One more Aces thread

[BobbyBlueChip]

Not really trying to stew over this Aces situation, it?s just that it appears some people know more about the offshore industry than I ever will.

Just from watching all of the Enron stuff (I am an auditor and this is as exciting as my profession gets), I can?t help but think that if no one said anything about the off-balance sheet partnerships and if there was no restatement of earnings and then no demand trigger on the debt, then the Company would still be operating as the 7th largest Company in the US. While there would have been a decline in shareholder value, it would have been marginal and it wouldn?t have had nearly the effect that it had.

Is this the same thing that happened with Aces? I at one time had over $7,000 in the account and didn?t feel worried about it at all. Once a disparaging remark was made, did the withdrawal requests from scared customers ultimately make the Company go belly up? While I agree that the Company should keep the deposits in escrow, the fact is it didn?t appear that they were preparing to go belly up or there would have more excessive bonuses for the Super Bowl. Why did they lower their limits after the Super Bowl if they were going to the tank anyway?

The question I have is How many sportsbooks are one damaging article away from going under?

 

[BahamaMama]

Re: One more Aces thread

Once a disparaging remark was made, did the withdrawal requests from scared customers ultimately make the Company go belly up?

the EXACT same thing i've been wondering, Bobby.....glad you posted it

 

[FUZZY NUTZ]

IF IT MAKES ANY OF YOU PEOPLE FEEL BETTER, THE WORD ON THE STREET IS THAT SOME VERY PISSED OFF PEOPLE HERE IN THE CITY HAVE FOUND OUT WHERE CHARLIE IS AND THEY SENT A CREW DOWN TO GET THEIR MONEY BACK. IT WOULD BE WORTH THE ENTIRE 15K I LOST TO SEE THE LOOK ON CHARLIE'S FACE WHEN HE RUNS INTO THESE CHARACTERS. THE MONEY I LOST IS CHUMP CHANGE COMPARED TO WHAT THESE FELLAS ARE AFTER. I DON'T FEEL ANY PITTY THOUGH BECAUSE WHAT COMES AROUND GOES AROUND.

ANYONE KNOW THE LATEST WITH CAMELOT?

 

[yyz]

If a book is one damaging article from going under, it isn't worth a pinch of shit, anyway!

These guys ran a poor outfit.....pure and simple. You don't book what you can't back!

You and I can't wager after our account reaches zero, right? Yet the "book" can! Why? Because no one knows that the book is below $0! How many of you have posted a bad check some place? You figured, "It's okay, because I'll get more money in my account before they cash it." Or how many of you have had credit with a street bookie, and bet into the hole, hoping to get out? That is exactly what happened at Ace's. It doesn't matter how much they "owe", if no one asks for it, but once the orders start coming in for payment, they are ****ed!

Anyone who knows anything about this business, knows that a lot of guys only bet football, and at the season's end, they take their account down. I am sure that that was a factor in this fiasco, also. They were probably running on fumes for quite a while.

Every book should have equal funds to match what you put in, because you are entitled to take that money when you win. I think it goes without saying, that most owners figure this is a cash cow, that will never see a bad day. The lowering of limits by Ace's, probably was an attempt to avoid getting hammered by some big hits. I am currious as to when they decided to stop paying people? The time when they "threw in the towel"?

Ace's won't be the last to go "tits up", either. Personally, I would not have a dime in an off shore at this time. That might be a "knee jerk" reaction, but this is still a shady business, regardless of what you might think. I used to scoff at the limits that Las Vegas had, compared to the OS industry, but you know what? The Vegas joints are not going beyond their means, and you will get paid when you win!

 

[goldcupsports]

IF IT MAKES ANY OF YOU PEOPLE FEEL BETTER, THE WORD ON THE STREET IS THAT SOME VERY PISSED OFF PEOPLE HERE IN THE CITY HAVE FOUND OUT WHERE CHARLIE IS AND THEY SENT A CREW DOWN TO GET THEIR MONEY BACK.

I am so sick of guys making comments like this. Charlie shouldn't be to hard to find. He is still on the island. Aces just gave out way to much Bonus and took on "Wise Guys" There booking practices over the last few months really is what put them in the situation there in now. Aces was not booking they where gambling.

 

[FUZZY NUTZ]

IF YOU DON'T LIKE IT DONT READ IT YOU ASSHOLE!

 

[goldcupsports]

OK FUZZY

 

[Tito]

For what it's worth, I sent in a withdrawel request the Monday before Ace's shut down. It was a credit back to one of my credit cards. I just got my statement and the money was credited back to me. Of course it was only $450.

 

[JT]

Bobby, I can't say I have anything of substance to add on Aces Gold but had to tell you that your signature is brilliant. Man you killed me with that.