Alladin........the way it is!

[sportshobby]

To retain credibility, the sportsbook must implement some regular payments to those with outstanding requests.

[intheknow]

I for one am glad Eddie didn't just jump ship like Charlie from ACES did. At anytime in the last two months Eddie could have taken the last 100k or so and just shut off the phones and net and left.

I hope you can turn it around

Good Luck

[PerpetualCzech]

I'm not used to giving credit to someone for not being a thief, but yes, I would be glad Eddie isn't running away too if I were a customer of his. But I would also be furious that he used my money to pay off his gambling debts without my knowledge.

The more I think about this issue the more I am astouded to see how many people think that it is acceptable for a sportsbook to dip into postup money to bankroll their operations.

[brink]

What do you guys think about other books and people like Jay Cohen publicly trying to shut the book down?

[JC]

I don't think I have ever publicly stated that the book should be shut down. I believe my only public comment was a question to Eddie to the post above on another site. I asked him if he was saying that he put customer post up money in the stock market and I never received a response.

I think the book should be forced to settle up with it's customers before it shuts down. The Directorate of Offshore Gaming in Antigua has stated that it is working with Aladdin to accomplish this end. Hopefully they will follow through.

I believe the other books in Antigua are upset that the Aladdin situation is ruining the good name of Antigua that the other operations have spent years building.

[brink]

You encouraged us to write or contact the Directorate of Offshore Gaming with any problems we may be having. I can't help but think your comments were self serving.

[PerpetualCzech]

Please note that you can also write the same commission with problems you may have with any other sportsbook. The only people that this behaviour serves are the ones that run solid honest businesses.

[Alladin]

Brink

I am happy that someone of some forsight has finally posted on the forum. In fact i have stood by and read these forums over the past weeks, and reading a lot of the things that were said about me and tried very hard not to let them affect me in my endevour to get all of the alladin customers paid. Jay Cohen has chosen to take a few shots at me on a number of occasions.

Maybe now is a good time for a few more facts; Jay you are lying about never publicly stating that Alladins Gold should be wound up. YOU have written a letter to the Directorate of Offshore Gaming insisting that The International Financial Sector Authority should begin wind up proceedings of Alladins Gold. This letter can be produced upon demand. Wind up proceedings are a public issue.

Maybe we should also understand what takes place in wind up proceedings. Essentially, if the company is indeed insolvent, a receiver is appointed to collect all receiveables and sell the assets of the company in efforts to pay its creditors, his fees first, then any banks owed and then in this case the other creditors (clients). This scenario looks very grim for the customers. Tell the posters on this forum, Jay Cohen, whose interests you are looking out for!

Some more facts; Eddie Hadeed does not and has never owned Alladins Gold and the Directorate can confirm this. The Gaming License is held by another of German nationality. I was asked to set up a gaming facility for a group of investors who bailed out at the first sign of trouble. The only thing that Eddie Hadeed has done with Alladin is lose money and lots of it only because I only wanted to make sure clients got paid when they won, and I am still trying to do so! I have used up all of my personal cash reserves to pay clients. My intention was always to operate this company for as long as it would take to build a client base and a reputation that was marketable to another entity. Over the past weeks The Directorate have worked closely with me to try to resolve the current status of Alladins Gold. I have approached a number of sportsbook operators and potential buyers to buy this company even offering them a very considerable cash offer to take over. To date no one has accepted and would invite discussions with anyone willing.

Many of you have speculated and accused me of stealing from clients. Well I have never taken a penny from this company to pay personal bills. In fact all advertizing, and operating costs were paid by for me pesonally. Many payouts especially recently, came from personal reserves. Many of you claim that to pay one customer with another's money is stealing.........I would prefer a court's decision on that. The fact is that Alladin has lost money! There have been much more winners than losers to cover.

I have asked the Directorate for some time to find a buyer or resolve Alladins Gold's financial status. With time I am of the opinion that I can. I do not know how much time will be granted. I can say that if wind up proceedings begin I will not be allowed interfere with the legal proceedings there after.

I am not blaming anyone for the shortcommings of Alladin; in fact, I blame myself for getting involved from the very start and I hope to find a way to work it out and would invite any offers of assistance.

Eddie

Ps: Jay Cohen, I just would like to remind you that I have only praised WSEX and your personal legal efforts; and when WSEX lost it's accounts at Swiss American Bank...........Eddie Hadeed loaned WSEX an account at AOB, against the wishes of the Manager, to help your company for weeks with it's payouts. I have nothing but good to say about your organization and Hayden and I have always had a good laugh. Thank you very much for watching my back!! Jay we always say, " if you live in a glass house, don't throw stones"! Think real hard about that.

[PerpetualCzech]

Eddie, Thanks for finally coming back to participate in our discussion. I'm disappointed that you ignored my questions so I will ask them again:

Can you explain to the forum why you decided to use your clients postup money to bankroll your operations? And why you intend to do it again by soliciting new business?

What if you are successful in attracting some new business which then makes additional bets with you that you will lose ... what will you do then?

For the record, I never used the word "stealing" to describe your actions. I would have had you decided to run away from all of this but it looks like you are not. I think what you did by using client's postup money to pay your gambling debts without their permission was poor money management at best, and dishonest at worst.

[carp]

Eddie,

How are you deciding who's getting paid and when? You mention clients being paid, how about throwing me a bone.
Has anyone out there received anything in the last 4-5 weeks?

[ShiftySheik]

I don’t know Eddie and have never played at Aladdin. I’m not talking about Aladdin here, just speaking in general. The problem that Eddie described is one of the biggest problems with the industry. Some sportsbooks are owned by outside investors who know little about the business. Investors put up a certain amount of cash to start the business but are not involved in the day to day operations. They hire experienced personnel to run the book. If book goes on a bad run, games falling on the number, public favorites covering, etc., the investors (owners) get a call that more cash is needed. The investors are pissed off that they lost money so they bail out leaving management without enough cash to pay the customers. These outside investors don’t understand that even a well run book can lose money over the short term. Over longer periods the book should overcome the bad breaks with the 11/10 house advantage. Another problem is that the books won’t tell you if the owners are involved with the day to day operations because of legal reasons regarding US ownership. For now, I’m not taking any chances with small sportsbooks that might fit into this profile. The sportsbook managers in these situations have to be more responsible. They need to get a cash infusion BEFORE they dip into post up money to run the business.

[Dragon]

The investors probably get into the business because they hear all these stories about what a gold mine the gambling industry can be. But the other problem is that 11/10 SHOULD make the book monay in the long run but many of these places aren't offering 11/10. When you start posting crazy numbers and giving crazy bonuses it's no loner 11/10.

[JC]

Eddie,

Let me first say that you are either misinformed or are lying. I HAVE NEVER SENT ANY LETTER TO THE DIRECTORATE OR ANY OTHER GOVERNEMENT AGENCY REGARDING ALLADIN's GOLD. If there is a letter there with my name on it it is not from me, perhaps one of your disgruntled customers thouht they would use my name. I will put up $10,000 versus whatever you want to put up that there is not a letter with my signature on it. I also checked with Haden and asked him if he put my name on a letter and he told me no. So please produce this letter because it is at best a forgery.

I think the only time I specifically commented about your situation was when you stated above that you put customer funds in the stock market. If I have recommended that people call the Directorate when they have a problem with an Antiguan book what is wrong with that?
I still believe in regulation and that when people are being stiffed they should follow the proper procedures.

I see you are trying to shield yourself from Alladin's and hide behind the corporate veil. First, I don't believe you never had any equity in it. Second, I believe you pierced that corporate veil by your own admission above when you admitted to funding it yourself when your investors backed out to keep it going. I also don't believe that these investors who Reno states you told him were worth $100 million woke up one day and decided they wanted to open a sportsbook, looked around and said Eddie Hadeed is available, let's call him. Something tells me you sought them out because you wanted to get back in the business. You did not just answer an ad in the paper to manage a book.

For you to say you were abandoned when it came time to make the first payouts implies you were never capitalized in the first place. Nevertheless, you found yourself in a deficit position and you decided to keep going hoping to make the big score to turn it around.

You are mad because they asked you to stop taking bets and new deposits. This is the responsible thing to do. If you were allowed to continue to operate every new depositor presumably not from these boards would become an unknowing backer of your flailing operation. You would just be using new deposits to pay off old unless you get fresh capital in there. Without capital to back your book you are just a ponzi scheme.

You have always been quick to use your name and your reputation to promote your book. Now, you say your name has nothing to do with it. Eddie, all everyone wants is for you to pay your players. Sell your water company in Trinidad if you have to, sell your stake in Big Banana. Or let the German "owners" pay the players, nobody really cares where the money comes from.

As for the AOB thing, this was the first I ever heard of it. Haden confirmed that you did let him deposit money in your account to facilitate withdrawals although he never made use of that avenue. So, thank you. I am sure he would do the same for you if the tables were reversed.

But that has nothing to do with the fact that Antigua's good name is being tarnished by having a book not pay it's customers.

So now I have publicly said what I think.

[Rich]

Jay anyhope of you and the other Antiguan books getting together with the directerate to bail alladin out and save the reputation of Antigua because what good is ls a "license" any way if it's just a marketing tool and offers no real protection against booksnot paying players, I hate to say it but maybe
KYL and those other anti-offshore pols are right

[JC]

Rich,

I don't think there are any plans by any Antiguan books to bail out Alladin's right now.

I understand what you are saying about validating the license and I agree it should mean something. Let's see how the Antiguan government handles it.