...or have they opted to not do their due diligence when they included Brock Pierce on the list?
They already lost two members due to scandals, one of which I love, while the other is French. Now, they're buckin' for adding another to their venerable org covered with taint (double-entendre intended).
While they are at it, how about inviting Bruce Wagner back and moving their HQ to Pattaya?
This Pattaya place you mentioned sounds like a great place to hold a Bitcoin conference:
https://bitcointalksearch.org/topic/pattaya-39476Meanwhile, on the Bruno's-just-spreading-fud front:
http://www.thegrouchygamer.com/?p=94Scott Jennings is a blogger. His blog, Broken Toys, is one that I have read as long as I have been reading blogs. He recently posted an article about the legal battle going on between Alan Debonneville and Brock Pierce, a couple of the principles at IGE. Here’s where the irony part kicks in.
Pierce, who made a fortune thumbing his nose at legalese and violating the EULAs of pretty much every MMO company out there, has sicced his lawyers on Jennings and have demanded that he remove his article. He’s going to comply today. I wanted to bring these bullying tactics to your attention, so you have some perspective of the kind of people that are running these operations. Keep in mind when you read this, IGE has always been considered one of the CLEANER operations out there.
Thanks to Ryan Shwayder over at Nerfbat for bringing this to my attention this morning. Here’s to piling on. I’ll let you know if I am subjected to the same kind of bullying as Jennings was. Here is a mirror of Jenning’s post. Note: Many of these links are broken, probably because of the lawyers demanding they are taken down… Here is Scott’s original post;
“MMOcitizen.com, a website operated by the law firm currently bringing a class action lawsuit against IGE, obtained and published a copy of a complaint in another lawsuit involving IGE: this one brought against former CEO Brock Pierce last year by co-founder Alan Debonneville.
For almost 5 years, Debonneville has dedicated his entire life to the creation, development, and success of IGE US, LLC (”IGE”). IGE’s meteoric rise from an under funded startup to the market leader culminated in a Goldman-Sachs investment of $60,000,000, which set the value of IGE at the time of $220,000,000. While Pierce, a flamboyant former child actor, has always been the public face of IGE, Debonneville has been the tireless working founder, responsible for the expansion and operation of the company.
The filing goes into great detail about IGE’s rise and fall from Debonneville’s point of view, with, just in case you weren’t already glued to your PDF files, added dirt from the dot-com-money-and-man-boy-love days of DEN.
After living and working in Spain for a few months, Debonneville observed that Rector and Pierce had a very close relationship, one that did not seem normal between a 40-year old man and a 20-year old young man…
…Apparently, there were a multitude of charges related to the prior operation of a company specifying that Pierce, Rector, and Shackley had stolen money from the company and wasted corporate assets for things like the purchase of illicit drugs, living a lavish lifestyle, and criminal allegations of transporting a minor across state lines for sexual purposes. Upon learning this information, Debonneville questioned Pierce regarding the allegations, and Pierce stated that the claims were false and contrived as a setup by some competitors and former employees…
Wild enough? It gets… something. Worse? Better? Uwe Boll?
Debonneville was told by Pierce that the “Spanish FBI” came to their house with a “SWAT” team in helicopters, kicked in their door, shot their dog, and threw all of them in jail.
The complaint eventually leaves the Mallorca Vice portion of history and gives a breezy history of much of what we knew already – IGE’s quick rise and huge cash infusions, and the use of that in a quest to purchase respectability through hiring executives and purchasing websites. Eventually, it all falls apart around the time of the Goldman Sachs investment as the principals began to fall out over arguing over how to divide up the huge amount of stock, which is dealt in the document (from Debonneville’s viewpoint, of course) in point-by-point detail.
Debonneville was starting to discover that Pierce had not only lied to Debonneville about the Yantis Stock Repurchase, but also that Pierce had benefited personally to the detriment of Debonneville from the Salyer and Maslow sale of stock. Of course, Debonneville was shocked to learn that Pierce had sold any of Pierce’s stock in IGE…
…On July 14, 2006, in an apparent attempt to convince Debonneville that his interest in IGE was becoming worth less and less money, Debonneville was sent an article regarding a crackdown on the sale and purchase of game items for cash in Korea. The implication was that IGE’s recent acquisition of Itemmania, a Korean online house, was going to be a failure. In hindsight, it appears that this was just another one of Pierce’s attempts to manipulate Debonneville into selling his stock to Pierce for a less than fair value, certainly for less than Pierce realized on the sale to Maverick. Today, it is likely that this may in fact be IGE’s most valuable remaining asset…
And just in case you started nodding off with tales of stock screwballery… enter everyone’s friend in space, Jonathan Yantis.
Yantis also advised Debonneville that if a deal was not reached with IGE, Yantis had already put a network in place to compete with and destroy IGE. Yantis stated that through the hiring of certain individuals who he had a long time business relationship with, Yantis would sell currency that had been exploited or duped.
Exploiting or duping is a process whereby an outsider hacks the game program into creating currency for the individual or duplicating an item and then selling it over and over which also results the creation of currency. These actions allow for the exploiter/duper to create an endless supply of currency without any real cost to that currenct. This is something Yantis has done in the past and made large profits from. The exploiter/duper would typically receive a commission for any currency sold of about 40% of the sales price. Due to the currency being exploited, Yantis was and would be able to sell currency at a price significantly below market, since the cost of the currency sold was non existent. This also allowed for an infinite supply to be created in what could take as little time as a few minutes.
Yantis indicated that this was also how he could turn the trading arm of IGE around and make it profitable, almost instantly. Pierce was aware of Yantis’ intent to use these exploits. In fact, Pierce counted on them as part of the rationale behind why Yantis should be brought back to work for IGE.
A clearer explanation of the toxic effects of RMT on online gaming has yet to be written. (I know. I tried.)
I’m sure that as this hits the commentariat there will be more to be said. Oh, there will be more.
Pass it on.
Quick aside: Each time I see the phrase "Pass it On" I'm reminded of my dear friend who's no longer with us:
http://www.nashvillemusicguide.com/writers-night-legend-steve-bivins-battles-cancer/http://brokentoys.org/?p=1780YANTIS ON THIS WEEK’S “I, CRINGELY”
A surprisingly informed, evenhanded look at virtual arbitrage from the PBS columnist. <--THIS IS A LINK!
The specific event that led to this column was the failed sale of $2,300 in platinum by a group of EverQuest fanatics who wanted to use the money to pay their way to a big EverQuest convention. It is their contention (not mine, I’m just the reporter here, remember) that the bad guy in this deal is either Jonathan Yantis or an associate of his. Jonathan Yantis runs Yantis Enterprises, which was until recently the big competitor to IGE for the buying and selling of this stuff that isn’t real. Yantis is in San Diego, IGE is in Florida, and earlier this year they merged with IGE buying Yantis, though the web sites (they are both in this week’s links) remain separate.
The players who came to me sold their platinum through a game-specific auction site. The deal went forward exactly as described above, and they suddenly had no platinum and no money. Wily hackers that they are, they tracked the mail records of the only trail that did exist, the e-mails arranging the exchange, and claim to have found that the buyer’s IP address was from the same range used by Yantis Enterprises. Further, they explored the qualifications of the “PayPal Verified” buyer and claim that most of the positive feedback came from Jonathan Yantis. Finally, they claim that the day after the transaction, the Yantis price to sell platinum on their EverQuest server suddenly dropped as though there was suddenly a larger supply acquired at little or no cost.
These players are fervent and angry and they have some real data so what happens now? Not much, and that is probably the real topic of this column.