Wauw Gaming Refund

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Dear Wauw User,

We are writing with news regarding the decision on how to distribute the remaining funds of Wauw Gaming amongst our users.

Final Payment
Some time ago we have succeeded in retrieving our remaining funds held by 3rd parties. We have not been able to agree with the Maltese Lotteries and Gaming Authority on how to distribute these remaining funds amongst our users though, as it is the Authority's conviction that only a 100% refund of users’ balances is acceptable. This is simply not possible, and thus we have decided to distribute all of the remaining funds in the following manner:

All users with a balance of 50€ or more at the day we shut down operations will receive a total of 69,4%, meaning that if you already had 50% of your balance transferred, you will now be able to withdraw another 38,8% of your remaining balance.

We are only able to process withdrawals through bank transfers. In order for us to be able to process such withdrawals please email the following information:

- Your full name
- Your username at the Wauw Gaming Site
- Your address
- The name of your bank
- The SWIFT code of your bank
- Your IBAN account number

We kindly ask you to pass this information on to anyone you might know who would qualify for such a transfer. Given the time passed since the offer to withdraw 50% was launched, some of our users might have changed their mail address since then.

We apologize for not being able to refund 100% of your balance. With the payment of 69,4% of balances for users with 50€ or more all Wauw Gaming remaining funds are depleted. Below you’ll find a description of the events that lead to this situation.

What went wrong?
Wauw Gaming launched in July 2007 with invested capital from shareholders at around 1 million €. From a turnover of zero the company was projected to reach Break Even after app. 1½ years of operation. In early 2008 it became clear that the company would need additional investments to reach Break Even. Thus different efforts to find further shareholders were initiated.

Early August 2008 an agreement was made with a Swedish company listed at the Swedish Stock Exchange. This agreement would certainly ensure Wauw Gaming could reach Break Even through an investment of 1 million €, of which the first 200.000€ was to be paid September 1st 2008. August 1st 2008 Wauw Gaming was able to pay all users balances, and this agreement meant that Wauw Gaming was able to stay in operation. Had no agreement been reached at that point Wauw Gaming would have seized operations and paid all users their full balances.

Regretfully the first installment of the investment due on September 1st never reached Wauw Gaming’s accounts and on September 5th 2008 the CEO of the investing company informed the CEO of Wauw Gaming that they would not honor the agreement to invest. This meant that Wauw Gaming was forced to shut down operations and now would not be able to pay all users balances due to expenses and losses incurred during the month of August. The decision of the investing company not to honor the agreement to invest could very well be subject to legal actions against the investing company, but without any funds left such a case seemed unmanageable. Instead efforts were made to find a new investor while operations were shut down temporarily, but in the midst of an international financial crisis that task turned out to be impossible, and on September 15th 2008 Wauw Gaming had to announce the decision to close down the business.

For a while we were trying to sell assets in order to raise enough funds to be able to pay 100% of user’s balances, but without any success. Thus the situation is, as described above, that we will be able to pay 69,4% to users with a balance of 50€ or more on the day we shut down operations.

For the people behind Wauw Gaming this is definitely not a proud moment. But rest assured that everything possible has been done to try and rectify the situation. No shareholders, board members or employees of Wauw Gaming have received payments related to users’ funds. In fact shareholders lost the amounts invested in full, and all board members and employees have worked months without receiving salary in order to help Wauw Gaming reach Break Even. This is because we all were convinced we had a good and competitive product to offer the gaming market, and that Wauw Gaming would be profitable once the company had reached Break Even.

We apologize for the fact that Wauw Gaming users are not receiving 100% of their balances. With the payment of 69,4% of balances for users with 50€ or more all Wauw Gaming remaining funds are depleted.

Regards,
Wauw Gaming Support Team


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detaljer:
Fra: Wauw Gaming ([email protected])
Sendt: 19. oktober 2011 18:45:23


Tidligere mails fra 2008 er ikke fra denne adresse.

Jannick

nej det blev ikke slettet :)

bajawa 1 indlæg

jeg har ikke modtaget den mail