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Old July 22nd 03, 09:08 PM
ASCACHESS
 
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Default Compliance Report in Delegate's Call

This is how operations "complied" with the Delegate Motion requiring
segregation of the PPHBF from operations by May 31, 2003. Page 24 Delegate's
Call.

"DM 02-38, regarding the Professional Players' Health and Benefit Fund, is
being implemented through legal consultation."

Now read this again and see if it makes any more sense the second time around.
I got my copy of the Delegate's Call in the middle of July. Does this mean
USCF's attorney is implementing DM 02-38? Not hardly.

Does that mean the office has complied?
Does it mean, as Niro has said, that there is no legal reason to segregate the
PPHBF assets?
Or is this doubletalk a dodge, ducking the issue?

What does the Camaratta, USCF VP Finance, say?

On page 12 of the delegate's call, Camaratta reveals USCF operations "has
agreed to maintain a compensating cash balance of $120,000 in an
interest-bearing money market account on deposit with Keybank at all times when
the balance of the LoC exceeds $180,000. This requirement is satisfied by
virtue of the Professional Players Health & Benefit Fund (PPHBF) which
continues to be deposited in an account at Keybank."

This has two fold negative meanings.
First, Camaratta and Niro have ignored the mandate of the delegates, referring
the matter to their own lawyer.
Second, our line of credit with Keybank sucks.

The LoC with Keybank allows USCF a $300,000 line of credit backed by (and get
this) $300,000 of USCF's liquid assets in the form of the LMA and the PPHBF on
a dollar for dollar basis.
Worse, we are not only paying interest to Keybank on the $300,000, we also have
to keep $120,000 in a horrible money market account which is currently paying
1.01% annually.

It is never bad enough USCF's Red Management ignores the delegate mandates, Red
Management continues their tradition of finding the worst possible deals and
signing off on them.

While we are paying over 6% to Keybank, Keybank is paying us 1%. So we are
paying about 11% (or more) for the right to use our own money.
This is just crazy.

We would be better off using our own money and having the LMA take more of
those "valuable" promisory notes from operations.
This burns about $25 or $30K per year, but then we have money to burn and
apparently we are moving to Tennessee for the roast.

Richard Peterson


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