SEC probing top poker player’s bid for WPT
U.S. securities regulators said Friday they are formally investigating U.S. poker champion Doyle Brunson’s unsolicited $700 million offer in July to buy gaming entertainment group WPT Enterprises Inc.
News of the unsolicited bid, which was nearly double the company’s market value, sent WPT’s stock price soaring more than 50 percent in one day to an intraday high of $29.50.
The price then rapidly fell after the company said it was not able to reach Brunson or his attorneys for further information on the bid…
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Poker lingo:
- WORLD SERIES OF POKER - A series of several different poker games with relatively large buy-ins, culminating in a $10,000 buy-in no-limit Hold'em tournament, the winner of which is crowned the World Poker Champion. Sponsored by Binion's Horseshoe Club in Las Vegas.
- PROP - Also PROPOSITION PLAYER. An employee of the gaming establishment whose primary purpose is to keep enough players at a table to prevent breaking up the game for lack of players. Unlike SHILLs "props" make a small hourly wage but play with their own money, winning or losing based on their skill.
- DRAW OUT - To catch a card that improves your situation from a losing hand to a winning hand, especially when you beat someone holding a hand that usually figures to win.
- OFFSUIT - Not of the same suit. "I held A-Q offsuit" or "The flop was 10-6-2 offsuit". When speaking of 5 or more cards, not all/ of the same suit, i.e., no flush, as in "button had A-K-10-8-7 offsuit."
- MITES AND LICE - A hand consisting of two pair, threes over twos.
- FAVORITE - Before all the cards are dealt, a hand that figures to be the winner. Ant: UNDERDOG.
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