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Microcap & Penny Stocks : ECNC (OTC:BB) - eConnect
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To: LORD ERNIE who wrote (3729)11/27/1999 6:33:00 PM
From: M Vavolizza  Read Replies (2) of 18222
 
Here I am Ernie, working on a saturday night. I just posted this on the R B.

Hello boutonj -

Let me try to clarify the gaming. A couple of months ago, Tom was admonished that Internet gaming was under attack. Some expressed to the Tom the opinion that he should get out for the safety of the company. Since he has a fiduciary responsibility to the shareholders, he backed out of the gaming. In fact, I was probably the first to applaud him.
In the interim, Tom's gaming team consulted with attorneys and put the KYL Act under scrutiny. They ascertained that 777WINS was working within the limits of the law (at least for now; if the KYL Act passes the full Congress, BTW, I assume plan B must go into operation).
Tom also contends that gaming is an integral part of the process of transporting money. He even has plans to test the concept of State Taxation of Lottery Winnings in other countries where it is legal.
Thus, rather than see it as a 180 degree turnaround, perhaps you want to view it this way: Mr. Hughes backed off gaming when the red legal lights were blinking. When he was advised everything was within the parameter of the law, he proceeded to go after the green (revenue). Sorry for the pun ;-)
My own stance is this: Be constantly vigilant that everything is legal; audit all operations constantly; attempt to develop a mode of direct taxation of winnings (This is in the future obviously). In short, Manny urges to proceed with caution.

Manny Vavolizza

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