Official announcement of WWTS sale posted..

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Regulatory Announcement
Friday 20 October 2006
BETCORP LIMITED
(“Betcorp” or “the Company”)
DISPOSAL OF GAMING OPERATIONS

Betcorp announces that the Company has entered into an agreement, conditional only on the approval of Shareholders, to sell the Group’s gaming operations and operating infrastructure in Antigua and Toronto in their entirety (“the Gaming Operations”) to Bodog Entertainment Group SA.
The consideration payable to Betcorp in respect of the Disposal comprises a maximum cash consideration of US$9 million payable in five instalments. US$3 million is payable on completion and the balance of US$6 million in four equal quarterly instalments during the 12 months following completion. In addition, the Purchaser will be assuming the net current liabilities of the Gaming Operations of US$2 million, implying an enterprise value of US$11 million.

The cash consideration will be reduced by the extent to which the net current liabilities of the Gaming Operations at completion exceed $2 million. Currently, these are expected to be approximately US$3 million. The final amount will be dependent, inter alia, on the trading performance of the Gaming Operations during the period through to the completion date.
Had the Group’s Gaming Operations been closed down, the Board estimates that the cost of severance and closure would have been approximately US$6 million.
 
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So much for the rumors of them running off with everyone's money. Very good to hear.
 

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Pocket change for Calvin. He must be thrilled about this new law. First a whole bunch of poker players come streaming in and now this....

Some guys are just meant to be rich.

Sean
 

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funny, in their announcment they basically state that they 'buyer' will be conducting illegal activities.
 

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TTinCO said:
So much for the rumors of them running off with everyone's money. Very good to hear.

and if BoDog pays all of the WWTS customers in a prompt and orderly fashion then this story will have a happy ending...
 

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Best as I can figure from reading the press release WWTS will no longer exist and all current players will be absorbed by BoDog. In other words, they won't be running WWTS as a separate brand:

"The purchaser has also undertaken not to use any URL, trade mark, brand name or other intellectual property acquired from The (BetCorp) Group to provide services to United States residents, following its purchase of the Gaming Operations"
 
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That's my take. The next question is how we will get access to our funds in an orderly manner? Talk about a potential for a stampede.

Also, what if for some reason the shareholders reject this deal?
 

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10.20.2006 (03:35 PM CST)
Betcorp sale of Tasman Gaming Inc. and WWTS (SBR rating C-) to Bodog (SBR rating A+) now pending shareholder approval.
Shareholders are scheduled to approve the sale of Betcorp subsidiary, Tasman Gaming, which encompasses all of the group’s US-serving gaming brands, on November 15th. Betcorp CEO tells SBR that they were required to give shareholders three weeks notice before the meeting. This means player funds will remain frozen until the transfer is complete. Bodog will acquire Tasman for $9 million, with $3 million cash due at the time of transfer and four subsequent installment payments of $1.5 million each.
 

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da1prophet said:
Best as I can figure from reading the press release WWTS will no longer exist and all current players will be absorbed by BoDog. In other words, they won't be running WWTS as a separate brand:

"The purchaser has also undertaken not to use any URL, trade mark, brand name or other intellectual property acquired from The (BetCorp) Group to provide services to United States residents, following its purchase of the Gaming Operations"


So then my guess is we will actually log into BoDog for our balances. Anybody see it another way?
 

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Vegas Player 777 said:
So then my guess is we will actually log into BoDog for our balances. Anybody see it another way?

That's sure what it sounds like....
 

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BostonBettor said:
That's my take. The next question is how we will get access to our funds in an orderly manner? Talk about a potential for a stampede.

Also, what if for some reason the shareholders reject this deal?

I seriously doubt that would happen, but should shareholders reject the deal there are a variety of scenarios. BoDog can take their ball (and their money) and go home, they can rework the deal and get it approved again, they can try to work another offer with someone else. There may be a provision in the actual paperwork between WWTS and BoDog specifying what course of action they'll take in the event of a shareholder rejection....until that happens, its hard to say what exactly will transpire. My hunch is that the shareholders will want to get while the gettin' is good...
 

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michael777 said:
10.20.2006 (03:35 PM CST)
Betcorp sale of Tasman Gaming Inc. and WWTS (SBR rating C-) to Bodog (SBR rating A+) now pending shareholder approval.
Shareholders are scheduled to approve the sale of Betcorp subsidiary, Tasman Gaming, which encompasses all of the group’s US-serving gaming brands, on November 15th. Betcorp CEO tells SBR that they were required to give shareholders three weeks notice before the meeting. This means player funds will remain frozen until the transfer is complete. Bodog will acquire Tasman for $9 million, with $3 million cash due at the time of transfer and four subsequent installment payments of $1.5 million each.

Why the need for installment payments if Bodog is loaded like everyone says they are? Some of you people will trust anyone.
 

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Vegas Player 777 said:
So then my guess is we will actually log into BoDog for our balances. Anybody see it another way?
How can they change the books name? I enjoyed using WWTS user friendly options as to their betting lines and cashout methods. Does that mean we have to open a new acct at bodog? I want to get my $ from WWTS!
 

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brianb said:
How can they change the books name?

Because BoDog is being told to as part of the sale. The following statement in the announcement is pretty clear me:

"The purchaser has also undertaken not to use any URL, trade mark, brand name or other intellectual property acquired from The (BetCorp) Group to provide services to United States residents, following its purchase of the Gaming Operations"
 

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Yeah, I would really miss all those great WWTS pay-out options!! Are you kidding me?!!! They were slow to pay before they stole all Americans' money.
 

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Several years back, when Bodog absorbed TheBigBook, they got rid of the old URL and I just logged into Bodog using my old TheBigBook account information. Pretty seamless, but under a little different circumstances.
 
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bulldog77 said:
Yeah, I would really miss all those great WWTS pay-out options!! Are you kidding me?!!! They were slow to pay before they stole all Americans' money.

Huh????
 

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