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Non-Tech : World Wide Web Casinos (Internet Casino/Sportsbook)
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To: THOMAS GOODRICH who wrote (621)6/23/1999 3:05:00 AM
From: Robert Gorson  Read Replies (2) of 688
 
Hi Folks...

This is a followup to my post of 18 June and response to Tom Goodrich, Jr's post. When I heard a rumor that the new NWDP shares would be restricted, I send off an urgent email to Peter Michaels asking him to call me immediately and he did. I will try to summarize some of the information he shared with me as follows:

The good news is that the "conversion letters" are in the mail together with a "newsletter" from Peter which we all should have by Friday. Instructions on how to obtain the NWDP shares are in the conversion letter. The bad news for some of us is that the NWDP shares will be restricted until a "secondary registration" is completed which will take four months or so. It is a two step procedure. The first step is to complete the merger which is just about done now. All of the current shareholders will be registered so that our shares can become fully tradable. It was not clear to me why this was necessary but that is outside my area of expertise. Peter did express concern that if all of those shares were free to trade immediately, many holders would dump their shares on to the open market and those market makers who have been selling the shares short since the highs of a couple months ago would be able to cover their short positions at very low prices making a lot of money at the expense of the shareholders.

Regarding the St. James Casino, my understanding is that WWWC had invested around a million dollars in it before being "kicked out" and Peter is in the process of suing to get the money back. In any case WWWC is not generating any new income from that venture. There are other entities which also owe the company money (perhaps 1/2 million)?

Why did so many of Peter's associates leave the company? Peter explained that their job assignments had been completed and they were no longer needed. He said that he and Peter Demos had a fallout but he still has good relationships with other former associates.

Regarding on-line wagering, Peter indicated that www.casinos is back on line accepting wagers as of today.

Regarding the identity of "Judge Renq", he apparently is a shareholder living in Texas who is neither a judge or a lawyer.

Peter says he simply does not have time to accept calls from all shareholders or to issue newsletters every week. When I suggested that he communicate to shareholders via mass email on a frequent time schedule, he said he thought that was a great idea and he will be asking shareholders for their email addresses. In the meantime, we should watch for press releases on the NWDP web site.

Regarding a shareholders' meeting, Peter indicated that one will be scheduled for the new company after the merger is completed but he did not know just when or where it will be held.

Peter indicated that some important developments are in the wind which he is excited about and which should be very rewarding for the shareholders. We will be hearing about these in the near future, so I understand.

Although Peter seemed irritated by the time he had to take from pursuing the company's interest in order to deal with the law suit, he was generally upbeat and eager to prove to us shareholders that he is worthy of our trust and that he has great expectations for the Company's future.

He said a shareholders representative to the Board has not been appointed yet but that is not his responsibility anyway. (I presume that the lawyers will work that out?)

I hope this summary is accurate, but I cannot guarantee that it is free of misunderstanding on my part.

Best wishes to all shareholders. Bob :-)

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