MB exit from US shameful

[HedgeHog]

MB has every right to leave the US market, but I find the way they did it sickening. Denying rumors of their exit up until the final hour and forcing CC payouts to clients with under 10k balances shows their total disregard for bettors loyal to them for years. I also find it distasteful that they are now seeding markets to increase liquidity, basically using our "trapped" US funds to seed their new venture.

MB says they'll pay w/i 21 business days, which is slightly more than a month. By my count, that means March 30th at the latest. After that, MB will be considered in slow pay mode as far as I'm concerned. SBR can expect my official complaint on March 31st if it comes to this.

Unlike Pinny's departure in '07, MB's decision was classless and w/o much forethought (forcing people to send their CC info via unsecured email....really MB?). After they pay everyone, I hope they crash and burn.

[John Dough]

FWIW, my account was debited this morning. Doesn't mean much until I receive my funds of course, but it's encouraging to see the wire listed in my account at least.

[HedgeHog]

FWIW, my account was debited this morning. Doesn't mean much until I receive my funds of course, but it's encouraging to see the wire listed in my account at least.

Mine appears the same way, even though I sent them CC info.

[durito]

I guess you would have preferred they not sell and get stiffed or a year slow pay like wsex.

[HedgeHog]

I guess you would have preferred they not sell and get stiffed or a year slow pay like wsex.

Of course not. But I hate giving my CC info over unsecured email to owners I don't know at all. Wires should have been offered to all US clients regardless of balance. Guess I should be glad I don't have 5 figures over there in limbo.

[Dark Horse]

I'm rather intrigued by the new MB. They seem to go about their business in a professional manner, and were ready to roll. They're paying everybody their money, which the old MB almost certainly couldn't have done.

MB stock back on the rise again (recommendation: buy).

[kero214]

I'm rather intrigued by the new MB. They seem to go about their business in a professional manner, and were ready to roll. They're paying everybody their money, which the old MB almost certainly couldn't have done.

MB stock back on the rise again (recommendation: buy).

Worst financial advise since "Hey I know this guy named Bernie Madoff you should invest with."

[HedgeHog]

I'm rather intrigued by the new MB. They seem to go about their business in a professional manner, and were ready to roll. They're paying everybody their money, which the old MB almost certainly couldn't have done.

MB stock back on the rise again (recommendation: buy).

Really, define "everybody"? How many US clients have been paid in the past few days...in round numbers? Sounds like you're the new international Fishhead (insult intended). BTW, the liquidity is good now, because they're seeding it with the US money they've frozen.

[Dark Horse]

I advocated MB when they were brand new, advised against them when the trouble started (so have no money there), and now would buy their stock again. Do you understand the concept of projecting into the future based on the present?

[HedgeHog]

That stock would have to be at steep discount, since the majority of their business just left. Unlike Pinny which had a stronger foreign base, I project a dismal future for MB.

[Dark Horse]

Ok. Just remember that you were wrong the last time; or you would have no money there now. It has every appearance to me that the new MB ownership bailed you out (or is about to) for that poor judgment.

Yeah, they're seeding the market. Of itself that is not a problem, as long as it's done right. Same thing a book does when they put up lines. So far they seem to be very precise and professional in doing so. If Pinny gets bets at +105 (by offering -105), these guys get it at +104 plus the commission fee.

[Bill Dozer]

If Matchbook can credit checking accounts this way and do it all within one month, everyone will be happy. Some Canadian folks are waiting for Netellers just because they don't want to be there during Matchbook's transition phase...can't blame them and it's what I would do. It will telling to see how fast they get paid.

[HedgeHog]

Ok. Just remember that you were wrong the last time; or you would have no money there now. It has every appearance to me that the new MB ownership bailed you out (or is about to) for that poor judgment.

Yeah, they're seeding the market. Of itself that is not a problem, as long as it's done right. Same thing a book does when they put up lines. So far they seem to be very precise and professional in doing so. If Pinny gets bets at +105 (by offering -105), these guys get it at +104 plus the commission fee.

So everyone caught with money in MB was wrong--for real? I did well to reduce my position in MB the past few months. My reward for getting my balance to under 10k was to be forced to use my CC to get the rest of my money back. So even if I do get this credit w/i a month, I'll be carring a negative balance on this card for many months to come. Talk about slow pay. Fuk MB for forcing this option on their clients.

[relaaxx]

even if I do get this credit w/i a month, I'll be carring a negative balance on this card for many months to come. Talk about slow pay. Fuk MB for forcing this option on their clients.

this has been my situation before. i just called them up, told them i had the funds transferred to the wrong cc by mistake. they cut me a check. had my money in 5 to 7 business days.

[Dark Horse]

So everyone caught with money in MB was wrong--for real?

Within the context of comparing MB to a stock, yes, those with money invested there were wrong. We will never know exactly how great the risk was, but it seems pretty obvious that MB players were bailed out by the new ownership.

[HedgeHog]

Well good luck with that "stock" going forward. Having lost a large part of their market share, growth potential for MB is nil. Personally, I'd short it.