Tuesday 28 August 2007

More on Electronic Poker Tables

I like the idea of poker electronic poker tables as I said here.

But don't invest in the manufacturers on the Nasdaq until this little difficulty is sorted out, as reported by the Motley Fool

"But my favorite filing this week comes courtesy of PokerTek (Nasdaq: PTEK), which has created an automated poker table called PokerPro. By eliminating the need for a dealer, the theory goes, the company can juice casino profits by dealing more hands, more often.
Profit-seeking is a noble goal, especially for an unabashed capitalist like me. But there's a difference between profit-seeking and profit-taking, even if Chief Financial Officer Christopher Daniels doesn't recognize it.
According to
this filing, Daniels might have used the company credit card to fund personal purchases. We don't how much and for what (please, God, tell me it's not ice sculptures), but the Audit Committee of the company's board has commenced an independent investigation of all corporate credit card use. Daniels is on administrative leave until that investigation is resolved.
I know I shouldn't have to state the obvious here, but I'll do it anyway: Stay away from this stock until the Audit Committee reveals its findings. Or, in poker parlance, treat PokerTek the same way you would deal with an off-suit seven-deuce in hold 'em poker: fold."

1 comment:

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