PIC

#1 11th July 2008, 5:02 PM

Is anyone using this new PIC method of deposit? I was going to but then read the rules and conditions and it scared me off. It seemed to me they were saying we would be buying shares in a company and would then be liable for any debts it would incur and if necessary they could go into our accounts and take money if the debt service required it. Is that how others read it?

#2 11th July 2008, 5:04 PM

PM me a link?

#3 13th July 2008, 4:26 PM

This is copied from terms of use and I would love to hear how others interpret this

PURCHASER represents and warrants to the CORPORATION that:

a. PURCHASER is aware of the CORPORATION'S business affairs and financial condition and has acquired sufficient information about the CORPORATION to reach an informed and knowledgeable decision to acquire the SHARES. PURCHASER has received all information from the CORPORATION that PURCHASER has requested and deems relevant to an evaluation of the risks and merits of this investment. PURCHASER has such knowledge and experience in financial and business matters that PURCHASER is capable of evaluating the merits and risks of investment in the SHARES. PURCHASER is purchasing the SHARES for investment for his/her own account only and not with a view to, or for resale in connection with, any "distribution" within the meaning of the Securities Act of 1933, as amended (the "SECURITIES ACT").

b. PURCHASER understands that an investment in the CORPORATION'S SHARES is speculative, that any possible benefits from the investment are uncertain, and that PURCHASER must bear the economic risks of the investment in the Shares for an indefinite period of time. PURCHASER is able to bear these economic risks and to hold the SHARES for an indefinite period of time.

c. PURCHASER acknowledges and understands that the SHARES represent a percentage of an overall investment bankroll. Control of the individual shares rests with PURCHASER, but control of the overall bankroll rests with the CORPORATION. PURCHASER understands that the operating expenses of the CORPORATION shall be taken from the overall bankroll. PURCHASER further understands that the CORPORATION may make investments in commodities and/or direct investments in players by funding said player's participation in poker tournaments. Any other investments by the CORPORATION from the bankroll shall be announced in advance at such time as the CORPORATION may see fit, but with sufficient opportunity for Purchaser to redeem shares if desired. CORPORATION warrants that at no time will it make such investment(s) unless the overall bankroll exceeds the purchase value of all outstanding shares.

6.

#4 15th July 2008, 12:42 AM

I'll be honest and say that I'm not quite sure how to interpret that either, BUT, it sounds a little shady to me. If I were you, I'd stick the the larger, tried and true sites. If this one is legit, they'll still be around later. Let some other sucker put their money at risk.

#5 15th July 2008, 12:57 AM

I read it as all investors money is their bankroll to do as they see fit. You wouldn't owe any more but you're acknowledging that you know you might not profit. What is this, a group of poker players pooling their money to share in the risk?

#6 15th July 2008, 3:58 PM

This is one of the options offered by carbon and full tilt for deposits. I have seen it on other sites also.

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