No one is angry with you. Afterall we have all made the same mistake.
This news release states that Repeatseat is going to be broken-up. The portion of the company that relates to the arcade/coin machine operation is going to be sold. This is because they borrowed money to purchase this company but have not paid the investors/lenders the money owed to them.(8.3 million I believe).
They expect that the sale of this portion of the company will Not cover the total debt. They also must come up with another 690 000$ by september. After all is said and done they will still be considerably short of the 8.3 mill and will have to issue more shares in Repeatseat to cover the remaining$$$.
The ticketing portion of the company will remain with Repeatseat.
This may be of some relief to you but, keep in mind that this ticketing portion was only responsible for 17%( YES ONLY 17%) of total revenue.
Therefore the company will have to restructure to ensure??? a continuing solvent business.
This is why your posts were questioned. Tickets sales only accounted for 17% of total revenue therefore there was a belief that all the excitment surrounding Brittany Spears and U2 and whoever touring would result in little or no revenue for Repeatseat. Repeatseat is very similiar to Ticketmaster in many ways but different in many aswell. Repeastseats revenue from ticket sales last year was less then 1.5 million$. That is revenue not profits. As we are now discovering Repeatseat can not survive as it is presently structured. There is a reason why Ticketmaster charges so much to process a transaction. They want to make money for the shareholders.
It will be a rocky future but I suppose it is possible.
Again. No one is angry with you. You would have known more if Repeatseat had full disclosure.
Maybe I should have added that the Arcade/Coin-op portion of Repeatseat accounted for 78%(YES 78% of repeatseat's current revenue)
