Seaniemac International Ltd (fka BETS)

[mean_street_dude]

PROBLEMS WITH THE LETTER OF CREDIT..Okay it does not take five months to get an approval and all papers filed over two weeks ago. Under-writing is a one day decision or two at best. Obviously there are real issues with the loan. I think the third party broker was an idiot and had no clue and got BETS in with a crap lender who really did not want to take on the LOC. My guess is that they raised the interest rate last minute and terms and also decided to find a participant to share the risk, thus the huge stalling on approval. BETS should have gone to a lender directly and most LOC's take 45 days max and not 4 to 5 months. BETS is likely looking at alternatives now and there is money out there but wasted time with this lender. The promoter of the stock and USA coordinator has been a dismal failure and set up the dilution with consequences that BETS did not realize at the time. Without a LOC there will not be huge gains in revenue and now we wait. All this has been priced in and BETS will survive but it will take more time to find a real loan and increase the cash flow.