Forgive my skepticism but reading this article I have simply gathered the summary of news that have surfaced throughout the months. I will highlight the trickiest parts :
Only 23 accounts ( list published on TOW in July ) have been recognized as legitimate, hence leaving other 50 accounts on their own. Unfortunately the Commission can only rely on data provided by Cybergaming since the past administration reportedly failed to seize Betpanam database when strongly suggested to ( May 2004 ). This creates a basic misunderstanding on amounts and legitimacy of claims. It must also be added that the amounts owed to these 23 accounts is fully covered by the Bank Guarantee issued by Cybergaming on July 23rd 2004, as a result of a direct agreement between myself, Ricardo Chen and Herbert Young. Despite its availability the guarantee has not yet been disbursed.
All TOW's represented parties have had their claim duly filed with the Commission. Some claims have simply been disregarded by the past administration upon instructions received by Cybergaming. A full reconciliation would be the milestone to properly start the identification process without incurring in the risk of having some accounts left out. I possess a "picture" of Betpanam database provided to me in April 2004 by Betpanam management as authorized by its shareholders. This document is obviously available to Cortizo.
Dumping part of the responsability on the past Administration was widely forecasted. It is my belief that the past administration has accrued serious responsibilities due to its inefficient action and omissions, all performed in the best interest of Betpanam's shareholders.
As mentioned in my first remark the first sentence is the plug to discriminate over 60% of accounts owed, and therefore I see it as an unacceptable statement that may be seen as a continued effort to support in some ways the actions performed by Cybergaming's officials and shareholders. It is however true that, in words, Panama has never walked away. Fact are however yet to come.
If Panama intends to regain full credibility the Commission shall undertake the following actions :
1) Revoke Cybergaming's masterlicense and directly manage the assignment of licenses ;
2) Seize all bonded funds ( now exceeding US $ 681K ) and disburse them to Betpanam creditors without further delays.
As I mentioned in my first sentences I seriously hope this article will not generate false hope to the many still owed out there. Information received not later than yesterday from my direct sources within the Ministry of Finance of Panama do not induce me, at this time, to share the optimism expressed in the title of the article. But, as I always said, I hope to be wrong....
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The course of action, for which Cortizo has set a three-month completion deadline, is to have all verified accounts paid by the license holder.Only 23 accounts ( list published on TOW in July ) have been recognized as legitimate, hence leaving other 50 accounts on their own. Unfortunately the Commission can only rely on data provided by Cybergaming since the past administration reportedly failed to seize Betpanam database when strongly suggested to ( May 2004 ). This creates a basic misunderstanding on amounts and legitimacy of claims. It must also be added that the amounts owed to these 23 accounts is fully covered by the Bank Guarantee issued by Cybergaming on July 23rd 2004, as a result of a direct agreement between myself, Ricardo Chen and Herbert Young. Despite its availability the guarantee has not yet been disbursed.
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To date, Cortizo feels the vast majority of claimants are known.All TOW's represented parties have had their claim duly filed with the Commission. Some claims have simply been disregarded by the past administration upon instructions received by Cybergaming. A full reconciliation would be the milestone to properly start the identification process without incurring in the risk of having some accounts left out. I possess a "picture" of Betpanam database provided to me in April 2004 by Betpanam management as authorized by its shareholders. This document is obviously available to Cortizo.
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Cortizo confirms that the previous Panama administration didn’t act as it should have to protect the integrity of the CommissionDumping part of the responsability on the past Administration was widely forecasted. It is my belief that the past administration has accrued serious responsibilities due to its inefficient action and omissions, all performed in the best interest of Betpanam's shareholders.
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All account holders will not leave this mess completely happy, but it is extremely positive that Panama is not walking away from the problem.As mentioned in my first remark the first sentence is the plug to discriminate over 60% of accounts owed, and therefore I see it as an unacceptable statement that may be seen as a continued effort to support in some ways the actions performed by Cybergaming's officials and shareholders. It is however true that, in words, Panama has never walked away. Fact are however yet to come.
If Panama intends to regain full credibility the Commission shall undertake the following actions :
1) Revoke Cybergaming's masterlicense and directly manage the assignment of licenses ;
2) Seize all bonded funds ( now exceeding US $ 681K ) and disburse them to Betpanam creditors without further delays.
As I mentioned in my first sentences I seriously hope this article will not generate false hope to the many still owed out there. Information received not later than yesterday from my direct sources within the Ministry of Finance of Panama do not induce me, at this time, to share the optimism expressed in the title of the article. But, as I always said, I hope to be wrong....
I agree there is certainly plenty of room for skepticism, but Mr. Cortizo showed lots of interest to me asking me to get this story out. He flew all the way to Las Vegas to learn at the convention and brought some staff with him so obviously the intent is there. He was willing to learn from the people of Antigua and he asked Jay Cohen some questions. He even spoke with a Wall St. Journal reporter moments after Jay told the audience his problems started when the Journal told how successful WSEX was.
Further I don't think he would believe he could tell this kind of story and then somehow block many claims and still get credit for a job well done so I do believe he is sincere in taking an effort at cleaning up what he can.
Further I don't think he would believe he could tell this kind of story and then somehow block many claims and still get credit for a job well done so I do believe he is sincere in taking an effort at cleaning up what he can.
Buddyboy,
Cybergaming ( master license holder ) and Corp Britannia ( Betpanam ) are two faces of the same head. Same shareholders, same employees / salesmen.
Unless Cortizo shows some guts and cuts Cybergaming out of the game at least until they do pay ( not promise, but pay ) all players than its just words.
Cybergaming ( master license holder ) and Corp Britannia ( Betpanam ) are two faces of the same head. Same shareholders, same employees / salesmen.
Unless Cortizo shows some guts and cuts Cybergaming out of the game at least until they do pay ( not promise, but pay ) all players than its just words.
General,
I am positive about the fact that the 23 players on the list will get paid, as to when remains a big question mark, better say anytime between now an latest July 2005. Albeit the list is the direct outcome of meetings I had with Chen and Herbert Young my concern remains for the 40+ players that are not covered by the guarantee of 181K issued by Cybergaming ( and they are owed an additional 370/380K ). That's the Black Hole.....
I am positive about the fact that the 23 players on the list will get paid, as to when remains a big question mark, better say anytime between now an latest July 2005. Albeit the list is the direct outcome of meetings I had with Chen and Herbert Young my concern remains for the 40+ players that are not covered by the guarantee of 181K issued by Cybergaming ( and they are owed an additional 370/380K ). That's the Black Hole.....
Pokerking,
About three weeks after the June's meeting I received the list from Herbert Young, back then the Director of the Junta. The list came from Chen but had actually been prepared by Bill Walker and Marty Monroe. It is not a mystery that they had accused several accounts to be part of syndicates or scammers.
About three weeks after the June's meeting I received the list from Herbert Young, back then the Director of the Junta. The list came from Chen but had actually been prepared by Bill Walker and Marty Monroe. It is not a mystery that they had accused several accounts to be part of syndicates or scammers.
