Cascade downgraded once again

suzysuzy · 04-06-07, 01:54 AM

i'm new to sportsbetting online. i have 48k stuck on cascade and i am freaking out. do you think there's an over 99% chance that i will never see a dime of it?

bigboydan · 04-06-07, 01:55 AM

Hard to tell really, but it's not looking too good at this particular moment.

tblues2005 · 04-06-07, 01:55 AM

I hope so suzysuzy in your case, I think you have a 50/50 chance though.

bigboydan · 04-06-07, 01:57 AM

Originally posted by tblues2005

I hope so suzysuzy in your case, I think you have a 50/50 chance though.

Your pretty generous at 50/50 right about now IMHOO bud. I personally feel the odds are less than that, but I sure hope I'm wrong for everyones sake.

tblues2005 · 04-06-07, 01:58 AM

oh really bigboy,, I didn't know it was that serious, maybe 10/90???..

bigboydan · 04-06-07, 02:04 AM

Who really knows what percentage it might be, but 50/50 is very generous as you mentioned above IMO.

It's looking like it is a pretty bad scene right now bud. The signs were written on the wall way back in February unfortunately, because Knicknut couldn't even get a book-to-book transfer his requested amount. Also, from what I remember about that particular transfer. He said it took him several times to get that one completed.

suzysuzy · 04-06-07, 02:10 AM

but isnt there a decent chance that they will find backers or no?

bigboydan · 04-06-07, 02:18 AM

Originally posted by suzysuzy

but isnt there a decent chance that they will find backers or no?

In all honesty I just don't see him being saved this time around like he has in the past.

suzysuzy · 04-06-07, 02:20 AM

i want to die.

GoofMouth · 04-06-07, 02:33 AM

Originally posted by bigboydan

In all honesty I just don't see him being saved this time around like he has in the past.

Where are they located? I'll take a trip down there with suzysuzy, go in, GUNS BLAZING.

On the way back back, we stop in Costa Rica, blow up the Jazette building.

Dark Horse · 04-06-07, 02:55 AM

Suzysuzy, if I were you I'd try contacting Richard@Cascade (poster name here). At a time like this it is not a bad idea to get to know someone on the inside (in a friendly way!). That way, if they know you on a personal level, you're more likely to be among the first to get paid. When nobody is getting paid SBR assistance only goes so far.

JoshW · 04-06-07, 08:53 AM

Did everyone have plenty of time to get out money once was announce that the DelMar were splitting with Lenny?

I remember when Mansion was offering crazy prices on the exchange, I once bet the other side at Cascade for 30k on a baseball game and Cascade moved ONE cent on it.

DrSlamm · 04-06-07, 09:45 AM

plenty of time??? my friend has had a pending withdrawal for at least 6 weeks..

BigDog · 04-06-07, 10:41 AM

I've said all along those guys were crooks even when they had a good rating because of Lenny....He ****ed me out of alot of money and will do the same to anyone else....Richard just does what Lenny tells him to do and he's no better! ....I hope all of you guys get your money out of there but please remember this,STAY THE **** AWAY FROM ANY BOOK THAT LENNY IS A PART OF!

pokerking · 04-06-07, 12:55 PM

Originally posted by BigDog

I've said all along those guys were crooks even when they had a good rating because of Lenny....He ****ed me out of alot of money and will do the same to anyone else....Richard just does what Lenny tells him to do and he's no better! ....I hope all of you guys get your money out of there but please remember this,STAY THE **** AWAY FROM ANY BOOK THAT LENNY IS A PART OF!

Lenny stole a lot of money from me too. I couldn't agree with you more BigDog.

PitBoss · 04-06-07, 03:51 PM

Suzy,

Consider this:
They are still in operation. They've been in business for a while. There are confirmed payments in the last few weeks.

50/50 is a reasonable estimate.

jjgold · 04-06-07, 04:14 PM

There are only 10 safe books left

amazing

Bill Dozer · 04-06-07, 06:04 PM

Lenny is trying to get some things done that he expected to happen on Tuesday. There is some hope that payouts resume again but if there is a viable solution you have to ask, then why wasn't it tapped before problems?
These veteran BMs can be resourceful so there is room for short term optimism. Communication is good and we will continue to wait and hope for worthy updates.

suzysuzy · 04-06-07, 07:02 PM

isnt that just more bs from lenny? plus, im sure he knows that everyone will cash out and quit there after all of this, even if they get paid soon. seems he doesnt have much incentive to keep it afloat at this point, does he? then again, i know nothing.

Dark Horse · 04-06-07, 10:49 PM

My money is on everyone getting paid in full. Just may take a while.

Catsfan · 04-06-07, 11:10 PM

Originally posted by suzysuzy

i'm new to sportsbetting online. i have 48k stuck on cascade and i am freaking out. do you think there's an over 99% chance that i will never see a dime of it?

You're new to sportsbetting and you have $48,000 in a book that is not rated very high? Hopefully that is not a lot of money for you. If it is I would suggest learning more about the industry before having that kind of balance at a book that is not rated very high. I hope we hear some good news and you are paid. Good luck.

cobra_king · 04-07-07, 12:11 AM

Originally posted by Catsfan

You're new to sportsbetting and you have $48,000 in a book that is not rated very high?

Hard to criticize suzy too much about this choice, after all this book was rated an A- as late as December 7th and was a B+ to near the end of January. It's not like it was a D for an extended period of time. With that being said, you don't see a free fall in ratings like this too often.

suzysuzy · 04-07-07, 12:15 AM

exactly, im not THAT new.

DrSlamm · 04-07-07, 12:26 AM

when cascade folds SBR will no longer be able to claim that they have never rated a book A that has bailed

Climate · 04-07-07, 03:47 PM

I did receive a little over $4,000 about two weeks ago. It took 5 weeks to get my money. I hope that helps anyone who has the blues right now.

I was paid in the low five figures two months ago by them.

It does seem like things are changing very quickly with these guys though.

I still have about $500 in there.

I'm still upset about the $500, but from what I hear on this and other forums, I look like one of the lucky ones.

GL.

pags11 · 04-07-07, 06:02 PM

suzy, I feel for you bud...never thought I'd see cascade at a D rating...

PitBoss · 04-08-07, 06:08 AM

Further warning from Roberto:

TOW Alerts and Warnings
4/6/2007
Cascade (betcascade.com) on the verge of collapse

Further to our previous reports on 3/26 and 4/4 new adverse information is being reported about Cascade (betcascade) from our sources in Costa Rica.

An attempt to transfer existing account balances into another operation has failed putting Cascade on the verge of collapse.

Chances of a bailout book stepping to the plate of agonizing Cascade are very slim at this time. Bettors with funded account at this troubled operation should strongly consider to immediately secure screenshots of their account balances.

While larger balance holders may very well not find any relief option, smaller balance holders ($2,000 or less) could probably have some hope to find individual relief plans.

TheOnlinewire.com first downgraded Cascade on 3/19. A further downgrade followed on 3/26 while a third downgrade accompanied by a warning was issued on 4/4.

TOW Alerts and Warnings - April 6 2007, 9am EST - TheOnlinewire.com

Conando · 04-08-07, 04:52 PM

Could someone explain to me why the chances of them being bought out is small?

Conando · 04-08-07, 05:21 PM

"What is happening is really sad but not entirely unpredictable either.

Everyone with some decent connections in the industry knows that Cascade was repeatedly bailed out by Grande first. When Grande said "we bail you out one more time but it becomes ours for good" Lenny sought another backer. That was the crisis of the early summer of 2006.

The new backer skipped town as well at the end of Football. Everyone and their sisters in the industry knows that the unhappy ending is right behind the corner, yet most prefer to ignore it in the name of "friendship" with Cascade and its likeable owner.

Cascade always had a dominant percentage of professional players in its customer base, thus making it even more difficult to seek a book to bail them at this time of the season.

Lenny has assets; I'm sure he'll do his best to honor remaining balances, at least I hope so for the sake of those players cought up in this mess."

Found this on TOW. What do you guys think the chances are of someone like Grande bailing cascade out and taking over?

SBR_John · 04-08-07, 07:43 PM

Conando,
Anything is possible but in this environment I don't see bailouts working like they did in the past. And they were only marginally successful even in the best of times which these are not.

Lenny is as resourceful of operator as there is. He has been in Costa Rica a long time. This book tried to grab market share in the post Pinnacle pull out. Poor trading and internal miss management began to take its toll and continued to where we are now.

so far Lenny is saying he will make good. That is the only thing we have going in this. A bailout or buyout is a long shot.

tennis28 · 04-09-07, 12:04 AM

I remember reading here and on other forums a while back that the owner of Cascade had very very deep pockets and that Cascade was one of the safest places for this reason. Now I'm not pointing fingers, but was this owner the Grande group, or Lenny himself? Who had the deep pockets and is that person/group still with cascade?

bigboydan · 04-09-07, 12:08 AM

Originally posted by tennis28

Who had the deep pockets and is that person/group still with cascade?

It was Delmar and Lenny's partner who I believe retired not too long ago if I remember correctly.

cloudagh · 04-09-07, 12:12 AM

Well, for what it is worth, I have always been treated fairly and honestly at Cascade. Their customer service is prompt, and even recently, their CSD was open with me about payment times being extended.

Let's hope they can turn it around and then do the right thing for those still wanting a payout.

bigboydan · 04-09-07, 12:14 AM

Originally posted by cloudagh

Let's hope they can turn it around and then do the right thing for those still wanting a payout.

I hope they can as well.