More news has surfaced regarding the Doyle Brunson SEC investigation. According to a recent AP article, the government regulatory agency has changed its tactics slightly, as it tries to work around the maneuvering by the Brunson legal team. The SEC is currently looking at whether Brunson and company broke federal securities laws with the offer itself and then the publication of the bid via Brunson's website.

This is the latest fallout for Brunson from the $700 million bid for World Poker Tour operator WPT Enterprises Inc. The bid surprised many and sent the company's stock value through the roof. The dramatic jump in value immediately drew the attention of the SEC with investigations starting soon after.

Brunson, who has already asserted his fifth amendment right to protection to investigators, is one poker's biggest names and also one of poker's most popular players. When rumors spread of the possible buy-out, WPTE's stock jumped nearly 50 percent.

Unfortunately for both parties, just as quickly as rumors began to fly about the acquisition, the deal began to fall apart. Some of these rumors quickly appeared to become fact as the Brunson's law firm for the deal, Goodman & Chesnoff, withdrew from the bid negotiations, sending prices spiraling downward.

The SEC's latest move has been the subpoena of Brunson's website operator, Wallace Nakano. According to the government, Nakano was in charge of Brunson's website at the time of the announcement of the WPTE acquisition and could be a key witness against Brunson if charges are levied against him.

This is the third volley against Brunson from the SEC. Prior to this, the SEC have gone after Brunson and his legal team. U.S. Judge Terry Means has given Chesnoff and others involved in the case, until February 21, 2006, to respond to the SEC's attempts to enforce the subpoenas.

The matter will have no affect on poker players, including Doyles Room customers, as Brunson himself does not manage the company

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.....WPT Enterprises, Inc. WPTE Monday announced financial results for the fourth quarter and year ended January 1, 2006. Business highlights for the quarter included delivery of four episodes of Season Four of the World Poker Tour, continued expansion of the WPT television show internationally, including the debut of the show in November on ITV4 in the U.K., and stronger contribution from our newest online gaming division, WPTonline.com which was launched in late June 2005.

.....Aces worrying about their faces on poker tour.  Jeff Haney on the dispute over WPT's film release that players must sign. Are they giving up marketing rights to their names and images?

A handful of poker pros continue to opt out of playing in World Poker Tour events in a dispute involving the filming release all players must sign before participating in the made-for-TV tournaments that air on the Travel Channel (Cox cable channel 66).

Professional gambler Andy Bloch believes the release is too broad and gives World Poker too much leeway regarding how the organization can use each player's name and likeness for promotional purposes.

Bloch particularly opposes the part of the release that involves merchandising rights, he said.

According to Bloch, it's not advisable for players to sign World Poker's release that covers in part: "any and all derivative, allied, subsidiary and/or ancillary uses related thereto (including, without limitation, merchandising, commercial tie-ins, publications, home entertainment, video games, commodities, etc.)"

At the heart of the issue is a debate that has emerged as televised poker tournaments have become more popular: Do viewers tune in these tournaments to watch established poker stars battle it out (as some players maintain)? Or is poker itself the star of the show, with viewers entranced by big stacks of chips, outrageous bluffs and skillful play, even by relatively unknown players?

"I wish I knew the answer to that," Bloch said recently.

Bloch, who is affiliated with Full Tilt Poker, said the decision not play in World Poker Tour events is not an official boycott, but rather a personal choice by the players involved. He speculated that if it were declared a boycott, many more players would join the cause in support.

World Poker's official response came in the form of an "open letter" from the organization's founder and chief executive officer, Steve Lipscomb.

"The release we utilize is a standard filming release that all production companies must have signed by everyone they film - or the television broadcaster will refuse to air our material," Lipscomb wrote in the open letter. "Filming releases are always broadly drafted to protect against frivolous lawsuits. The language is clear. The production company can use all the footage it shoots and the person's image in all media ...

"The World Poker Tour is a business. We value our relationship with WPT players and have always acted with great care and deference when using player images. The few players now trying to stir up controversy around player releases are lost in hypotheticals - not reality."

Lipscomb also noted that World Poker Tour Enterprises (which trades publicly under the symbol WPTE) has yet to turn a profit after more than four years in business.

"No one is happier than (executive chairman) Lyle Berman or me when players do well and manage to cash in on the poker boom," Lipscomb wrote. "But, with all the money being made, the poker community should be aware that the guy who put up millions of dollars to change the poker world - Mr. Lyle Berman - has, to date, not made a cent."

In a unique example of the realms of high finance and gambling colliding, Berman actually made a substantial wager - man-to-man, not through the financial markets - on when the company would turn a profit, according to Lipscomb.

"Lyle can attest to the fact that we have yet to turn a profit. He made a $10,000 bet with another poker player when the World Poker Tour began that the company would turn a profit sometime in the first five years. To date, he has not been able to collect on that bet."

Next up for World Poker is the tour's celebrity invitational that coincides with the L.A. Poker Classic tournament later this month at the Commerce Casino near downtown Los Angeles.

The invitational, poker's biggest celebrity event, is scheduled to get under way Feb. 22 at Commerce. A $200,000 prize pool is at stake along with a $25,000 seat in the World Poker Tour championship event at the Bellagio in April. The last celebrity standing also earns $10,000 for charity.

Gavin Maloof, whose family owns the Palms as well as the NBA's Sacramento Kings, is scheduled to participate along with Hollywood types such as James Woods, Ray Romano and Jason Alexander.

Among the poker pros expected to compete are Doyle Brunson, Scotty Nguyen, Daniel Negreanu, Jennifer Harman and Antonio Esfandiari.

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......Online gaming company Bodog and its high-profile CEO/founder, Calvin Ayre, have over time helped make poker much more than just a game; Bodog has worked to create an entire lifestyle surrounding poker. Ayre is getting one step closer to his goal of putting poker on the main stage with a reality poker television series in the works. The poker show, which is slated to start production in about a month, will be set at Ayre's own Costa Rica mansion, unofficially dubbed the Bodog Compound. Seeing as the poker reality show will take place in Ayre's home, it's fit that the man himself should host the series.

The show will feature competition between 40 poker players, 10 of whom are celebrities, 10 of whom are poker pros, and the remaining of whom will be supplied by the Bodog.net online poker site. In the weekly episodes, eight contenders will participate in a sit-and-go No-Limit Texas Hold 'em tournament. The winner of each sit-and-go will win $50,000 plus a spot at the final table, where he or she will vie for the $500,000 top prize.

In addition to the standard tournament action, viewers will catch a glimpse into the life of Bodog's billionaire CEO. In line with its reality television status, the poker show will offer a behind-the-scenes look at life at the Bodog Compound.

Gambling911.com will be covering this event through its media arm, Costigan Media, with some of this coverage anticipated to be live.  Dates and times are still to be determined and will coincide with a massive tour of the Costa Rica online gambling industry by Gambling911.com Founder and President, Christopher Costigan.

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Gambling911.com News Wire

Originally published February 13, 2006 11:16 pm ET