HOUSTONRAISE 0 Posted October 13, 2006 Share Posted October 13, 2006 Should we be cashing out before this gets signed into law? Sorry if this has been covered. Link to post Share on other sites
RDog 0 Posted October 13, 2006 Share Posted October 13, 2006 Should we be cashing out before this gets signed into law? Sorry if this has been covered.As far as I know we have at least 10 days after it gets signed to get your money out. I want to play as long as I can before I get locked out so I still have money on there. Link to post Share on other sites
HOUSTONRAISE 0 Posted October 13, 2006 Author Share Posted October 13, 2006 Cool. Thanks. Yeah, Party is the only place I play so thanks for the info. Where do you plan on going? I'm thinking Pokerstars. Link to post Share on other sites
RDog 0 Posted October 13, 2006 Share Posted October 13, 2006 Cool. Thanks. Yeah, Party is the only place I play so thanks for the info. Where do you plan on going? I'm thinking Pokerstars.Stars, Bodog, Full Tilt, Probably UB too. Link to post Share on other sites
ripptyde 0 Posted October 13, 2006 Share Posted October 13, 2006 MORE TROUBLE COULD LIE ahead for PartyGaming. Gamblers anxious to clear out their accounts could cause a run on the bank. For according to the company's June 30, 2006, balance sheet, PartyGaming owes its clients $192.6 million in liabilities and prize pools, while having only $132.9 million in cash and cash equivalents to meet that obligation. And those cash holdings are likely to have fallen sharply, because of $130.5 million of cash spent on an acquisition in August. Meanwhile, The Financial Times reported the cancellation of a $500 million bank credit line that the company had made some use of. PartyGaming recently cancelled a $115 million special dividend to shore up its cash.yea Im sure your money is perfectly safe. Link to post Share on other sites
RDog 0 Posted October 13, 2006 Share Posted October 13, 2006 Here comes chicken little. Link to post Share on other sites
JMoney2681 0 Posted October 13, 2006 Share Posted October 13, 2006 Here comes chicken little. THE SKY IS FALLING....AGAIN!1!!11 Link to post Share on other sites
WonderfulSplash 0 Posted October 13, 2006 Share Posted October 13, 2006 On a related note, do you guys think there's any chance ill be able to play in the sunday million if I'm already registered? The overlay would be sick... Link to post Share on other sites
wordy 0 Posted October 13, 2006 Share Posted October 13, 2006 Also, any way in hell we get compensated for the Monster tournament, or just a sick way for Party to take our money, bastards Link to post Share on other sites
Flushgarden 0 Posted October 13, 2006 Share Posted October 13, 2006 On a related note, do you guys think there's any chance ill be able to play in the sunday million if I'm already registered? The overlay would be sick...I was wondering that myself. It would be worth it to try to satellite in. Knowing party customer service they'd probably just keep your money and not allow you to play. Link to post Share on other sites
pokerinc 0 Posted October 13, 2006 Share Posted October 13, 2006 MORE TROUBLE COULD LIE ahead for PartyGaming. Gamblers anxious to clear out their accounts could cause a run on the bank. For according to the company's June 30, 2006, balance sheet, PartyGaming owes its clients $192.6 million in liabilities and prize pools, while having only $132.9 million in cash and cash equivalents to meet that obligation. And those cash holdings are likely to have fallen sharply, because of $130.5 million of cash spent on an acquisition in August. Meanwhile, The Financial Times reported the cancellation of a $500 million bank credit line that the company had made some use of. PartyGaming recently cancelled a $115 million special dividend to shore up its cash.yea Im sure your money is perfectly safe. Here comes chicken little.Chicken Little?!!? That's a good freaking point. Learn history and economics and you'd be terrified to keep money on party considering it's a sinking ship, and they have no large incentive to be honest and polite to you anymore considering you are no longer their customer base. Link to post Share on other sites
Actuary 3 Posted October 13, 2006 Share Posted October 13, 2006 I'm out of Party.$800 creditted in bank now.$244 more taken out last night ( e-check), not in bank yet. But sure it will be within 2-3 days Link to post Share on other sites
Flushgarden 0 Posted October 13, 2006 Share Posted October 13, 2006 I just took my last $400 out of party right now. Hopefully it gets to my bank account. Link to post Share on other sites
JMoney2681 0 Posted October 13, 2006 Share Posted October 13, 2006 I just took my last $400 out of party right now. Hopefully it gets to my bank account.You weren't playing BJ were you? [raises eyebrow] Link to post Share on other sites
RDog 0 Posted October 13, 2006 Share Posted October 13, 2006 Chicken Little?!!? That's a good freaking point. Learn history and economics and you'd be terrified to keep money on party considering it's a sinking ship, and they have no large incentive to be honest and polite to you anymore considering you are no longer their customer base.Umm....other than still a big customer base they wouldn't want yanking their money off because they hear what happened to US customers and the ability to get back in the US market after this whole mess gets fixed (which it will at some point). Yeah, you are right, our money is gone. Link to post Share on other sites
pokerinc 0 Posted October 13, 2006 Share Posted October 13, 2006 Umm....other than still a big customer base they wouldn't want yanking their money off because they hear what happened to US customers and the ability to get back in the US market after this whole mess gets fixed (which it will at some point). Yeah, you are right, our money is gone. http://en.wikipedia.org/wiki/Bank_runBank runFrom Wikipedia, the free encyclopediaJump to: navigation, search Theatrical promotional poster depicting a bank runA bank run is a type of financial crisis. It is a panic which occurs when a large number of customers of a bank fear it is insolvent and withdraw their deposits.A run on the bank begins when the public begins to suspect that a bank may become insolvent. As a result, individuals begin to withdraw their savings. This action can destabilize the bank to the point where it may in fact become insolvent. Banks only retain a fraction of their deposits as cash (see fractional-reserve banking): the remainder is issued as loans. As a result, no bank has enough reserves on hand to cope with everyone taking their savings out at once. As a result, the bank faces bankruptcy, and will 'call in' the loans it has offered. This can cause the bank's debtors to face bankruptcy themselves, if the loan is invested in plant or other items that cannot easily be sold.If many or most banks suffer runs at the same time, then the resulting chain of bankruptcies can cause a long economic recession.As a bank run progresses, it generates its own momentum. As more people withdraw their savings, the likelihood of default increases, so other individuals have more incentive to withdraw their own deposits. For this reason, a bank run has much in common with the reflexive processes described by George Soros, amongst others. Another example of a reflexive process is economic bubble.Replace 'bank' w/ 'poker website' and understand the problem.As said above, Party doesn't have cash on hand to cover all of their US market which they will have to pay out. They also have credit issues and a sinking stock price which is further driving down their credit rating, meaning cash will not be readily available to them.Read and comprehend. Link to post Share on other sites
Flushgarden 0 Posted October 13, 2006 Share Posted October 13, 2006 You weren't playing BJ were you? [raises eyebrow]No lol I learned my lesson one day a while back. I haven't played since and I never will again. Link to post Share on other sites
GWCGWC 83 Posted October 13, 2006 Share Posted October 13, 2006 ewwwwwwwwwwwwwwwwwwwww party poker party poker Link to post Share on other sites
TheCinciKid 0 Posted October 13, 2006 Share Posted October 13, 2006 I'm out of Party.$800 creditted in bank now.$244 more taken out last night ( e-check), not in bank yet. But sure it will be within 2-3 daysI'm curious since I know you played exclusively on Party; do you have plans to move your money to another site or are you done with online poker? Link to post Share on other sites
pokertvstar 0 Posted October 13, 2006 Share Posted October 13, 2006 pokerinc,that being said, any chance party reverses their decision to block US players? would only make sense for them if they aren't liquid enoughto handle the US players cashing out. Link to post Share on other sites
psujohn 0 Posted October 13, 2006 Share Posted October 13, 2006 I moved my money off of Party only because I use Firepay and they'll both shut me out today if everything goes as planned.I'm curious though - assuming the ban is eventually reversed and Party starts accepting US deposits again how many of you would go back? I have to say they left me with a bad taste in my mouth and I don't expect to retun to Party if I can at some future date. Link to post Share on other sites
Actuary 3 Posted October 13, 2006 Share Posted October 13, 2006 I'm curious since I know you played exclusively on Party; do you have plans to move your money to another site or are you done with online poker?you know the "apathy" was a joke, heh?I put a bit on Starsnot playing a lot. Link to post Share on other sites
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