Post
by Glenneration X » Fri Dec 09, 2011 2:20 am
I have to agree with Chad here.
Though far from unexpected, the actual notice that the WCOFF had filed was a harsh reality to absorb. With that filing, whatever very very slim hopes remained that the WCOFF intended to and would still try to make good on their promises and responsibilities to me and others were permanantly vanquished. This leaves legal recourse the only option remaining for those of us who still hope to be compensated what is due us. For me personally, that is slightly more than $67,000.00. Having just taken an additional financial hit because of this situation by paying a legal retainer for counsel and hoping that it's not just throwing good money after bad, I am personally more than a little sensitive to criticism that I should have known better.
We should tread carefully here. To blame the victims for being victimized are dangerous waters to wade through. Were there red flags? In hindsight, certainly. Even in foresight, there were surely hints. However, there was a history of 8 years of every dime owed being paid by the WCOFF. Personally they paid me everything I won for both my football and baseball prize winnings my first two years with the contest from 2009-2010 outside of what I reinvested in their 2011 contests. Their history of payments preceeded that of even the NFFC, another contest that uses its history as evidence that our money is safe with them. There also was the backing of the "deep pockets" of the financial partners of the WCOFF that could absorb any losses to grow a business (laughably both these partners as well as Dustin are included on the list of creditors in this filing). Not all business models or business plans are the same. It is not uncommon in any business to absorb upfront financial losses for future growth. In fact, I would be surprised if the NFBC didn't incur losses its first year that were simply absorbed by its financial backer, Krause Publishing. What one can't foresee is when the financial backing that make losses absorbable and part of a workable business plan makes a decision to withdraw its support without living up to its obligations already made. That's apparantly what's happened here.
There have been red flags all over this industry. Let's not forget that there were red flags not too long ago with Fanball as well. The FFOC allegations, the software issues that created contest credibility issues, the added costs to both contest and customer, the slower payouts, and a polarizing figure in charge like Dustin in Ryan Houston that did little to create trust in the contest for the customer. Let's also not forget that they had strong financial backing in Liberty Media as well, who also decided to pull the plug. It would be unwise not to remember that there were moments there when we all were unsure how it would play out. If not for the goodwill of Liberty Media, when they closed up Fanball's shop they could have gone the route of the WCOFF without making payments as well. We can thank them for not choosing that direction, but if they had we'd have been in the same position as we are now with the WCOFF with little if any recourse.
Many now, both operators and players, speak of red flags and not heeding the words of caution. I pointed out some flags that even applied to the most trusted of our contests. If we are to fear the red flags in a specific contest, why not the red flags in the industry in general. Each year of the past five, another once trusted contest has gone under or defaulted. AFFL I, Fantasy Jungle, AFFL II, FFOC, Fanball, RapidDraft, the WCOFF. If I am to heed the words of caution, why not those of my friends & family, my work colleagues, my wife, who know my story and don't look at it as a condemnation of a specific contest, but of the High Stakes industry in general. If I were to heed the concerns of my wife after what's happened, I wouldn't invest another dime in these contests.
These contests and this industry is one without oversight. There really is no protection for the player. Even the FFPC's promotion of escrow provides little in the form of true protection for the player. Escrow is not something that can't be circumvented in the way it applies for these contests. We play the contests we play because of the trust we feel for the people that run those contests. When I first joined the NFBC in 2009, I really had no reason to be certain all would be paid when the time came. I did my research, had a conversation with Greg, and decided to put my trust in him. I continue to play his contests because I've decided to continue to put my trust him and Tom. I play the FFPC because I decided to put my trust in Alex and Dave. I played the WCOFF because I decided to put my trust in those that ran that contest. They betrayed that trust. However, that was all I had to believe that my investment was safe. That is all we really have. We are men that need to put our trust in other men in order to play these types of contests.
I've yet to invest one cent into any 2012 contests. If I do, it will be because I've decided to continue to trust certain people that run certain contests will do the right thing. Don't say that trust isn't enough Greg, because there's nothing else these contests can provide that hasn't been provided in the past by contests that turned out not deserving of that trust.
[ December 09, 2011, 08:52 AM: Message edited by: Glenneration X ]
[/QUOTE]No surprise there. You had to have won something. [/QUOTE]That one made me laugh.
