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Non-Tech : World Wide Web Casinos (Internet Casino/Sportsbook)

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To: Oremont who wrote (671)	9/19/1999 7:35:00 PM
From: THOMAS GOODRICH	Read Replies (1) of 688

You're very correct, intervention by the SEC and California DOC was long overdue after prolonged investigation by these and other agencies. The final chapter with WWWC has not been written and I believe investors will eventually be renumerated in some fashion. This situation is not unique to WWWC investors and presently there are ongoing investigations with other web page casino companies. Hopefully, all of this will serve as a lesson to other individuals and/or companies contemplating elaborate schemes to defraud investors. In general, I believe the party for web page casino partnerships is about over. Many of these operations originally structured as GP's and LLC's begin with lucrative preferred partner recoupment schemes, however, after funding completion operators typically attempt mergers into clean shells, forward and reverse triangular mergers, etc. and what usually happens as a result is investors get stuck with restricted paper in lieu of dividends and the principals end up flying the friendly skies of Mary Poppins with salaries and lucrative perks. For this reason, investors solicited via the telephone and e-mail should refuse these virtual gaming offers. Another reason, ISO marketing reps often consume 50% to 80% of the initial investment. Going forward, the best opportunities [in online gaming] may lie investing in vendors such as Starnet, Virtgame.com, Cyberoad.com, PlayStar, Cryptologic and others. There are over one thousand IPO's in the cue over the next eighteen months and many of these include undercapitalized companies such as gateway web page casino companies and most are expected to falter in the predicted oversupplied markets next year. Anyone fortunate or unfortunate to be involved in one of these investments should scrutinize what their companies are doing and not hesitate to seek legal counsel at the first hint of trouble or proxy issues.

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