What Is Going To Happen To High-Stakes Fantasy Football?

Glenneration X · Post by **Glenneration X** » Mon Aug 15, 2011 12:55 pm

I think Pete's just happy that he'll have a place to stay in Vegas.

Greg Ambrosius · Post by **Greg Ambrosius** » Mon Aug 15, 2011 12:56 pm

I hope everyone on our boards stay professional tonight through all of this. I don't want our boards to be the haven for lashing out at another contest. That being said, I can understand the honest frustration of others and I'm feeling it too. This used to be such a professional space and now we're fighting amongst ourselves trying to justify why it's okay for some contests to pay in full and on time and others can just come out of the blue after eight months of silence and announce the next contest before paying customers from the year before. And even with unpaid bills for the toys, "Christmas, Yahoo!!!!" Oh my.

Keep the posts clean and intelligent. We all need to figure out how this happened and why. And hopefully figure out together how to never let this happen again.

Greg Ambrosius · Post by **Greg Ambrosius** » Mon Aug 15, 2011 12:56 pm

Originally posted by Glenneration X:
I think Pete's just happy that he'll have a place to stay in Vegas. He's assuming his six nights are under the Jill Mitchell room block, right?

Glenneration X · Post by **Glenneration X** » Mon Aug 15, 2011 1:06 pm

I don't know for sure, but I'd assume so.

Tom Kessenich · Post by **Tom Kessenich** » Mon Aug 15, 2011 1:48 pm

Originally posted by Hells Satans:
The fact that they didn't cancel it in April and give everyone their money back (when it was painfully obvious that it was a massive loss) makes it pretty clear to me that they were using the baseball money for football winnings Yeah, it's rather obvious why the baseball event wasn't canceled. Even though many people realized the baseball event was not a sound model, I don't know if anyone at the time realized the extent the overall events were in trouble and why there was such a pressing need to continue bringing in revenue.

BillyWaz · Post by **BillyWaz** » Mon Aug 15, 2011 1:52 pm

Originally posted by Tom Kessenich:
quote:Originally posted by Hells Satans:
The fact that they didn't cancel it in April and give everyone their money back (when it was painfully obvious that it was a massive loss) makes it pretty clear to me that they were using the baseball money for football winnings Yeah, it's rather obvious why the baseball event wasn't canceled. Even though many people realized the baseball event was not a sound model, I don't know if anyone at the time realized the extent the overall events were in trouble and why there was such a pressing need to continue bringing in revenue. [/QUOTE]Isn't it ironic that the "dream job" had nothing to do with EXTRA money....it had to do with dreaming you would get paid at all!!!! Lol!!!

King of Queens · Post by **King of Queens** » Mon Aug 15, 2011 1:58 pm

I wish I was making this up. Folks, THIS is what it comes down to:

======================================

To summarize the options presented to players who have requested their award:

1. Loan the business a portion, or all, of your balance requested. You will earn 8.5% interest annually and agree to a 24 month term. You will receive equity in the company, equal to 10% of the balance of your original loan amount. Principal to be paid down from a pool funded by 5% of the company's revenue. (5% of the company's annual revenue beginning in 2012 will go to fund a pool used to pay down principal owed).

2. Apply money you have on account to a 2011 contest. For every dollar converted to a 2011 entry you will receive a 10% rebate. (For example, if you apply $2,000 towards a 2011 contest, you will receive an additional $200 on your Member Account which you can use for a future entry fee.

3. Elect to receive 25% of your award balance owed in the form of a cash payment with the remainder deferred and paid back pro-rata from a pool funded by 5% of the company's revenue. (5% of the company's annual revenue beginning in 2012 will go to fund a pool used to pay down principal owed).

Please communicate to us your preference in the fields below. You can mix and match any of the above options to create the scenario most advantageous for your personal situation.

Thank you.

======================================

I am absolutely speechless.

Shrink Attack · Post by **Shrink Attack** » Mon Aug 15, 2011 2:03 pm

It's hard to believe this is really happening.

The ensuing anger and lawsuits that will surely follow might result in what I've always feared: Governmental intervention resulting in regulation of the industry.

Or even worse: An outright ban of High Stakes Fantasy contests.

[ August 15, 2011, 08:10 PM: Message edited by: Shrink Attack ]

Tom Kessenich · Post by **Tom Kessenich** » Mon Aug 15, 2011 2:03 pm

Where was that posted, Glenn?

King of Queens · Post by **King of Queens** » Mon Aug 15, 2011 2:04 pm

Originally posted by Tom Kessenich:
Where was that posted, Glenn? {{still speechless}}