On 27 Sep 2005 18:06:52 -0700, "
wrote:

WE HAVEN'T SEEN THE BOOKS

It is not necessarily the case that the Cafe has
lost any money whatsoever on this deal. We have no
access to the Cafe's books.

Do you mean that the USCF lacks the right to audit the books, or just
that the books aren't public ?

If the market is now changing as Mike Murray
says, then it means that Mr. Russell (America's
Caissic Stalin) will either adapt or get out of
business. It does not mean he did a stupid thing
in signing the contract or that he failed to make money.

Point taken. The clever entrepreneur will usually find a way to make
money, and knowing when to bail is as important as knowing when to
jump in.

My main argument was that the USCF's loss of in-house B&E expertise
may be less significant in the long run.