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World Poker Tour
Enterprises Disputes With Brunson
An investigation is underway by the US Securities and Exchange Commission
regarding a bid by poker champion Doyle Brunson to buy World Poker Tour
Enterprises Inc. According to WPT Enterprises, soon after placing the bid,
which was in the amount of $700 million, Brunson's representatives abruptly
withdrew it. Two attorneys representing Brunson did not return calls
regarding the matter, and so the SEC has filed for a subpoena enforcement on the
two lawyers in a Fort Worth district court.
What gives the matter
stakes is that WPT stock rose more than 50% its starting value when
news of the offer reached shareholders. However, when Brunson
or his attorney's law firm, Goodman & Chesnoff, could not be reached
about the offer, thus causing it to expire, the stock drastically
dropped. The stock price high of the day was nearly $30, while
the closing price settled at approximately $6.
Now that a formal
investigation is underway, Brunson may have to pay out some money
whether or not he buys World Poker Enterprises or not. Now
word has surfaced as to how what has been uncovered just as of yet.
However, it still has not been ruled out that Brunson covered his
tracks and did not legally commit to making the offer. Such
was the sentiments of Brunson's attorney, Alan Isaacman, who
commented that an offer was made indeed, but that no laws were
violated in the way things panned out.
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