Pinny's move handled terribly?

primetime21+ · Jan 11, 2007

There are about 100 threads, so forgive me if this has been covered, but why would they do this with no notice? Now there is a rush on their cashier and funds.

Wouldnt it be smarter of them to have announced this 4 weeks ago allowing people to gradually withdraw funds. Or they could have told us today that they plan on ceasing all US operations on March 1st.

Someone explain to me why they did it this way. Maybe i am missing something.

Do you think they heard something that scared them into this sudden move?

ensign_lee · Jan 11, 2007

I think their official reason was so that nobody could take shots at them right before the day of shutdown.

max1234 · Jan 11, 2007

Prime,

I would think it has to do with their credit side of the business. Extending credit when people know you're going to shut down is just asking for people to try to stiff you if they lose.

CollegeFan · Jan 11, 2007

max1234 said:
Prime,

I would think it has to do with their credit side of the business. Extending credit when people know you're going to shut down is just asking for people to try to stiff you if they lose.

But, there comes a point when you have to stop extending credit. Are you telling me they extended credit all the way through last evening? In that case, your theory has no support, b/c they are closing down with people still owing money.

D2bets · Jan 11, 2007

ensign_lee said:
I think their official reason was so that nobody could take shots at them right before the day of shutdown.

When they say "shots" does that mean like credit transactions or chargebacks or something?

CollegeFan · Jan 11, 2007

D2bets said:
When they say "shots" does that mean like credit transactions or chargebacks or something?

I think it means big bets, so as to win back any money you may have lost there. By big bets, I mean high 5 figures.

RDENBOER · Jan 11, 2007

1. I believe they're hand was forced. Pinny has always been a top book. If they knew ahead of time, they would of came up with something much much better.

2. I doubt it was to avoid credit losses, as they could of stated no more extending credit for the next 3 weeks, however we will still operate until March 1st.

I bet Pinny didn't get out of bed yesterday, knowing they were going to cut out 60% of their business later that night.

cutacrossshorty · Jan 11, 2007

Some advance notice would have discouraged me from making an echeck deposit on Tuesday. Now I have money tied up there for several (5?) more business days (don't know if Monday's holiday effects that). I obviously would've deposited elsewhere had they given an indication at a previous date.

nimue77 · Jan 11, 2007

I doubt that's what it means. I think it means credit playes/chargebacks and that type of thing.

College Fan said:
I think it means big bets, so as to win back any money you may have lost there. By big bets, I mean high 5 figures.

primetime21+ · Jan 11, 2007

I can't imagine this was their best defense to potential chargebacks. I tend to think something is up and they were either forced or saw the writing on the wall. I hope i am wrong, but this is just a big mess.

As for chargebacks, party poker had to close up shop in america as well and they were able to do it gradually and without a crazed run on their cashier.

By the way, i have no fear that my money is safe and my w/d willl be processed.

2PLAYSMAX · Jan 11, 2007

Pinnacle = Nick Saban

"We are not pulling out of the US Market"

AlwaysKeen · Jan 12, 2007

they had to have been forced to do so...

sean1 · Jan 12, 2007

Their hand was clearly forced. You dont take these actions at 11PM with one customer service staff on duty who has no clue 2 weeks before the super bowl unless the Feds tell you, shut down by midnight or we shove a fat one up your ass....

Sean

gskiman · Jan 13, 2007

Not enough staff to handle the emails, so you have no idea if and when your withdrawal request is going through. I have gotten two what looks like almost automated withdrawal denial emails. According to their posted rules for withdrawals, one must withdraw up to the amount they deposited via E-Check. Then one can withdraw the rest using method of their choice. Well, when I put in request to withdraw via E-Check the portion of my balance to cover that, I got an email denial telling me to withdraw the entire balance. So this time I put in two requests, the 1st for the E-Check withdrawal, and the rest via Neteller. The E-Check withdrawal does me no good because I will not have access to that cash for several days. At least with Neteller, I can transfer the cash to another book. This is turning into more of a pain in the ass than I anticipated. It has been 48 hrs since my initial withdrawal request. This will be my 3rd attempt.

hno:

FairWarning · Jan 13, 2007

cut across shorty said:
Some advance notice would have discouraged me from making an echeck deposit on Tuesday. Now I have money tied up there for several (5?) more business days (don't know if Monday's holiday effects that). I obviously would've deposited elsewhere had they given an indication at a previous date.

No banks are open on Monday.

12thRound · Jan 13, 2007

48 hours and still waiting for Pinnacle to give me my money back. Was it handled terribly? You bet!!!! Many more people in line after me already got paid, and I just had a 4 figure balance.

What a botch job. Sure, it takes time, but it should have been first come first serve.

fathead · Jan 13, 2007

Handled very poorly from a customer service point of view.

Even if they some day come back to the US market when the environment changes, I am not sure I would use them. Maybe by then I will have cooled down, but right now if they said "Pinnacle is back! -- 10% welcome back deposit bonus for US clients!" I would have to pass.

cutacrossshorty · Jan 13, 2007

FairWarning said:
No banks are open on Monday.

I know that, but it's not a holiday where they are located. So I'm not sure if it is business days here in the U.S or business days in Curacao or the Netherlands Antilles.

Pinny's move handled terribly?

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