Bugsys Clup Poker

[Sick Fish]

Just got this email from Bugsy's Club Poker. Personally I think it sucks as I've never had a problem with this site. They had great guarantee tourneys that were fairly easy to cash in.

If you had any money on Bugsy's Club Poker then you should read this article. They are offering you a chance to transfer your funds to Poker Stars. If you don't have a Poker Stars account then you'll need to open one up first.
Here's a quick link to set up your new Poker Stars account.

http://holdemfreaks.com/%3Ca%20href=%22http://www.pokerstars.com/?source=10022838%22%3E%20%3Cimg%20src=%22http://www.pokerstars.com/static-banner-samples/banners/600x400.gif%22%3E%20%3C/a%3Ehttp://www.pokerstars.com/static-banner-samples/banners/600x400.gif (http://www.pokerstars.com/?source=10022838)

Dear Bugsy's Club Player,

Firstly, we would like to take this opportunity to thank you for your
continued support of the Bugsy's Club Poker Room. Since Bugsy's Club
was formed, our mission statement has always been that we will offer
you 'The Best Poker Games in Town' and that 'We will take care of you
Personally'. We are proud to say that these are goals we feel we have
consistently exceeded, providing you with a great place to enjoy
poker.

Unfortunately, due to circumstances beyond our control with regards to
banking facilities, it is with regret that we have to announce it is no
longer viable for the Bugsy's Club Poker Room to continue our business
operations. However, we are delighted to inform you that Bugsy's Club
have reached an agreement with the world's largest online poker site,
PokerStars.com, to allow all Bugsy's Club players to transfer your
account balance over to their site.

Through the agreement we have reached with PokerStars, your player
balances will be transferred to them. Before this happens, you will
receive an email from PokerStars in the next few days confirming the
full details of how to complete the transfer of your balance on to
their site. Please note that Monthly leagues were all paid out in full
just prior to the close down at 11am EST Tuesday 24th March. The weekly
leagues were not paid out. Regrettably, your Bugsy's Bonus Points (BBPs)
are not able to be transferred from the Bugsy's Club Poker Room.

To transfer your real money balance to PokerStars please go to
https://www.pokerstars.com/welcomebugsysclub

While this transitional period occurs, you will be able to contact
PokerStars support with any questions you may have with regard to this
procedure at bugsysclub@pokerstars.com .

Please note: Prior to the close on the 24th March BugsysClub paid out
the full monthly league payouts. It did not pay the weekly leagues that
started on March 22nd. This will be reflected in your final balance that
can be transfered to PokerStars.

Once again, we would like to thank you for supporting the Bugsy's Club
Poker Room, but we are confident that PokerStars will provide you with
an exceptional level of service so you can continue to enjoy playing
poker.

PokerStars are a highly reputable poker site that is fully equipped to
meet the original mission statement set out by Bugsy's Club Poker Room.
They are trustworthy, quick to handle cashouts and offer an outstanding
level of customer support. In short, they fully deserve their
reputation as the best online poker site around. We are delighted to
have been able to make these arrangements with them as we know we are
leaving you in the best possible hands.

The management and staff of BugsysClub

[Sick Fish]

UPDATE !!! Act now.

I just wanted to update you all on the information listed in the first post. I applied for my transfer of funds and have already received them in my Poker Stars account. However, there are a few things that you might want to know.

First off, if you had ANY tournament tokens on you Bugsy account you can kiss them goodbye. Poker Stars will not honor them. Unfortunately for me that means I lose out on (1) 27.50 and (2) 2.20 tournament tokens. That sucked for me because I was going to use that 27.50 tournament token last weekend in a good guarantee game they had but I didn't get home in time. Now it's gone, but at least Bugsys/Poker Stars gave me a chance to get my cash back so I don't lose everything.

Second. Part of the terms for the exchange of your Bugsys Club money over to Poker Stars money is earning VPP's. Here is a quote from the email I received.

As you play in the Real Money games and collect VPPs, we will reduce this cashout and transfer restriction by $500 every 2,500 VPPs you collect. If your remaining restricted balance is less than $500, we will make it available for you to cashout and transfer as soon as you collect the total number of VPPs required for the total of this remaining balance, 5 VPPs for each remaining $1 of the restricted balance.

Please keep in mind that there is a time restriction on the release of your transfer. Also note that once you collect the necessary VPPs, the restriction on the balance in your PokerStars account available for cashouts and transfers will be removed upon your next login to the PokerStars client.

Normally I wouldn't have a problem with this, BUT in this case they have set a deadline to clear your VPP's or you'll lose the transferred funds.

You have until:

a) May 1, 2010 - if you transferred up to $10,000 from your BugsysClub account to your PokerStars account.

b) November 1, 2011 - if you transferred over $10,000 from your BugsysClub account to your PokerStars account .
After those deadlines, part of the transfer for which you have accumulated 5 VPPs for each $1 remaining will be released from cashout/transfer restrictions. However, the remaining part, for which you did not accumulate required VPPs, will be debited from your account.

I know that some people don't play at some poker sites but every few months. I don't want any of you who might have funds at Bugsys to lose your money. So if you have funds at Bugsys I'd recommend getting the transfer started so you can get the VPP's cleared over at Poker Stars.