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I strongly suggest that everyone affected be at the creditors meeting at 10:30am on September 13 at the Seasons Botanical Gardens Melbourne, 348 St Kilda rd, Melbourne VIC 3004. We have the power to appoint a different liquidator who understands that punters accounts should have been segregated and we are not unsecured creditors. Even if you had no money with Sports Alive, any person with any interest in online gambling should also attend as this is a serious case for the future of the industry in Australia. It would be great to have a strength in numbers to show that punters are people too.
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Morning all. have viewed the documents on the liquidators web site. Sportsalive now only has one listed director. Obviously well prepared in the structure and timing of voluntary liquidation. The liquidators has put together lists of secured creditors,preferred creditors and unsecured creditors. Obviously the substantiation of these claims will be ongoing. Employees who have not worked at Sportsalive have claims in. More to follow.................
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Two of the larger Unsecured creditors have directors who were,are,was,could have been directors of Sportsalive. Secured Creditors of 4.69 million and a deficiency of 7.125 million.
All this with a betting licence issued by the ACT with a guarantee of $250,000. One could ask "How could this happen" . It is time that every account holder and in fact every concerned punter ask this question of the ACT racing and gaming division. But do not stop there.... Ask the question of the Australian and Securities and Investments Commission of the meaning of the term "trading whilst insolvent"......the figures presented by the liquidators being paid by Sportsalive ...suggest this was occurring long before the liquidators were called in. Question the involvement of Tote Tas and their due diligence team. Many of these answers will never come to light but they must be asked. Every account holder should attend or at least appoint a proxy at the scheduled meeting. |
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I wish good luck to everyone chasing their cash. But what do we learn from this, if your bookie is slow to pay out, be concerned.
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I am very concerned about one smaller bookmaker that hasn't paid out a withdrawal I made last monday
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Hi all
Please find a link to the latest update from the liquidator. http://www.bentcougle.com.au/NoticetoAccountHolders.pdf It appears that they have sold our client details to Tom Waterhouse last Friday. There is no mention as to whether Tom Waterhouse intend to honour accounts or how much our client details were sold for. I am presuming that the funds generated from the sale of client details will go to secured creditors (although this is yet to be confirmed). Where does this leave punters? At a best guess (and this is not advice), here is a brief summary: 1. Punters are currently considered unsecured creditors with likely return of zero. Secured creditors will be paid out first. 2. There is a 250k security bond held by the government that I presume will go to punters, totalling approximately $3 million. 3. It is possible that the liquidators will pursue the directors of Sports Alive for insolvent trading / fraud and they may be personally liable for debts of Sportsalive. I would suspect that prospects of any return to punters is minimal. 4. It is clear that Sportsalive did not comply with its legislative requirements to keep punting funds in a segregated banking account (only 20k left in the bank account). It is possible that punters may have grounds for a class action against the ACT Gambling Commission for failing to properly fulfill its duties to regulate Sportsalive. 5. It is possible (albeit unlikely) that Tom Waterhouse may still decide to honour Sportsalive funds. What are the next steps? 1. Via the link above, the liquidator has answered the majority of my questions. My only questions relate to the sale of the customer list to Tom Waterhouse and what is the approximately $3.2 million dollars owed by sundry debtors? 2. I will be attending the upcoming creditor's meeting and I highly encourage all those affected by this matter to also attend. 3. It may be possible to replace the liquidator but we would need to obtain a majority of the vote at the upcoming creditor's meeting. I currently have been contacted by punters with approximately $700k in funds owing, so this is quite a significant sum (although only 10% of the total debts). 4. I am quite busy so would prefer not to be the one leading the charge on this matter. However, if no one else volunteers, I am happy to receive proxies from those who can't attend, so that I can vote on their behalf. Hopefully the liquidator will release proof of debt/proxy forms shortly to facilitate this process. Otherwise, I can assist in drafting a pro-forma template. Given the short timeframe involved, if you are interested, please keep monitoring these threads. Please feel free to contact me if you have any questions |
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I sent you a pm a few days ago, am representing a few people with funds of approx $20k so we are very interested in maintaining contact
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Asanque7, appreciate your efforts on behalf of all account holders. I, perhaps like others in this forum am not too savvy when it comes to how blogs etc work, or the process of this whole matter. How can I/we put your details on my proxy? In northern NSW mate so no chance of attending.
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Hi all
A further update. I've now spoken to the liquidator of Sportsalive and received the answer to many of my questions. If you are not planning on attending the upcoming creditor's meeting on Tuesday, I am seeking proxies to vote on your behalf (potentially to replace the liquidator). This can be found on the last page of the below link. http://www.bentcougle.com.au/CirculartoCreditors.pdf I have set up a new email to deal with any questions and I will send a further update tonight. The email is: sportsaliveaction@gmail.com I am currently compiling a list of all affected punters who may be interested in the actions listed above. If you haven't sent me full details, now is the time. Send name, email address and amount owed from Sportsalive. |
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asanque7 , i will attend the meeting on tuesday, just shout out loggy! and i will give u a hand if needed
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Hi mate
That's great that you will be in attendance. I still recommend that you send an email to the email address above so that I can add you to my email updates. I've received a lot of very disturbing information about the activities of Sportsalive and I think we have better chance of success if we band together as a group. |
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asanque7: Ive been sent proxie forms but have no financial interest in the matter. Is the proxie relevant in this case. If it is , more than happy to send it to you
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Hi mate.
My understanding is that a proxy will only be relevant if you are a creditor of Sportsalive. Interesting that you have been sent a proxy form though as even I haven't received one! |
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Creditor meeting today....more doom & gloom.. fig can get to $10M+ owed...looks like been trading insolvent for 3-4 years....was anyone else there?? wat did you make of it...
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I had an account with Sports Alive. Unfortunately (or fortunately), it had a nil balance and no pending bets. I just received an email from Tom Waterhouse.com saying they would be taking over SA clients, AND THEIR BALANCES, and retaining the same logon details. Whether that applies to clients with big balances, I don't know. Good luck. FYI
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What i don't understand with all you guys owed... why on earlth would you bet with a bookie who paid late ?
Just one single time would be enough from any corporate bookie It's different having a one man bookie like a rails or off rails bookie asking for some breathing space which i have been happy to wait ..and if so get burn that's life...but a corporate ffs ?? Just don't make sence imo. |
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Correction-It didn't specifically say ALL clients, it related to my account and made no mention of other accounts.Increasing client base at minimal cost?
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TW has "said" will put in 1 Mill but looks to have conditions apply...
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asanque: I had a thorough read of what they sent me ... I had literally $1 in the account....is it too late to pass on the proxy
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