Comments on: Playing with the house’s money… http://www.footnoted.org/perk-city/playing-with-the-houses-money/ Michelle Leder's guide to what's hiding in SEC filings Tue, 16 Mar 2010 22:19:36 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: David J Phillips http://www.footnoted.org/perk-city/playing-with-the-houses-money/comment-page-1/#comment-3118 David J Phillips Tue, 28 Aug 2007 05:31:16 +0000 http://www.footnoted.org/keys-to-the-jet/playing-with-the-houses-money/#comment-3118 Michelle: Plaudits to you for unearthing this abuse! It did not, however, surprise me. To wit: last year I did due diligence on PokerTek and uncovered other red flags, too. (1) PokerTek’s Chairman, Lyle Berman, is also the CEO of Lakes Entertainment, Inc. (LACO), a Minnesota-based publicly traded company whose primary business is managing tribal casinos, and Executive Chairman of WPT Enterprises, Inc. (WPTE), the operator of the World Poker Tour. Talk about managing one's time? (2) Management has consistently 'downplayed' the fact that a key component of the PokerPro gaming system architecture is licensed from a third party, Standing Stone Gaming, an operating unit of the NY Oneida Indian Nation, for its Oneida II Lite software. This is a NON-EXCLUSIVE SOFTWARE LICENSE AGREEMENT.... and given the limited barriers to entry, the 10Q Detective believes that it is highly likely that a company with greater resources—like an International Game Technology (IGT)—could easily supplant the PokerPro system with directly competitive products. http://10qdetective.blogspot.com/2006/02/pokertek-inc-dealt-bad-hand-fold.html As always -- keep on dishin' out the good stuff! Warmly, David J. Phillips, Publisher www.10qdetective.blogspot.com Michelle:

Plaudits to you for unearthing this abuse! It did not, however, surprise me. To wit:

last year I did due diligence on PokerTek and uncovered other red flags, too.
(1) PokerTek’s Chairman, Lyle Berman, is also the CEO of Lakes Entertainment, Inc. (LACO), a Minnesota-based publicly traded company whose primary business is managing tribal casinos, and Executive Chairman of WPT Enterprises, Inc. (WPTE), the operator of the World Poker Tour. Talk about managing one’s time?
(2) Management has consistently ‘downplayed’ the fact that a key component of the PokerPro gaming system architecture is licensed from a third party, Standing Stone Gaming, an operating unit of the NY Oneida Indian Nation, for its Oneida II Lite software. This is a NON-EXCLUSIVE SOFTWARE LICENSE AGREEMENT…. and given the limited barriers to entry, the 10Q Detective believes that it is highly likely that a company with greater resources—like an International Game Technology (IGT)—could easily supplant the PokerPro system with directly competitive products.

http://10qdetective.blogspot.com/2006/02/pokertek-inc-dealt-bad-hand-fold.html

As always — keep on dishin’ out the good stuff!

Warmly,
David J. Phillips, Publisher
http://www.10qdetective.blogspot.com

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