Bankruptcy For World Gaming Plc. - No Chapter Eleven Protection For World Gaming Plc Bankrupts. Our Magazine Seems To Have Great Powers Of Prescience.
Our magazine seems to have great powers of prescience, which is the ability to see into the future and foretell events. We told our readers many times about the consequences of doing business, whether as players, licensees, or investors, with World Gaming (Starnet Communications International Inc.) and Cryptologic. Starnet's performance on the stock market was dismal after we warned about their rigged games and the mob's involvement with the crooks; the shares fell from US $29 to just a few cents, down over 99%.
Those shareholders who wouldn't listen to our warnings lost hundreds of millions of dollars.
Cryptologic is in the same league. This company was founded on the profits of heroin dealers and drug pushers. If you want to see how well this company has been performing for the past year, just click here. The shareholders who listened to our warnings did very well.
Everyone knows that stock markets around the world have taken a hit for some months now but the stock's performance is abysmally poor.
The record of World Gaming is no better, down over 99%. The bankruptcy warning we gave readers just a few days ago is very real. World Gaming recently obtained a short-term loan of $ 1.5 million just to stay afloat. This money was borrowed from a licensee, a pretty desperate sign. On a previous occasion, they also borrowed from another licensee.
The company tried to borrow tens of millions of dollars a few years back, a request that shrewd bankers wisely refused to entertain (when it traded under the name of Starnet Communications International). Our warnings also extended to other associated companies such as EFS (Electronic Financial Services International Inc.), EFS Caribbean Inc., and any person or business connected with them.
The $1.5 million loan is a short-term one not because World Gaming can pay it back quickly from profits but because the company providing the loan knew that a longer-term loan might never be repaid if the company went bankrupt. This is now more likely than ever.
Once players shut down their accounts, as we requested they do urgently to save their money, as soon as investors ring their brokers to dump the shares at any price they can get, and when licensees walk out because they can't make any money when the crooks are controlling the software and the rigged games, bankruptcy become an inevitability.
As a UK domiciled company, World Gaming will have no Chapter 11 protection from the U.S. bankruptcy code. Chapter 11 helps companies rehabilitate or reorganize. During the process, a creditor cannot pursue certain debts and so the debtor is given the chance to restructure affairs to meet financial obligations.
When the debtor is an individual, once the liquidation and distribution are complete, the bankruptcy court may discharge any remaining debt. When the debtor is a corporation, upon liquidation and distribution, the corporation becomes defunct. Remaining corporate debts are not formally discharged, as they are with individuals. Instead, creditors face the impossibility of pursuing debts against a corporation that no longer exists, making formal discharge unnecessary.
When the British bailiffs come round, they are mean enough to frighten anyone. Looking like spruced-up thugs from the East End of London, they work with quiet determination. Any lock or door that stands in their way is efficiently knocked down. Computers, office furniture, mobile phones, paperwork, files, dedicated servers, even the chairs the office secretaries are sitting on are all carried off to be sold at auction.
Cars are a specialty. This is personal property but fair game for the British bailiffs. A recovery vehicle plus a couple of greased-up thugs who would make the Kray brothers look sweet are used to haul away any private cars belonging to the bankrupt company.
When this happens, as it surely will soon, and you are in London traveling on the Underground, and you see some blanked-out, disorientated persons on the Tube, looking more miserable than meat porters at Smithfields market, who have just been fired, you may be looking at World Gaming executives on their way to London's docklands. They would be looking for a boat to escape to Antigua or any Caribbean island prepared to take them.
If you pass by Charing Cross Bridge and see some men in business suits hiding in makeshift cardboard boxes, you could be looking at World Gaming management who missed the boat back to Antigua.
If you see odd-looking characters, eyes wide from sheer terror, queuing for the mobile soup kitchens near Victoria Station, you may be witnessing staff from World Gaming after the bankruptcy. They would be malnourished anyway because World Gaming doesn't even pay its staff.
When you return to your hotel, perhaps Park Lane's Grosvenor House, The Dorchester, Claridges, or The Connaught in Mayfair's Carlos Place, and a stone's throw away from the night porter is a huddled figure begging for money or trying out a three-card trick to fleece the tourists, this could be some guy from World Gaming. He still thinks the fastest way to make money is to cheat the nearest person he meets on a dark and windy night.
Never mind the looming bankruptcy, these companies are technically bankrupt NOW. That means you should treat the matter as extremely urgent if you have any funds tied up with these crooks. It makes no difference if it is a casino or sportsbook account. The only way to save your money is to withdraw your funds immediately.
Don't tell them you want to close your account because the crooks might prevent you from taking out money. Just withdraw your money quietly, the sooner the better.
The deal that World Gaming struck with their licensee involves the source code of their software and their hardware as security for the $ 1.5 million loan. World Gaming is mortgaged right up to the hilt, ready to go under. Creditors can take it over for peanuts and the shareholders, not for the first time, will get screwed. Starnet at one time had a very profitable porn business, which they "sold." However, the money was never paid so the shareholders got nothing, just another insider’s crooked deal. The same trick will probably be done with the gaming business.
The deal also includes a waiver for the licensee fees until the loan is repaid. That means that World Gaming's revenues will be hit, and the chances are the crooks will find bankruptcy staring them in the face that much faster.
Under English law a company that can't pay its debts as they fall due is technically bankrupt and if they don’t file for bankruptcy soon, the directors are taking the risk of being sued personally and on behalf of the company.
We know for sure that World Gaming is unable to pay its debts because we have received so many complaints recently, from licensees, players, sub-licensees, staff, and many more.
Customer Support at World Gaming casino sites must be almost non-existent. World Gaming would need to open a brand new call center just to deal with the heavy volume of complaints about non-payment of their debts.
If you have an account at any World Gaming casino site or sportsbook, the safest thing you can do to protect your money is to withdraw it today. Leave it any longer and you risk losing the lot.
