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Author: [Gaming Industry - US] Topic: betED Bailout News
Lou send a private message View Space | Blog | Friends | Playbook | My Sportsbook: Sports Interaction |
Lou
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#1
Posted: 6/5/2011 2:03:14 PM
We have received information that betED is in very close negotiations with a very respected operation.

We don't have the exact terms of the agreement, but have been informed that an official statement will be made early next week.
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#2
Posted: 6/7/2011 9:27:01 AM
Minor update...

We were informed Monday that due diligence is naturally being performed and they were hoping for an announcement on Tuesday.

So, until I hear otherwise, I'm expecting something today.
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#3
Posted: 6/8/2011 6:10:57 PM
They say that no news is good news, but in this case no news sucks.

Last we heard is that due diligence is still taking place.

I know it's an important decision, but I'm getting impatient.

As Freedom told me, I think maybe our source was a little bit overly-optimistic about the timeframe, but at this point I don't think things can go much further without a "Yea" or "Nay" and hopefully that comes sooner rather than later.

That's all we know.
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#4
Posted: 6/10/2011 3:22:48 PM
We've been out of contact with our source for about a day now.

Hopefully that means that things are about to break one way or another and we can put an end to this current phase of nothingness.

We are supposed to hear something Friday, which is today.

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#5
Posted: 6/13/2011 8:45:11 PM
I'm out of the promises business for now. I'll leave that to Freedom.

From my standpoint, I was told that there was a hiccup over the weekend but there is an important meeting happening tomorrow.

So... tomorrow?... the next day?... the 12th of Never?

We'll know tomorrow if and when something happens.
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#6
Posted: 6/16/2011 10:05:24 AM
Well, we finally did receive an update last night.

Nothing surprising here, but the deal we last heard was being negotiated several days ago is definitely dead as everybody suspected.

We were not given a reason, but since that deal is no longer an ongoing issue, I guess it is OK to mention that the partner in that failed deal was Heritage/Bet Horizon.

Since nobody will believe anything we say anyway, I suggest you ask them for any comment regarding the negotiations and what sort of deals were on the table and why it went sour.

To the guys at Heritage, who I like and was hoping would pull this off, I'm sorry for dumping this on you but unfortunately the situation is what it is. 

Regarding any future deals, we are not absolutely clear on that situation either, but it was indicated to us that they have received legal advice to lay low for a little while, which is why they haven't been in contact recently.

The original idea was to make a quick and quiet deal for the players and try to keep the matter as below-the-radar as possible, so as to not insult the DOJ with whom they will be negotiating soon enough.

When that situation turned into a three-ring circus with maximum coverage on all sides, it was decided that proceeding down that path at this time would make matters even more public and therefore not be a smart legal move.

Personally, I would rather get a deal done now, but I'm not position to tell anybody to ignore their legal advice.

So... now we are officially in the waiting mode.

Hopefully once things die down a bit, maybe they can reach out to other potential partners, or maybe even begin negotiating with the DOJ to release the funds.

In the meantime, now we need to begin our campaign to pressure th American government to stop stealing the money of innocent American players.
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#7
Posted: 6/17/2011 12:54:15 PM
After reviewing the statement I made above, I feel I should point out that I am definitely not blaming anybody for the failure of this bailout deal.

I have mentioned many times in many posts that there are a myriad of reasons why a deal like this might not work out for a purchasing operation.

Anything from infrastructure needs to the fact that betED customers are a completely different demographic that require a different business model and outlook. Those are all valid reasons why somebody might be initially interested in a bailout, but then back away after a closer look.

Not to mention the fact that betED was a site that got entrapped by a government sting, and all the risks that entails.

I also want to point out that contrary to what others are reporting, I have received no indication that any negotiations ended "abruptly". In fact I believe "amicably" would be a better word. 

It simply wasn't the right deal for them and they should not shoulder any blame whatsoever.
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