Mike O. Responds.
 

Turns out Im not just a fearmongerer. Fucking scammers.

Well, I guess we knew this was coming.

I got a jump on the withdrawal process, and now I'm enjoying 30% rakeback at Ultimate Bet. :) And with Stars (possibly) followinf suit, UB will feel a nice unflux of players.

See you at the tables??

:)

I can offer rakeback at UB, for those interested. I just decided to start with Full Tilt because I like the site much better.

Please save me having to read 10,000 posts and give me a summary. I started with the first post, and it all seems fine to me.

Yeah, I don't see it.

What's the scam?

Im confused as well

I already had the UB account in place since 10/2005, I'm just looking forward to the quick growth of players that should happen as a result of this Party mess. FTP, too, should have an influx of players, and that site is also very good. Kinda pissed off that I already have a FTP account w/ no rakeback... :(

So... fix the problem. :rolleyes: I used to have that exact same problem, you know........

And I remember when you got the UB RB account... I just wanted others to know I can hook them up too if they are intereted. I was planning on "announcing" this later this week.

As a player, I am very much looking forward to the Party fishes finding their way over to Full Tilt.

Why not send me a PM on how to fix problems?

Paging TP: Lou needs help tying his shoes...

Yea.

More on Party
 

A 2+2er also dug up this article.


I'm no expert on these matters, but if it is true they only have $7 mil cash, that would be a serious concern.

PartyGaming could seek new credit facility
By Roger Blitz and Peter Thal Larsen

Published: October 3 2006 20:48 | Last updated: October 3 2006 20:48

PartyGaming would have to negotiate a new credit facility with its banks within 30 days of President George W. Bush signing into law the anti-gambling bill that is driving the online gambling sector out of the US.

The negotiations have been triggered by a clause in its $500m (€392m) credit facility that allows its lenders to call in the loan in the event of a change in US law that materially affects the company’s position in the US.

The move comes as World Gaming, a UK-listed operator with more than 90 per cent of its revenues generated from the US, announced it might be in technical default of its loan conditions because of the US law.

Bankers said the US legal change was likely to trigger clauses in other online gaming companies’ credit facilities, although 888 Holdings said it had never taken out a loan.

As a result, most online gaming companies are likely to face higher borrowing costs.

PartyGaming, which aims to pull out of the US altogether, said it was relaxed about the negotiations, saying its strong cash position allowed it to draw down regularly from its banking facility and repay loans. It has around $10m drawn down from its current facility, negotiated in June with RBS, Dresdner Kleinwort, Bank of Scotland, West LB and Commerzbank.

PartyGaming said it would review its banking requirements.

One analyst said the renegotiation of loans would change the nature of deals in the sector, with paper deals likely to become the norm.

“No-one has got access to any real amount of debt, no-one is going to be able to raise any equity,” he said. However, as online gaming companies are highly cash-generative, most have not relied on borrowings to fund their expansion.

PartyGaming said it was cancelling its interim dividend, worth $115m, in order to “take advantage of the many attractive opportunities” that would emerge over the coming months.

According to documents filed with the SEC in July, World Gaming had bank debt of more than $30m at the end of June through a $40m facility with Barclays, of which $19.5m is due within a year.

The company has cash of just $7m. Barclays declined to comment.

Additional reporting by Neil Hume and Tom Braithwaite

Cancelling the monster promo, yet still taking the fucking Jackpot drop!

I see.

They are screwing over affiliates too. I'll make a new post shortly.

Here is Party's official response - note the link to Party Poker, and not 2+2:


In other words, I give this a little more cred. (You may need to log in in order for the link to work). I'll copy/paste, just in case (may not be pretty).

While I completely disagree with what they are doing, as far as the Monster jackpot is concerned, I think their action sounds reasonable... How would you have them handle it, Mayhem? And are you REALLY that upset that your Monster freerolls are going to go away?

If and when the act is signed into law, we will cease taking wagers from U.S. customers.

Um.... wagers?? We aren't betting on horses here! (If we were that'd be legal)

:cool:

Believe me, I know.

You would think a company this big - dealing with this much money - would hire some pretty impressive lawyers. I am sure they did, but I honestly can not figure out why their lawyers are pointing them in this direction. Even if this new law wasn't so unclear as to who it affects and how, Party Poker is NOT U.S. BASED.

I heard, can't confirm this however, that they hired the Welsh based firm of Eeejit, Eeejit & Eeejit.

Fuck yes Im upset. I want the ~8k ive sunk into that promotion back If I dont get a shot at 20+Million for it.

Email them. Post their response.

I hate to say it...no wait, actually I don't!

HA-HA!

Get on this soon please. I dont think I wanna go thru the hassle for full tilt, But I havent played UB in 5 months or so.

so im kind of confused, if indeed the bill is singed into law, can we still play at fulltilt and UB?

Blow it out your ass, Cheval. You're only laughing cause the money I contributed to the jackpot drop during a day's worth of play was about 100 times your bankroll. You didn't play Party cause they didn't have penny stakes beeeyotch!!!!

Wow, that's hard.

What can I say? I'm emotional right now.