Cryptologic: Financial Warning! The Notorious Gang Of Andrew Rivkin, Mark Rivkin, Anatoly Plotkin, Jean Noelting And Harvey Solursh Have To Be Plotting Their Next Moves.
The notorious gang of Andrew Rivkin, Mark Rivkin, Jenny Solursh, Anatoly Plotkin, Jean Noelting and Harvey Solursh have to be plotting their next moves.
The shredders must be getting hot in anticipation of the police raid. A large number of staff have been fired with no reason. We wouldn’t be surprised if Cryptologic will disappear from Toronto one weekend and move overseas.
Tough times are just around the corner. Cryptologic has just had to take a near $10 million charge on an investment that went seriously wrong.
Licensees are leaving and suing them. Players have had enough. Revenues are falling. Costs are increasing. Shareholders are sick to the back teeth with a seesawing share price that takes one step forward and two back.
If the police raid their business premises, as they did Starnet's, the bottom would drop out of the share price, and Messrs Rivkin, Solursh, Plotkin and Noelting would be crying all the way to Toronto's jails.
What investors need to beware of is "the rosy picture," which can often turn out to be worthless bullshit.
Thanks to the accounting firm of Andersen, Enron and now Worldcom were found to be cooking the books on a truly massive scale. The SEC says on its website that its mission is to protect investors. Has it let investors down?
All those rosy financial statements from Worldcom turned out to be pure lies. Instead of making healthy profits, it was deeply in debt.
The trouble is not just with the accounting firms; it includes the lawyers, the boards of directors, the rating agencies and others. Now, not only can the companies of corporate America not be trusted, the watchdogs and regulators turn out to be useless as elderly Rottweilers that have lost their teeth.
Confidence has been shaken because no one can trust the numbers on the balance sheet of corporate America. Enron was supposed to be a one off; now everyone knows it goes much deeper than that with Xerox.
We warned investors about the dangers of investing in Starnet, and class action lawsuits followed in an attempt to claw back some of the hundreds of millions of dollars that they lost. We warned players about the faulty software and cheating.
The licensees told us the extent of their problems too, and how they had been cheated.
Now it's the same with Cryptologic. They might, like Starnet, change their name and find something easier on the tongue but we probably won't be so lucky.
This company is running an organized crime operation in Toronto, and they have close ties and associations with international organized crime and drug dealers, and we have no hesitation in saying, don't let them get away with it.
That's why we are issuing our own "Cryptologic Financial Warning." Financial troubles and a police raid may now be very near, so avoid investing in this company if you want to hang on to your money.
