Serious problems at Purple Lounge

[$97 All in.]

jerset, without a link taking us to the source your posts are worthless.

Why won't you include a link?

 

[Simmo!]

jerset, without a link taking us to the source your posts are worthless.

Why won't you include a link?

Jetset is the author- he's a journo

 

[$97 All in.]

If he's a journalist he should know to attribute his source.

That is an RNS issued by MDC through the LSE -

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Why not say so?

 

[$97 All in.]

Justin Drummond is active again.

He was a director of both MDC & Brainspark (for about 5 minutes) in the period PL was going down the tubes. BSP shares have been suspended since June 27 2012 because "the Company will not be in a position to publish its annual audited accounts (the "Accounts"), for the year ended 31 December 2011, by 30 June 2012 as required by the AIM rules, as part of the supporting documentation for the audit process needs to be finalised and officially translated in English."

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Perhaps Drummond would like to repay depositors with some of the £4 million he's claiming to have raised since February. Frankly anyone stupid enough to give this thief money deserves to lose it -

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Brainspark PLC Strategic Investment
Date : 28/08/2012 @ 07:01
Source : UK Regulatory (RNS & others)
Stock : Brainspark (BSP)
Quote : 4.75 0.0 (0.00%) @ 05:00
HOME » LSE » B » Brainspark share price

Brainspark PLC Strategic Investment
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TIDMBSP

RNS Number : 8160K

Brainspark PLC

28 August 2012

Embargoed until 7am 28 August 2012

Brainspark plc

("Brainspark" or "the Company")

Strategic Investment in Ascend Capital plc

Brainspark plc (AIM: BSP), the fast growing international investment company announces that it has issued 4,000,000 new ordinary shares of 2.5p at a price of 5 pence per share in relation to an investment in London based corporate broking firm, Ascend Capital plc.

Brainspark has acquired a 9.9 per cent. holding in Ascend Capital, which successfully completed two fundraisings for Brainspark, on 23 February 2012 and 3 April 2012, totalling GBP2.575 million. Alfredo Villa, Executive Chairman of Brainspark, will join the board of Ascend Capital as a Non-Executive Director. The Company will also use the offices of Ascend Capital as its London headquarters.

Information on Ascend Capital

Ascend Capital is a broker offering a variety of integrated funding solutions for smaller, fast growing companies. With a focus on both public and private companies, Ascend is one of the fastest growing institutional UK brokers, with access to a very wide source of financing, from mainstream UK and overseas institutions, family offices, private client stockbrokers and high net worth individuals.

Ascend Capital has completed six transactions since February 2012 and has raised in excess of GBP4 million during this period. It is anticipated that revenues should be approximately GBP1 million during the first year of operation. The firm is an appointed representative of Global Investment Strategy UK Ltd, which is anFSA registered firm and a member of the London Stock Exchange.

Alfredo Villa, Executive Chairman of Brainspark, commented, "As we seek to realise value from our existing investments and raise capital for new investments it is important that the Company has a strong relationship with a UK based capital markets firm. Ascend Capital has a proven track record and we look forward to working with them on the Company's investment strategy going forward".

It is expected that application for admission to trading on AIM ("Admission") will be made in due course, once the trading suspension in the Company's shares has been lifted.

Related party Transaction

Due to Justin Drummond's previous role as Executive Chairman of the Company, the investment in Ascend Capital plc is classified as a transaction with a related party for the purposes of the AIM Rules. In accordance, therefore, with the AIM Rules, the directors of the Company, all of whom are independent for the purposes of this transaction, having consulted with the Company's nominated adviser, Westhouse Securities Limited, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

-ends-

 

[GOCC]

Wow, that was some read.

Disappointing that loopholes exist STILL to basically screw the consumer.

 

[jetset]

Update

MEDIA CORP SPEAKS ON PURPLE LOUNGE POKER DEBACLE (Update)

With aggrieved players collaborating on possible legal remedies, liquidated poker room's parent company gives its perspective


Players left unpaid when the UK listed company Media Corp shut down its Purple Lounge online casino and poker room earlier this year have no intention of meekly writing off their in some cases considerable losses, it transpired this week with the news that at least 50 punters are assembling information and consulting with lawyers on losses that allegedly total over $500,000.

The players are owed a reported average of around $10,000 each and claim that Media Corp did not include them in the creditors list it provided to the liquidators of the UK Purple Lounge company, which players claim handled their financial transactions.

Media Corp, however, advised this week that Purple Lounge players are creditors of the regulated company, Purple Lounge (Malta), and have been listed as such for that company.

The relevant player balances were held in the Maltese company, Media Corp points out, noting that
the process in Malta, where most of the claims lay, is court led and somewhat cumbersome.

The Media Corp statement is broadly in agreement with estimates on various message boards that amounts owed to players could approach a million dollars.

"We believe the outstanding balance of players funds is approximately $800,000," the Media Corp statement comments, adding that the detailed statement of affairs which must be published as part of the liquidation process will clarify the entire position.
Meanwhile, the player action group is currently engaged in locating more Purple Lounge players prejudiced by the gambling website’s shuttering, and members are busy assembling a detailed picture that includes claimant details, amount owed, dates of deposits, screen-shots, and any potential evidence for sustaining a possible action for trading whilst insolvent.

Media Corp management is currently punting its new gaming venture Intabet, and this week responded to an invitation by InfoPowa to break its corporate silence and present its perspective on the Purple Lounge debacle.

In a statement the current management of Media Corp said it was keen to "ensure that any speculation about player balances and potential consequences of the liquidation of Purple Lounge and its impact on players and regulators is based on the facts."

The company said that it was restricted in some ways in its communications by the liquidation process and a desire "not to jeopardise any claims by placing one creditor above another."

The statement noted that the process in Malta, where most of the player claims lay, is court led and somewhat cumbersome.

"To be clear, we know a small group of players have outstanding balances of over $10,000, some of whom are assessing their position, though any claim we believe would be against Purple Lounge and former Purple Lounge Directors and Management," the statement explains.

"The liquidation process requires people to register their debts and each player with a balance will be contacted by the liquidators over the coming weeks.

"If there has been any wrongdoing the new management team will be supportive of any action to bring wrongdoers into account."

The statement specifically addressed four questions put by InfoPowa:

Q1) Can Media Corp verify that player claims of at least $500,000 remain unpaid?

A1) We believe the outstanding balance of players funds is approximately $800,000 – the detailed statement of affairs which must be published as part of the liquidation process will clarify the entire position.

Q2) Confirm that Purple Lounge players prejudiced by the PL shut down were not listed as creditors in documents supplied by Media Corp to the PL liquidators.

A2) This is a misunderstanding, the Purple Lounge Players are creditors of the regulated company, Purple Lounge (Malta) (not the parent company Purple Lounge UK), and are listed and [have] been supplied as creditors to that company. The relevant player balances were held in the Maltese company.

Q3) Management has remained silent on the fate of PL players who are owed – would Media Corp executives like to comment on the player issues now facing them?

A3) A key consideration in this process is the very technical nature of the liquidation process, it is important that all creditors are treated equally – and this is impossible to assess until the liquidator has assessed the entire situation.

Up until now, due to the complexities involved, the fact that all PL staff have left and the process that needs to be followed to ensure a fair and orderly liquidation, it has taken longer than planned to get all the information together. The silence is due to the fact that no-one wished to jeopardise the process.

Q4) Are there any plans to resurrect Purple Lounge (perhaps via the Malta company) in the furtherance of the Intabet enterprise as was intimated earlier this year?

A4) It was considered before the acquisition, but once the new management had reviewed the situation it became clear very quickly that there was no option but to close the operation due to the financial and operational failings of the past.

Looked at on face value, what can players take away from the Media Corp statement?

Perhaps reassuringly, players have not been entirely abandoned - a possibility indicated by the company's hitherto poor player communications on the issue.

In following its assertion that the player balances were held by Purple Lounge Malta, the process there has included notification of player interests, and players can expect to be contacted by liquidators soon.

That said, and given the history of this sorry affair, it appears unlikely that players will be made whole again through the Malta liquidation...and there is nothing in the Media Corp statement to suggest rescue from the Purple Lounge parent group.

The apparent failure of the Maltese regulator (which has also been conspicuously silent on the PL player disaster) to enforce the segregation of player deposits offers little comfort to aggrieved players and appears to have been pushed aside.

The question of wrongdoing on the part of former Media Corp and Purple Lounge executives remains open and is as yet judicially unanswered.

The present Media Corp management "will be supportive of any action to bring wrongdoers into account," for what that is worth; many players have expressed outrage at the ease with which the former management appeared to walk away from this expensive failure.

What is abundantly clear is a real need for honest communication between Media Corp and the Purple Lounge players seeking satisfaction; there are potential benefits to both sides in opening and maintaining an integrity-driven dialogue to dispel uncertainty and speculation.

 

[whatever]

"We believe the outstanding balance of players funds is approximately $800,000"

[...]

"To be clear, we know a small group of players have outstanding balances of over $10,000, some of whom are assessing their position, though any claim we believe would be against Purple Lounge and former Purple Lounge Directors and Management"

90% of Purple Lounge liability (800,000$) is concentrated with 10% of the players who had a positive balance there. Therefore it is expected that virtually all players who are owed an amount worth pursuing to join this claim group ([email protected]). The group, although small as Media Corp may consider, already claims over 60% of the total liability, and will probably reach 80% by the time Purple Lounge Malta enters the liquidation process.

During this process, the liquidator has the legal obligation to investigate and report management misconduct (like trading whilst insolvent and using players' funds to cover operational costs). Players will pass relevant information together with their claims to this liquidator (which could very well be the same Baker Tilly) and if this gets done with diligence, I think we have reasons to expect the findings to be revealing not only regarding former management's "wrongdoings", but also about the way the LGA understands to supervise its licencees. And I say 'revealing' while being aware of LGA's reputation.

However, I don't think Media Corp (or its shareholders) do not share the blame for tolerating such a disastrous management and the consequences it created. The fact that they sustained heavy financial losses does not alleviate it either.

 

[vinylweatherman]

Nevertheless, Media Corp had a moral obligation to these players, yet took advantage of a convoluted corporate structure to wriggle out of it whilst ensuring their own pockets didn't suffer. Since player balances were supposed to be segregated, the minute these were plundered to support the company's own costs was the minute they began trading whilst insolvent. They were insolvent because they had run out of money and had to steal more from the segregated accounts holding player balances.

It does seem that the main thing that broke their silence was the gathering momentum of this player led legal challenge.

If the company is found to have been trading whilst insolvent, it means the directors could become personally liable for the missing $800,000. The LGA will face public embarrassment in the failings in it's regulatory process.

 

[jetset]

90% of Purple Lounge liability (800,000$) is concentrated with 10% of the players who had a positive balance there. Therefore it is expected that virtually all players who are owed an amount worth pursuing to join this claim group ([email protected]). The group, although small as Media Corp may consider, already claims over 60% of the total liability, and will probably reach 80% by the time Purple Lounge Malta enters the liquidation process.

During this process, the liquidator has the legal obligation to investigate and report management misconduct (like trading whilst insolvent and using players' funds to cover operational costs). Players will pass relevant information together with their claims to this liquidator (which could very well be the same Baker Tilly) and if this gets done with diligence, I think we have reasons to expect the findings to be revealing not only regarding former management's "wrongdoings", but also about the way the LGA understands to supervise its licencees. And I say 'revealing' while being aware of LGA's reputation.

However, I don't think Media Corp (or its shareholders) do not share the blame for tolerating such a disastrous management and the consequences it created. The fact that they sustained heavy financial losses does not alleviate it either.

Good post - let us hope that at least some justice will ultimately be meted out.

 

[$97 All in.]

jetset,

Did you make up post 506?

 

[vinylweatherman]

jetset,

Did you make up post 506?

I very much doubt it.

Jetset may be a journalist, but he doesn't work for Rupert Murdoch

The fire under their ass must be making the current Media Corp management uncomfortable, and they now seem more willing to answer questions.


I don't buy the excuse that only absolute silence would make the Maltese court process fair on all creditors. They could at least have given a statement outlining the procedures and possible timescales involved, so that players knew the delay was down to the systems in Malta.

I also think they are worried that some skeletons might be freed from some closets during the process, as despite their statements that the players money was with the Maltese company, the players saw their transactions disappear into the coffers of the London company, and the Maltese company turns out to be a purely paper company with an "office" in a P.O box in a lawyers office in Malta, and seemingly never had the staff to manage the day to day running of a kettle and teapot, let alone a company bank account containing players' monies.

 

[$97 All in.]

jetset,

Did you make up post 506?

I very much doubt it. Jetset may be a journalist, but he doesn't work for Rupert Murdoch

Who knows? Did he write it then? I take it he did since I see no attribution or source.

Don't think anyone currently managing MDC was there when the Drummonds were running PL into the ground & with the games the Drummonds were playing you can bet they set it up so they have covered their arses. This, coupled with the serial incompetence of the FSA means you all can light infernos under MDC's ass to no effect.

As far as the shareholder's sharing the blame for "tolerating such a disastrous management", well that's just laughable. If you read any financial blog or BB you will see there was huge, open dissatisfaction amongst PI's with the Drummonds going back years.

But then, if you had read the blogs & financial BBs then you wouldn't have touched anything the Drummonds were involved in & saved yourselves a lot of trouble, heart ache & expense.

If only you knew a journalist who had his finger on the gaming industry pulse...........

 

[maxd]

Did you make up post 506?

I strongly recommend you show a little respect. Jetset has been in the online gaming scene since the beginning and has well earned the right to be treated somewhat more deferentially than you seem to have managed thus far. I'm not saying scrape and fawn but the man is a legend in this business and deserves better than to be called out so callously by someone who, no offence intended, has no known credentials.

Also you might want to look at the "thanks" on that post you seem to doubt so much. Chances are those folks -- your host among them and he being another "since day one" guy -- are not as dull-witted as you seem to think they are.

In a word you are being rude and it is uncalled for.

 

[The Dude]

Who knows? Did he write it then? I take it he did since I see no attribution or source...

Jetset is the senior partner of Infopowa news that has been graciously providing Casinomeister with its news for over a decade:
https://www.casinomeister.com/gambling-news/

There is no one that I know that can match his experience and knowledge of this industry. I strongly suggest that you begin posting with that firmly in mind. Thank you.

 

[whatever]

Who knows? Did he write it then? I take it he did since I see no attribution or source.

The article is true and accurate, confirming information which has already been communicated in private.

If you read any financial blog or BB you will see there was huge, open dissatisfaction amongst PI's with the Drummonds going back years.

Yes... And what did they do about it?

I read the last 2000 posts of that advfn topic about MDC and saw an inept group of shareholders watching a gang of 'directors' slowly milking their 'investment'. All they did is vent their frustration on "financial blogs or BB", much like gamblers vent theirs here when a joint doesn't pay. It's all the same, only they don't have the PAB service.

 

[$97 All in.]

My humblest apologies, I was unaware the man was a legend in online gaming journalism. No doubt you are all correct.

Even stranger then that the legend didn't have an inkling about what was going on at MDC. The financial BBs & blogs have been in full attack mode on the Drummonds for quite some time now.

This one, Beware of Media Corp Management (MDC)

You do not have permission to view link Log in or register now.

was started January 29, 2011 & was rather late to join the party, I quote it only because the title is an absolute red alert to anyone following gaming companies. It was started on one of the the main UK FBBs by a private investor who had been one of the Drummonds strongest supporters. His Pauline moment was the when he realised the Drummonds had issued bogus financial result figures to shift millions of their share options.

For at least 4 or 5 years before PL went down in flames the Drummonds had been identified & vilified as scallywags & cheats, pilloried daily by MDC investors & followers. One of them even featured in a very public & easily accessible Private Eye story about illegal tax evasion which should have been a huge, billowing red flag to anyone interested in the management of a gaming share.

It seems everybody knew they were crooks, apart from the people whose business it should have been to watch, to know, to warn.

Hope the lesson has been learned.

 

[$97 All in.]

The article is true and accurate, confirming information which has already been communicated in private.



Yes... And what did they do about it?

I read the last 2000 posts of that advfn topic about MDC and saw an inept group of shareholders watching a gang of 'directors' slowly milking their 'investment'. All they did is vent their frustration on "financial blogs or BB", much like gamblers vent theirs here when a joint doesn't pay. It's all the same, only they don't have the PAB service.

While these small private investors were powerless to oust the directors (as they are in any company), the difference is they were up to speed on the company shenanigans, knew what was going on & cut their losses or did not invest any more money with the company. Coincidentally, 2000 posts back was August 2010, two years ago. You could actually go back about 6,000 posts, 5 full years before PL crashed & see trouble coming down the pike.

If casinomeister patrons had been aware of the rumours & disquiet at MDC in 2010, let alone 2007, the clamour consistently growing louder every year, how many of them would have lost money in 2012?

 

[maxd]

My humblest apologies, I was unaware the man was a legend in online gaming journalism. No doubt you are all correct.

Somehow I am not convinced of your sincerity:

Hope the lesson has been learned.

Obviously not by you. If you can't call attention to what you see as someone's oversight without being an insulting PITA about it you are going to have troubles here. A different approach is called for. I hope you can see that before you end up learning the lesson the hard way.

 

[vinylweatherman]

My humblest apologies, I was unaware the man was a legend in online gaming journalism. No doubt you are all correct.

Even stranger then that the legend didn't have an inkling about what was going on at MDC. The financial BBs & blogs have been in full attack mode on the Drummonds for quite some time now.

This one, Beware of Media Corp Management (MDC)

You do not have permission to view link Log in or register now.

was started January 29, 2011 & was rather late to join the party, I quote it only because the title is an absolute red alert to anyone following gaming companies. It was started on one of the the main UK FBBs by a private investor who had been one of the Drummonds strongest supporters. His Pauline moment was the when he realised the Drummonds had issued bogus financial result figures to shift millions of their share options.

For t least 4 or 5 years before PL went down in flames the Drummonds had been identified & vilified as scallywags & cheats, pilloried daily by MDC investors & followers. One of them even featured in a very public & easily accessible Private Eye story about illegal tax evasion which should have been a huge, billowing red flag to anyone interested in the management of a gaming share.

It seems everybody knew they were crooks, apart from the people whose business it should have been to watch, to know, to warn.

Hope the lesson has been learned.

Quite, the LGA were about the only people in a position to stop them in their tracks by yanking their license. The LGA would also have been in a position to DEMAND answers to any questions they may have had about the matter. They did nothing.

In second place, Microgaming. They have been known to yank software licenses when they feel an operator is misbehaving. This may not shut them down, but severely inconveniences them. Microgaming didn't quite do nothing, they booted them from the poker network, BUT they did this in absolute secrecy, and allowed PL to spin the hell out of it so that players didn't see this as PL being booted out, but as a decision by PL to leave the Microgaming network and move to a "better" one.

The shareholders vented for years, but in PRIVATE, on their own PRIVATE forum. Unless you were an active shareholder and investor, you would never see any of this, nor even have cause to go looking. Most people begin any online research by typing stuff into Google. Typing the usual things players would when thinking of joining a new casino would have yielded positive reviews of PL.
Small shareholders rarely achive much though, it is the big institutions that hold large chunks of shares that have the power to make themselves heard. In general, they do nothing if the shares appear to do well, and only sell them off slowly when performance starts to fall off. They tend to vote as recommended by the board, as do the majority of small shareholders. It is the minority that will try to vote out dodgy directors, but their votes will always be in the minority.
The best thing small shareholders can do to vent their frustration is to stuff the AGM with awkward questions and attend in person to ask them - there are bound to be journalists present, even if under cover.

No one journalist, not even a "legend", can know everything.

$800,000 isn't so much that the former directors can't pay it out of their personal fortunes, so they will remain in the firing line.

One thing the small shareholders could have done differently is to take the initiative by joining the player forums and countering the spin being fed to them by the new management at PL. They should also have ditched their shares at this point, hoping to buy them back for less later when everything was out in the open, and management was forced to change. They could have told players where to look for the incriminating information, and Jetset would have picked up on this, and Infopower would have been all over it, throwing a huge spanner in the works for PL's management and marketing teams. Players would have had less money in there, and the end would have come much sooner.

I had nothing in there at all. I DID see worrying signs about a year after Media Corp took over. There were stories of players being kicked out for playing and winning, not cheating in any way. PL said that they thought it best to just kick players out rather than tell them they are bonus banned. This is, of course, bullshit, and was the sign that told me something wasn't right because management had no idea of how to run a casino, and were starting to believe that players could be "too good" at random games to even be allowed to play WITHOUT bonuses.
I then got a phonecall from one of the new managers asking why I had stopped playing. I told her of the above, and that it would take them coming back on board here and again meeting the standards for accreditation before I would play again. She went off rather meekly, but some months later they were back on board.
I still had this lingering "got feeling" that things were not quite right, and did not fall prey to the substantial 100% boni being emailed to me. Then along came this thread, a player waiting a month for a straight forward withdrawal - no way would I be depositing after seeing that, and just as well as it turned out.

Only experienced players develop this "gut feeling" sense, so it is the newer players that fall victim in the casino, and poker players tend to look at the quality of the network, rather than the individual operator. It was the exit from the Microgaming poker network that had poker players also looking for the exit from PL, the trigger that created the downward spiral that ultimately finished them off. Casino and Poker players tend not to look at each other's product experience, so casino players would not have worried that poker players were running for the exit because of a change of software. The casino was still Microgaming, so was not seen as affected by the poker decision. By the time casino players experienced problems, it was too late, withdrawals were not being paid because the money had already run out. Poker players who had stuck with PL and the Entraction network also got burned, punished for their loyalty to the operator.

There are players that still insist on depositing at Rushmore, even though the negative information is all over THIS forum, not some private investor forum. These players will end up being burned, with the last to leave finding the exit has been locked.
PL should have hired managers and directors from Rushmore, they could still be struggling along paying withdrawals from later deposits

 

[DiamondGeezer]

While these small private investors were powerless to oust the directors (as they are in any company), the difference is they were up to speed on the company shenanigans, knew what was going on & cut their losses or did not invest any more money with the company. Coincidentally, 2000 posts back was August 2010, two years ago. You could actually go back about 6,000 posts, 5 full years before PL crashed & see trouble coming down the pike.

If casinomeister patrons had been aware of the rumours & disquiet at MDC in 2010, let alone 2007, the clamour consistently growing louder every year, how many of them would have lost money in 2012?

So did YOU warn anybody then?

 

[whatever]

There we go, the precedent has been set from another Maltese 'epic fail':

You do not have permission to view link Log in or register now.

 

[jetset]

You do not have permission to view link Log in or register now.

 

[vinylweatherman]

You do not have permission to view link Log in or register now.

Could they sue the LGA for failing to ensure that the segregated account rules were policed?

Could they also sue the director of PL Malta, after all, Media Corp are claiming the UK subsidiary and Media Corp itself are not liable for any of this.

So, what WAS the function of Purple Lounge UK if it did not hold players' funds, nor conduct any gaming.

If the player funds were the responsibilty of the Maltese entity, then their financial records would show the money arriving there, and what happened to it. If, as some seem to suspect, the UK company had the money, and it never moved to the Maltese subsidiary, then the UK company IS liable, despite what the new management would like us to believe.

Hopefully, this should all come out during the liquidation process itself, as the liquidators have a duty to "follow the money" to see if anything has been moved out of the company unlawfully, and demand it's return.

I suspect that for the LGA, a long drawn out liquidation of the Maltese subsidiary will lengthen the time it takes for their failure to be revealed in all it's details. They must be grateful for the slowness of this process.

 

[whatever]

Update: At the moment the Purple Lounge claim group consists of ~70 members with a total claim of over 600k USD (~75% of the figure Media Corp stated as unpaid player funds).

If there still are players who haven't signed up yet, even if the amount claimed is low, they are advised to do so now at [email protected].

 

[jetset]

I wonder who this recipient is:


QUOTE:

Media Corporation, the AIM quoted digital advertising and online gaming group, announces that 1,818,181 ordinary shares of 0.1p each were issued and allotted on 5th October 2012 for the value of £10,000 based on the closing price on the 4th October 2012 being 0.55p, in connection with the settlement of a compromise agreement with a former employee of the Group.

Application will be made to the London Stock Exchange for the new ordinary shares of 0.1p each to be admitted to trading on AIM. Admission is expected to occur and dealings are expected to commence at 8.00am on 12 October 2012.

Following the issue of the new ordinary shares, the enlarged issued ordinary share capital of the Company is 594,625,034 ordinary shares of 0.1p each. This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

UNQUOTE

 

[vinylweatherman]

I wonder who this recipient is:


QUOTE:

Media Corporation, the AIM quoted digital advertising and online gaming group, announces that 1,818,181 ordinary shares of 0.1p each were issued and allotted on 5th October 2012 for the value of £10,000 based on the closing price on the 4th October 2012 being 0.55p, in connection with the settlement of a compromise agreement with a former employee of the Group.

Application will be made to the London Stock Exchange for the new ordinary shares of 0.1p each to be admitted to trading on AIM. Admission is expected to occur and dealings are expected to commence at 8.00am on 12 October 2012.

Following the issue of the new ordinary shares, the enlarged issued ordinary share capital of the Company is 594,625,034 ordinary shares of 0.1p each. This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

UNQUOTE

I bet they have made sure this doesn't happen by limiting the amount issued

Still, might be worth looking for a trade of exactly 1,818,181 going through after they have been granted a listing of the enlarged share capital. An ex employee is likely to want out, and take their £10K with them.

 

[jetset]

Hippodrome has online gambling assets as well....

22 October 2012


Media Corporation PLC



New Strategic Partnership


Media Corporation PLC, the AIM quoted digital advertising and online gaming group, is pleased to announce that Eyeconomy, its digital advertising agency, has entered into a strategic alliance agreement (the "Agreement") with leading advertising and brand experts, BLAC.

Under the scope of the Agreement Eyeconomy and BLAC will mutually market and refer one another's services to their respective clients. BLAC's clients include Ansell's SKYN condoms; Leitz Esselte, Rapid; Swan Hellenic, Voyages of Discovery; Sacla Pesto Sauces; Countryside Alliance; Hippodrome Casino and Tie Rack Europe among others.

Mark Butt, Managing Director, Eyeconomy said:

"For too long digital media has been bought and sold on a commodity basis - at Eyeconomy we have exclusive access to a highly targeted consumer groups that enable leading brands to reach the consumers they need to reach and we are very excited to be working with BLAC and the potential of providing our services to their existing and future clients. By getting involved with brands at the campaign planning stages we are able to offer better service and results."

Neil Campbell, CEO of BLAC Agency commented:

"The partnership with Eyeconomy, which we are calling BLAC-EYE, allows my team to put together complete and in depth plans for our customers that link campaigns across all media, something that adds real value to the brands. BLAC-EYE is one in the eye for lumbering monolith agencies. What we offer has digital planning, creative and media abilities that play to our strengths making the union stronger when operating as one team delivering for our customers."

 

[jetset]

Busy bees we be at Media Corp plc....

Placing and Change of Accounting Reference Date
RNS Number : 1513Q

Media Corporation PLC

02 November 2012


2 November 2012


Media Corporation Plc

("Media Corporation" or the "Company")



Placing and Subscription to Raise £600,000

Change of Accounting Reference Date


Media Corporation, the AIM quoted digital advertising network and online gaming group, is pleased to announce that it has raised £600,000 before expenses, through a conditional placing of 157,500,000 new ordinary shares (the "Placing") and subscription for 142,500,000 new ordinary shares (the "Subscription"). The shares to be issued in conjunction with the Placing and Subscription, to certain institutional and other investors and directors of the Company, will be issued at a price of 0.2p per share. The proceeds of the Placing and Subscription will be used to help fund the launch of Intabet, the Company's online gaming platform, and to provide general working capital for the Company.


Pursuant to the Subscription, new ordinary shares will be issued to Adam Fraser-Harris, Interim CEO of the Company, and Phil Jackson, Chairman of the Company (together, the "Directors"). The individual subscriptions by the Directors and their resultant holdings are set out below.


Director
Shares to be issued pursuant to the Subscription
Total resultant shareholding in the Company
Total percentage shareholding (%)

Adam Fraser-Harris
20,000,000*
23,433,811
2.62

Phil Jackson
15,000,000
18,433,811
2.06



* The shares issued to Mr Fraser-Harris will be held via Westerhall Consultants Limited, a company wholly owned by Mr Fraser-Harris and his wife.


The issue of shares to the Directors as described above and the issue of 80,000,000 shares pursuant to the Subscription to Christopher O'Neill, a substantial shareholder in the Company (to be held via Jellatech Holdings Limited, a company wholly owned by Mr O'Neill), is deemed a related party transaction under the AIM Rules for Companies. The independent directors (being the directors of the Company with the exception of Adam Fraser-Harris and Phil Jackson) having consulted with Northland Capital Partners Limited (in its capacity as the Company's Nominated Adviser) consider that the terms of the issue of shares to the Directors and to Mr O'Neill pursuant to the Subscription are fair and reasonable insofar as the shareholders of the Company are concerned.


Application will be made to the London Stock Exchange for the new ordinary shares of 0.1p each to be admitted to trading on AIM. Admission is expected to occur and dealings are expected to commence at 8.00am on 7 November 2012. Following the issue of the new ordinary shares, the enlarged issued ordinary share capital of the Company is 894,625,034 ordinary shares of 0.1p each. This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.


Change of Accounting Reference Date


Media Corporation confirms that it has changed its accounting reference date from 30 September to 31 December, however the Company's current reporting timetable will not change and accordingly, the Company will publish its audited financial report and accounts for the 15-month period to 31 December 2012 by no later than 31 March 2013. Thereafter, the Company will revert to the timetable set out in the AIM Rules for Companies with interim results to 30 June being released within three months of the period end and annual results to 31 December being published within six months of the year end.


Commenting on the Placing and Subscription, Phil Jackson, Chairman of the Company, said:


"I am pleased that we have been able to secure these funds, particularly against a background of very difficult fund raising conditions. The message from investors and across the City has been very clear, with our unique betting platform, we have an exciting future ahead of us, and the launch of Intabet, is our primary focus. Additionally Eyeconomy, our digital media business, continues to improve and our new sales team are making traction, winning new business and creating valuable new alliances with agencies, media owners and brand owners."


--END--





5th November 2012


Media Corporation Plc

(the "Company")


New social media offering

Media Corporation plc, the AIM quoted digital advertising and online gaming group, is pleased to announce the launch of their Mobile Digital and Social Network advertising service through their newly formed company: Media Corporation Social Networks.

Media Corporation Social Networks, in partnership with YZ UK Ltd., the UK, USA and Australian franchisee of targeted social media network provider YuuZoo, has signed an agreement to work in partnership to offer the innovative YuuZoo social media platform to existing and prospective customers.

The new service, which is optimised for mobile use, allows publishers, brand owners, sports stars, teams and interest groups to efficiently monetise their social media presence by maintaining controls on the commercial channels around the site. Revenues generated from the social media platforms will be split 50:50 between Media Corporation Social Networks and YZ UK Ltd., Eyeconomy, Media Corporation's digital media business, will also sell available advertising inventory. Each social network platform includes key common features such as a newsfeed, profile pages, messaging, chat, picture and video sharing, live event streaming, digital content as well as merchandising. Each platform provides a direct sales channel for content, services and merchandise.

Mark Butt, Managing Director of Eyeconomy, said: "This is exciting news, particularly for the publishers and brands we represent as we now have a cutting edge service that allows publishers and their advertisers to generate revenues from social media and mobile in partnership with the advertisers that support them in print and on the web.

Our model means that our customers can create a sticky, revenue generating social media presence and differentiate themselves from competitors - it puts the publication or brand at the centre, meaning publishers and brand owners have all the benefits of a social media campaign and yet maintain total control over the commercial aspects. This creates a number of new opportunities for site owners who can build revenue sharing models with their advertisers including direct response adverts that allow customers to buy advertised products immediately.

Our relationship with YZ UK Ltd.,the UK, USA and Australian franchisee, gives us access to incredible technology and growing audiences, and in return we are able to help their clients derive revenue from their social media presence."

Phil Jackson, Chairman, commented: "Social media and how to get it to make money has presented a challenge for brand owners, who invest significant amounts of money in advertising to acquire a customer, then direct them to a social network environment where they lose control of that customer and the commercial opportunities. Our new service meets that challenge and I believe offers a significant opportunity for us. Obviously, we see social media playing a significant part in the launch of Intabet."

YuuZoo Corporation is a fast-growing global mobile media company, with a full focus on Targeted Social Networks. YuuZoo has developed a vertically integrated, patent-pending service offering where Targeted Mobile Social Networks, mobile content, services and merchandise, mobile payments, and advanced mobile technology platforms combine to leverage off the growth in global demand for mobile and online content, services and commerce.

 

[vinylweatherman]

Better prepare a new residence in rogue city then, may need it early next year

Do the institutions know the risks associated with this £600,000 investment.

Intabet had better have a new market prepared, as players familiar with the company's former gambling operations are not going to trust that their money is safe with Intabet.

Maybe they are thinking of tie-ins to social media in order to promote Intabet rather than the usual affiliate route. Social media is also a good place to ensure that their potential Intabet players are familiar with what happened at Purple Lounge, and how much "segregation of player funds" helped players back then.

 

[jetset]

MEDIA CORP CEO STEPS DOWN

Following a short tenure of six months

Media Corporation PLC, the owner of the now defunct Purple Lounge, has announced the resignation of Adam Fraser-Harris who is stepping down from his position as chief executive officer following a short six month period in the role.

Interestingly, Fraser-Harris will be leaving the firm with immediate effect to "pursue other interests", while Phil Jackson will assume the role of Executive Chairman until a new chief executive officer is appointed.

Commenting on Fraser-Harris' departure, Jackson said: "On behalf of the board and shareholders I would like to thank Adam for all his efforts over the last six months. He has been instrumental in resolving a number of legacy issues and problems facing the Company when we joined the board in May of this year.

"Through his efforts he has helped stabilize the Company to put it in a position to look forward; we wish him all the best in his future projects. Our search for a full time CEO is well under way and we look forward to announcing new appointments at the appropriate time. In the meantime I am excited about working in a more executive role and I am optimistic about future developments for the organisation and remain focused on the pending launch of our Intabet platform."

 

[vinylweatherman]

MEDIA CORP CEO STEPS DOWN

Following a short tenure of six months

Media Corporation PLC, the owner of the now defunct Purple Lounge, has announced the resignation of Adam Fraser-Harris who is stepping down from his position as chief executive officer following a short six month period in the role.

Interestingly, Fraser-Harris will be leaving the firm with immediate effect to "pursue other interests", while Phil Jackson will assume the role of Executive Chairman until a new chief executive officer is appointed.

Commenting on Fraser-Harris' departure, Jackson said: "On behalf of the board and shareholders I would like to thank Adam for all his efforts over the last six months. He has been instrumental in resolving a number of legacy issues and problems facing the Company when we joined the board in May of this year.

"Through his efforts he has helped stabilize the Company to put it in a position to look forward; we wish him all the best in his future projects. Our search for a full time CEO is well under way and we look forward to announcing new appointments at the appropriate time. In the meantime I am excited about working in a more executive role and I am optimistic about future developments for the organisation and remain focused on the pending launch of our Intabet platform."

Well, he couldn't say anything other than this with investors putting in more money, and hopes that he will not get kicked out at the next board meeting. Maybe Adam Frazer-Harris realised it was a sinking ship, and didn't fancy going down with it.

They still believe ex Purple Lounge players are going to sit back, say nothing, and watch Intabet flourish on the back of their losses. It is clear that it was a "won't pay" rather than "can't pay" situation contrived by Media Corp so that "their" funds were safe, whilst players lost all of theirs.

 

[jetset]

Latest press release on Media Corp re-brand etc....mention of the Purple Lounge debacle is under the "Intabet" heading.

RNS Number : 3029T
Media Corporation PLC
12 December 2012


12 December 2012


Media Corporation Plc


(the "Group" or the "Company")


Trading Update


Following the passing of the Company's previous year end of 30 September the Company is pleased to provide a trading and strategic update.


Since its recent and continuing reviews of the perceived failings of the past the Board has completed a programme to assess how best to develop the Group's existing technologies and achieve sustainable profitability.


To that end, the directors are focusing on the following points to be addressed or completed by the end of the first quarter of 2013, and in time for the publication of our annual report for the 15 months period to 31 December 2012.


• The focus of the Group is to be placed on its existing and developing new technologies, with the emphasis on commercialising those technologies as soon as practicable

• To reflect the break with the past and the new focus the business will be renamed, Inta plc•

It is the intention that additional experienced board members will join the Company to add experience and stability in the technology, marketing and gaming sectors.

• Creation of a commercialisation team is planned, opportunities are in progress to launch associated sites based on the core Intabet technology as well as the ability to licence it directly and through joint venture partners. The first two instances, Bet Comparer and Mobet, are scheduled to go live on 1st March and 15th April respectively. Further details about each product will be provided nearer to the targeted launch dates.

• A full review of all non-core businesses within the Group, including Eyeconomy, with a view to potential disposal

• A resolution of all and any outstanding legacy issues pre the acquisition of Intabet



Intabet


Intabet, a company that had developed a gaming software platform was acquired in May 2012. The proposed synergies between the Intabet platform and the Purple Lounge division of the Company seemed a logical fit, based on what was reported to be in situ, including a leading licensed poker site, casino and payment platform along with many thousands of registered and active players.


The accurate position was somewhat different; long term operational failures led the previous management to surrender Purple Lounge's gaming licence to the Maltese Regulators, with question marks around the state of the players fund account and a deficit made up of real and bonus cash balances. The management team judged that the business was not viable and proceeded to liquidate The Purple Lounge as announced on 31 May 2012.


The consequence of that situation is that it has posed a significant challenge when launching a new gaming brand from within the Group. The management are working actively on ways to ensure that players and other creditors are treated fairly as the Purple Lounge liquidation process proceeds. However, in the absence of a conclusion of the liquidation it is easy to understand why effected Purple Lounge customers would, through the historical association, view an Intabet launch negatively.


In the meantime, the Company has continued to develop the platform to enable it to initially launch as a bet comparison site (www.betcomparer.com) and this is scheduled to launch on or by 1st March 2013. In addition, the Company will focus on opportunities surrounding the application of certain elements of the software developed. This will allow the company to commercialise the new technology it has developed in other markets and/or for other operators. Such opportunities for licencing out the technologies developed are presenting themselves in the UK and elsewhere.

 

[vinylweatherman]

At least they understand why any of their new ventures are likely to be launched from the rogue pit.

Unfortunately, they don't seem to have fully grasped the enormity of what went wrong. The player account should never have been in deficit to start with, even if the rest of the company was a "basket case". It is not just the previous management that failed, so did the LGA.

No matter what assurances a new venture might give on the security of player funds, they cannot be trusted due to ineffective policing by the LGA.

A bet comparison site may be merely dipping their toes in the water, but there are those who would like to see it bitten off from day 1. If they are not going to be involved with player funds, how on earth can they make money from their bet comparison site?

I could look at it, and then go direct to the operator offering the best odds to place the bet. How would Inta Plc make anything from this?

It has to be a "loss leader" lure of some kind, and once players sign up, they are going to be sold some premium services, or their data is going to be utilised for revenue generation.

They can start by transferring old player balances to their new product, effectively restoring player funds. Doing it this way would also give them a starting customer base who may decide that since they did the right thing in the end, the new board and management team deserve a chance to prove themselves.

 

[whatever]

It is not just the previous management that failed, so did the LGA.

Regarding how LGA understands to supervise its licenses, it has been privately confirmed that player funds have not been kept segregated from even before Media Corp acquired Purple Lounge in 2009.

 

[vinylweatherman]

Regarding how LGA understands to supervise its licenses, it has been privately confirmed that player funds have not been kept segregated from even before Media Corp acquired Purple Lounge in 2009.

This only proves what a farce the LGA are. They allow a lie that their regulations provide for the safety of player funds through segregation from company funds to be spread by people in authority, when they know it to be untrue.

If there was never any safety for player funds at Purple Lounge, it follows that no such safety exists for ANY operator with an LGA license. Further, it shows that the other failures and loss of funds at LGA licensed operations were not down to unforseen circumstances, but down to a systemic failure to provide for the safekeeping of player funds from the operational risks run by the companies involved. The LGA are no better that jurisdictions like Curacao when it comes to safeguarding players. All the LGA were interested in were the lucrative fees that operators were prepared to pay for access to the EU market alongside minimal inconvenience in complying with a regulatory regime. I don't recall getting an in depth explanation for why the entire LGA board got dismissed and replaced a while back, leaving a 6 month or so period where nobody was on watch to police compliance by licensees. Maybe this was when the rot started, and the new board just didn't think to look into it.

 

[GrandMaster]

A bet comparison site may be merely dipping their toes in the water, but there are those who would like to see it bitten off from day 1. If they are not going to be involved with player funds, how on earth can they make money from their bet comparison site?

I could look at it, and then go direct to the operator offering the best odds to place the bet. How would Inta Plc make anything from this?

In the same way as casino affiliates earn commission for each player who signs up through their website.

 

[jetset]

What I find frustrating is that the LGA has been able to wash its hands of this whole issue following the abandonment of the Purple Lounge Malta licence....despite the fact that contraventions such as segregation of player funds had been going on for years under the old management whilst the LGA was supposedly 'regulating' the operation.

Then there's the tap dancing over which Media Corp 'Purple Lounge' entity actually owes the players money, with the new management saying its the Malta entity (likely a mere shell) but no communication or regular updates emanating from that entity or its liquidators on Malta regarding the winding up process and what players might expect....one gets the impression that it is all being allowed to quietly fade away, prejudicing the players.

Speaking personally, I look past the corporate and legal tap-dancing and focus on the manner in which the leaders of the company - past and present - have treated the players. What I see is not palatable at all to me, and despite re-brands and more assurances of good behaviour I would not touch Media Corp or Inta betting products with a bargepole until Purple Lounge players have some sort of restitution.

 

[vinylweatherman]

In the same way as casino affiliates earn commission for each player who signs up through their website.

In this case, it would not be a fair and unbiased comparison site, and this could be found out once it launches by verifying it's results with the odds obtainable by going direct.

Surely one would not "sign up" at a bet comparison site in any case, it would be a tool to determine which bookie offered the best odds for a specific bet, and many bettors are going to have accounts at these bookies in any case. The bookies would have to pay commission for individual bets, even on existing accounts. This would eat into their margins, and make it harder to offer better odds than a bookie could without paying the commission.

It is possible that this will end up becoming another player rip off due to the results being skewed in favour of those bookies offering the most commission, rather than those offering the very best odds. This is something a number of UK utility comparison sites got caught doing, and they suffered fines and tighter regulation as a result.

 

[GrandMaster]

In this case, it would not be a fair and unbiased comparison site, and this could be found out once it launches by verifying it's results with the odds obtainable by going direct.

Surely one would not "sign up" at a bet comparison site in any case, it would be a tool to determine which bookie offered the best odds for a specific bet, and many bettors are going to have accounts at these bookies in any case. The bookies would have to pay commission for individual bets, even on existing accounts. This would eat into their margins, and make it harder to offer better odds than a bookie could without paying the commission.

Have a look at for example, oddschecker.com. It shows the current odds for the sporting event of your choice directly from the various bookmakers and if you click on the odds, it takes you to that bookmaker's site where you can place the bet.

 

[vinylweatherman]

Have a look at for example, oddschecker.com. It shows the current odds for the sporting event of your choice directly from the various bookmakers and if you click on the odds, it takes you to that bookmaker's site where you can place the bet.

This would only get them commission if the punter first had to sign up before placing the bet. If they already had an account, it would be their affiliate (if any) that would earn any commission going. If Intabet also got a payment, it would mean the bookie paying twice on the same bet. If Intabet have some other arrangements that would pay them on every bet whatever the status of the players' account and affiliation, it is something other affiliates need to keep an eye on in case the bookie sites are shaving their commission in some way in order to fund the payments to Intabet.

Where the market is particularly competitive, a site that has to pay commission is at a disadvantage to one that does not.

Only time will tell, and we will have to see whether Intabet really is pointing players towards the best odds available. Finding out is not too hard, just ask the UK sites that got busted by the regulator

 

[GrandMaster]

This would only get them commission if the punter first had to sign up before placing the bet. If they already had an account, it would be their affiliate (if any) that would earn any commission going. If Intabet also got a payment, it would mean the bookie paying twice on the same bet. If Intabet have some other arrangements that would pay them on every bet whatever the status of the players' account and affiliation, it is something other affiliates need to keep an eye on in case the bookie sites are shaving their commission in some way in order to fund the payments to Intabet.

Where the market is particularly competitive, a site that has to pay commission is at a disadvantage to one that does not.

I don't know whether odds comparison sites get any income from bookmakers other than the usual affiliate commission, but oddschecker has been around for about 10 years, so their business model appears to be working.

 

[$97 All in.]

MDC going down for the final count?

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RNS Number : 7164T

Media Corporation PLC

17 December 2012

17 December 2012

Media Corporation Plc

(the "Group" or the "Company")

Company Update

The Company announces that is has placed Eyeconomy Limited ("Eyeconomy"), an internet advertising business and wholly owned subsidiary of the Group, into administration (the "Administration") with KRE Corporate Recovery LLP. On 12 December 2012, the Company announced that due to tough trading conditions, revenues had softened and Eyeconomy was expected to make a loss for the division for the 15 month period ending 31 December 2012. Eyeconomy's considerable drop in sales, coupled with the growing negative net asset position of the business, has led the Board of the Company to take the tough decision that as Eyeconomy is no longer an appropriate fit with the ongoing strategic direction of the Group its resources are better focused on the pending launch of Intabet and associated sites. A further announcement regarding the Administration will be made in due course.

The Group's other trading operations are unaffected and continue to trade as normal. The Company remains completely focused on development of the Intabet platform and new, complimentary technologies and products.

--END--

 

[vinylweatherman]

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RNS Number : 7164T

Media Corporation PLC

17 December 2012

17 December 2012

Media Corporation Plc

(the "Group" or the "Company")

Company Update

The Company announces that is has placed Eyeconomy Limited ("Eyeconomy"), an internet advertising business and wholly owned subsidiary of the Group, into administration (the "Administration") with KRE Corporate Recovery LLP. On 12 December 2012, the Company announced that due to tough trading conditions, revenues had softened and Eyeconomy was expected to make a loss for the division for the 15 month period ending 31 December 2012. Eyeconomy's considerable drop in sales, coupled with the growing negative net asset position of the business, has led the Board of the Company to take the tough decision that as Eyeconomy is no longer an appropriate fit with the ongoing strategic direction of the Group its resources are better focused on the pending launch of Intabet and associated sites. A further announcement regarding the Administration will be made in due course.

The Group's other trading operations are unaffected and continue to trade as normal. The Company remains completely focused on development of the Intabet platform and new, complimentary technologies and products.

--END--

So, it seems that placing companies into administration is habit forming for them. Looks like a deliberate corporate policy of them having a setup whereby they can ditch any underperforming company, thus depriving customers of goods and services, whilst other subsidiaries have plenty of money.

Surely they would do to Intabet as they did to Purple Lounge if it didn't perform as expected, whilst having plenty of money to launch yet another subsidiary.

This ditching of companies, and then resurrecting the same service under a different name just as a means to walk away from money owed to customers is what "rogue traders" do. It may be legal, but it is immoral. Company law was designed to protect business owners from unlimited liabilty for a GENUINE miscalculation. It was not intended to be a mechanism whereby responsibilty was held in one subsidiary whilst the money was held safely in another - the setup that ensured Purple Lounge Malta had the liability for player deposits, yet the money was paid to a different subsidiary so that it wasn't with Purple Lounge Malta when it was time to liquidate the assets.

 

[jetset]

Not that long ago Eyeconomy was being lauded as one of Media Corp's success stories - how things have changed.

If by "....is no longer an appropriate fit with the ongoing strategic direction of the Group" Media Corp means their forward focus is gambling-related, they may need help...many punters will continue to remember the Purple Lounge debacle and the manner in which players were left high and dry through corporate manouevreing...I doubt that Intabet will gain much trust or traction unless the plight of former PL players is addressed.

 

[jetset]

HRMC INSURANCE LIABILITY FOR MEDIA CORP (Update)

Directorate change and sells off publishing asset

Media Corporation PLC, the owner of the now defunct Purple Lounge, has announced the resignation from the board of Mark Butt following the placing into administration of Eyeconomy Ltd.

The firm also revealed it has sold off its publishing asset onthebox.com for GBP 75 000 as it didn’t consider it a core asset and would have needed further investment for growth. Media Corp’s directors felt such investment would be better spent on the development and impending launch of its Intabet platform.

The board has its work cut out for it as Media Corp deals with Her Majesty's Revenue and Customs (HRMC) following the discovery of a potential liability with regard to previously unpaid National Insurance.

The amount outstanding covers the period prior to 2010 during which time former directors (and others), of the Company were paid by the Company as consultants to the Group where they should have in fact been treated as employees and the associated National Insurance paid by both the employer and employee to HMRC.

The full extent of the liability is unknown at present but the company said it is working together with the HRMC to set up a workable payment programme.

Phil Jackson, Chairman, commented: "I am very pleased to have realised some cash out of an underperforming asset like Onthebox and the funds will help us achieve our goal of launching the Intabet platform.

“To this end we are in discussions with a number of parties who have shown an interest to licence part of our technology which would enable us to start generating revenues from our technology and allow us to start to move forward despite the continued legacy issues from the previous management such as that with HMRC."


The honourable thing to do would have been to use the GBP 75,000 in settling unpaid Purple Lounge players i.m.o. That would have ameliorated the opposition to Intabet which aggrieved players will surely show and which will do the new enterprise little good.

As for the "former directors and others" comment - why am I not surprised

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[jetset]

Still pushing Intabet

MEDIA CORPORATION UPDATE

Continues to address inherited, historical issues

Media Corporation PLC, the owner of the now defunct Purple Lounge, is manoevering its assets to accelerate the commercialisation process in order to derive an income from its Intabet software platform earlier than planned.

The company said it intends appointing "re-sellers to act as additional channels to market and, where appropriate licences exist, operate the platform for or on behalf of betting operators and licencing all or part of the software on a white label basis" to which it would charge the operator royalties and licence fees.

According to a Company statement, Media Corp has proposals with several operators and expects to make announcements soon.

The first product to be made available through the resellers is a skills based game titled "Goal Millions". The game offers players the opportunity to win a weekly GBP 1 Million jackpot on a GBP 1 stake for correctly predicting the fastest six goals to be scored across a selection of football matches and is anticipated to launch on Saturday March 30, 2013.

The launch of the company's BetComparer website has been delayed to April 22, 2013 subject to final platform testing. BetComparer will have football, racing, and tennis as well as a full suite of sports to be rolled out according to the sporting calendar to ensure that it remains a useful resource for the betting public throughout the summer.

Media Corp said it has secured a loan agreement of GBP 250 000 which will be used for working capital. The Lender has reportedly agreed in principle to make up to GBP 500 000 available.

Phil Jackson, Chairman of Media Corp said: "We're working hard as we enter the commercialisation phase of the Intabet platform and related technology, I'm pleased with the discussions we are having alongside our resellers with operators and others and we are looking forward to announcing additional partnerships in the very near future.

“In the meantime we are continuing to reduce unnecessary costs, explore funding options and seek new customers both in the UK and around the world as well as continue to positively engage and address inherited, historical issues."

 

[MisterBJ]

"The first product to be made available through the resellers is a skills based game titled "Goal Millions". The game offers players the opportunity to win a weekly GBP 1 Million jackpot on a GBP 1 stake for correctly predicting the fastest six goals to be scored across a selection of football matches and is anticipated to launch on Saturday March 30, 2013."

"Media Corp said it has secured a loan agreement of GBP 250 000 which will be used for working capital. The Lender has reportedly agreed in principle to make up to GBP 500 000 available."

How are they able to introduce a $1 Million Game. When they don't have a $1 million themselves? They only secured between $250,000 to $500,000 in working capital. Sounds like some rigging is gonna take place.

 

[dunover]

MEDIA CORPORATION UPDATE

Continues to address inherited, historical issues

Media Corporation PLC, the owner of the now defunct Purple Lounge, is manoevering its assets to accelerate the commercialisation process in order to derive an income from its Intabet software platform earlier than planned.

The company said it intends appointing "re-sellers to act as additional channels to market and, where appropriate licences exist, operate the platform for or on behalf of betting operators and licencing all or part of the software on a white label basis" to which it would charge the operator royalties and licence fees.

According to a Company statement, Media Corp has proposals with several operators and expects to make announcements soon.

The first product to be made available through the resellers is a skills based game titled "Goal Millions". The game offers players the opportunity to win a weekly GBP 1 Million jackpot on a GBP 1 stake for correctly predicting the fastest six goals to be scored across a selection of football matches and is anticipated to launch on Saturday March 30, 2013.

The launch of the company's BetComparer website has been delayed to April 22, 2013 subject to final platform testing. BetComparer will have football, racing, and tennis as well as a full suite of sports to be rolled out according to the sporting calendar to ensure that it remains a useful resource for the betting public throughout the summer.

Media Corp said it has secured a loan agreement of GBP 250 000 which will be used for working capital. The Lender has reportedly agreed in principle to make up to GBP 500 000 available.

Phil Jackson, Chairman of Media Corp said: "We're working hard as we enter the commercialisation phase of the Intabet platform and related technology, I'm pleased with the discussions we are having alongside our resellers with operators and others and we are looking forward to announcing additional partnerships in the very near future.

“In the meantime we are continuing to reduce unnecessary costs, Like by not paying out winnings lol.. explore funding options Er..by taking deposits and not paying...and seek new customers both in the UK and around the world as well as continue to positively engage and address inherited, historical issues.Like rushing to communicate with and pay those ripped off....lol"

 

[Simmo!]

How are they able to introduce a $1 Million Game. When they don't have a $1 million themselves? They only secured between $250,000 to $500,000 in working capital. Sounds like some rigging is gonna take place.

The chances of winning it are probably next to zero but they will probably have taken insurance out against it being hit or got some sort of guarantee from a lender I suspect...er, hope.

 

[jetset]

Nothing further from the liquidators in Malta either.

I hope players will remember the manner in which this Purple Lounge scandal was handled - by both sets of management.