go belly-up. This albatross could become a class action lawsuit as the stock price has tumbled from the mid 60's down to 16.5 cents per share.
Next up in part 2:
The wheelers and dealers behind the lines and "cooked books" ala Bill Scott
