AllSportsMarket to The New Sports Economy - The Road to Regulation

October 29, 2012 in public

Why Can’t You Trade Sports Teams Like Stocks?

I asked myself that question about 10 years ago and the search for an answer is what spawned this movement.

The development and operation of the AllSportsMarket (ASM) platform from late 2002 through early 2009 answered many of these questions. Some of the answers were easy and some were the result of painful trial and error. However, through all of this, one central governing principal ruled the day: We would find a way to a regulated platform and all decisions would be made on that basis. There were days of great excitement and moments of sheer terror. We experienced the usual software glitches, technology failures and even a fire at our hosting facility. Key staff and I spent many hours in the air flying to Washington D.C., Chicago, New York, Los Angeles and San Jose. We met with market operators, private equity principals and top U.S. Government regulators. Through all of this, we kept our existing ASM clients posted on our efforts. And, most important of all, I publicly promised from the very first moment of operation to vest all legitimate accountholders in the outcome no matter where it led. I felt near certain that what we would end up with would not be what we started with. That simply is not how the evolution of a paradigm-shifting innovation like this rolls out into the marketplace. Most of the ASM traders understood and accepted this. Others pretended to accept it while doing everything possible to crack the system and line their pockets. Some blatantly stated that they were opposed and launched attacks of every type against the platform and against me personally. This did nothing whatsoever to shake my resolve. We would either find a way to regulation or we would cease operations. End of story.

With the collapse of the economy in late 2008, we lost our financing. The project was kept alive by a very small handful of extraordinarily dedicated individuals who sacrificed time, money and anything else that was needed to keep our dream alive. We cut everything to the bone and focused on only the absolutely most critical elements required to preserve our hard work and rights to our innovation. Right now, we are patent pending in 45 countries. This means we stand to gain 20-year monopoly rights to the only known legal way to trade sports like stocks without actually going public. These 45 countries represent more than half the entire world population and about 70% of the world GDP (total economic output). Considering how little we had to work with over the last 4 years, it is truly amazing and I am honored to work with such a dedicated group of people.

However, when the economy melted down in the fall of 2008, we were no longer able to support the existing ASM platform while moving the development of The New Sports Economy forward. This required that we arrange an orderly shutdown of the ASM platform and vest the legitimate users in the intellectual property rights to our new family of regulated products (just like I publicly promised). Out of thousands of accounts, a single user decided to entirely ignore this process and seek remedy in the courts.  Over this last 4 years, I personally depleted all my available cash and credit to survive and stay 100% focused on our priorities. Ultimately that led to my filing of personal bankruptcy. Rather than accept assignment of legitimate rights to the 45 pending patents (like everyone else), this former user decided to pursue me personally and continued to do so through the personal bankruptcy process. This matter is now pending before the U.S. 5th Circuit Court of Appeals.  Because the thousands of pages contained in the court record represent the most comprehensive body of evidence available on the evolution from AllSportsMarket to The New Sports Economy along with why decisions were made, I am publishing this body unedited and in its entirety. Below you will find the link to the 82.4MB archive that is up-to-date as of this writing. If you wish to track the progress of this case, subscribe to PACER Online.

Christopher Paul Rabalais v. Seth Leon - United States Court of Appeals for the 5th Circuit - Case: 12-20255 (docketed 4/17/12)

http://thenewsportseconomy.com/wp-content/uploads/2012/10/12-20255.zip

Christopher Paul Rabalais v. Seth Leon - Petition to the United States Supreme Court - Case: 12-1005 (docketed 2/14/13)

http://thenewsportseconomy.com/2013/02/10/allsportsmarket-in-the-united-states-the-u-s-supreme-court-may-decide/

Want to trade sports like stocks? Go to TheSportsVote.com and help us make it happen!

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