Quote:
Originally Posted by cpitt398
Yes I have. I've read every post. I'm sorry I don't remember every detail off the top of my head. The Peirson guy wasn't mentioned in this thread, bc I went through it again. I could have searched the entire other thread but I wasn't even sure I had the spelling right and someone could inform me in the amount of time it would take to insult me.
Its not like im popping in after 3 days and asking for cliff notes.
The Game Theory thing I thought I would remember but I forgot if if was that exactly. I was hoping someone knew.
And the summaries are not to beneficial to what I'm trying to accomplish.
Pieson was mentioned a zillion times. Here you go though.
Re: Was Exscapa/UB/Blast off called Game(img) Theory something before Exscapa?
On the last part of your question, I believe the order of evolution of Russ & Co went like the following:
1. ieLogic wrote the poker software and licensed it to eWorld; eWorld is the operator of UltimateBet; i can't recall what I read regarding the exact date/year of this but it is in late 90s when software is complete or nearly complete (discussions between Russ Hamilton, Greg Pierson, Phil Helluth, etc start in mid 90s-to-late 90s)
2. company called Excapsa Software is set up and in 2001 the underlying licensee business is underway; Excapsa buys ieLogic; Excapsa's main revenue stream is from eWorld license because eWorld represents 97% of Excapsa revenue at the time due to popularity of UltimateBet; due to lucrative licensing agreement, Excapsa re-negotiates eWorld license to a 20 yr license (20 yr term with reewals in four 5-year increments) sometime between '01 and '06; key term is that is license is terminated, Excapsa keeps the customer database of UB
3. Excapsa publicly trades on AIM in Feb 2006 after IPO on London Stock Exchange (or AIM); offering raised roughly US$28-30 million depening on what currency conversion was back then
4. Excapsa sets up a limited partnership (LP) called Game Theory. Excapsa serves as astewardship (shell company) while Game Theory handles the licensing and management directly from offshore location;
5. Excapsa eventually closes around the time of UIEGA. Public company goes private in what is sure a buyout but no information exists. Blast Off comes into play at this time.
As you can see, I rely 100% on all publicly available investo presentations and annual reports of Excapsa and media reports so I get lost around #5 above in terms of dates and actions. I have strong oinions about what happened based on business experience and hints littered here and there but zero factual evidence or data from #5 onward.
Tokiro is the publicly stated new owner but that is not enough to know. Between Excapsa (shell) and the licensee (eWorld) was Game Thory Ltd. (actual). So, knowing Tokiro replaced shell or actual is pretty darn critical. Also, beyond that, the actual individual names attached to those selling and buying entities is also equaly critical. For example, Tokiro replaces Excapsa and Blast Off replaces Game Theory is likely or possible scenario given the facts we know.
That's it for now. Again, these are all information I have shared including entire links to the docs which I found with our trsty Google engine.
So, we can't randomly say X or Y owns UB. We have to know where they fit into the above picture and to what degree. Russ, it seems, was/is owner in every step and every aspect. Russ also may have had significant equity. Others are less certain. Controlling interest is importnat to know. Just owning stock is not enough. They had over 20 milion outstanding shares at a less than $1 strike price at one point prior togoing public. All kinds of people had those stocks including employee stock optionees, F&F, board, advisors, vendors, whatever. WIth dilution if they had subsequent funding injected, their stake got smaller and smaller. SO, whose stake remained steady or grew - maybe even preferred stock converetible at IPO? That is, who had controlling interest and who has it now? All fingers point at Russ until someone can prove otherwise.