Here Is The Bos Press Release Re: Player Funds

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. </LABEL>
<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>

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

Dont hold your breath

i for one anticipated bos wud earn enuff interest on client deposits and margin on bets held not to have to spend client funds and as such have the capacity and willingness to repay initial deposits

obviously now the true intention of bos has been shown that they always intended to stiff the players from day one

its a very sad day for the rx and the mods who so heavily praised bos and encouraged players to give them a shot.

i hope some resolution is still possible but the writing is now on the wall saying otherwise. full scale lawsuits will be filed today trying to protect their money or investments - this is very sad news.

bos management had no interest other than their own pockets

50 % bonus = complete scam.

Ok, ppeter, you were right from the get go, we are fucked.

I think now is a great time to start talking insurance, that is, if it exisist.

BB

one of the first places to look to see how much money was stolen from the players is the bonuses paid to corporate officials

and if there were any "recent" special bonuses paid

see how much these guys really knew

also insider sales of stock

The company is gone.

Question remains what happens to the available cash:

Employee severence pay?
Returning Customer Deposits?
Paying creditors?
Siphoned off by the Brits in charge?

Here's a solution for option 2:

Use Carruthers' bail money to refund the customers. $1m should be a good start.