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05.05.11, 15:49 #11
Re: **** Absolute Poker / Ultimate Bet (Cereus Network) - küsimused, probleemid siia
elevengrover's post from NVG
UB/AP is not declaring bankruptcy based on the information made available. The company jettisoned one large bondholding group last year for UB software/customer lists, jettisoned a second larger bondholding group this year, reduced staff to skeleton levels and have several if not all company accounts frozen by the Department of Justice.
The second bondholder (Madeira) is facing liquidation because UB/AP told them there would be no more payments. Bondholder members have looked into UB/AP financials with concern because of specious expense items suggesting principals earned money using questionable methods. Madeira has no assets and apparently no funds/taste to finance a complicated international legal fight for any UB/AP assets. UB/AP has not made public any financials.
The company structure is hella-complicated, but the beard/shell/face is based in Antigua. Actual controlling corporate entities may reside in the Antigua, BVI, Panama, Belize, Malta or others.
IDS, the customer service arm based in Costa Rica, terminated some 300+ employees. In CR, companies are required to keep ~21 days x each yr worked as severance reserves. Rough math works out to approx 2.5M and the Rimola email is saying 2.75M. The termination notice says liquidation reserves have been provided to Rimola, the emails suggest there is/was a hiccup in the deposits. The emails also suggest some payroll is also involved though this number would be much smaller and likely account for the difference above. More important is whether Rimola follows through on his threat to release company info if reserves are not provided. More than one contact has suggested Rimola is not to be trusted over other owner/founders as to the whereabouts of funds.
The St Pete article stated a 2nd server farm was built in Panama in 2006/07 in case UIGEA involved losing the Kahnawake assets, unless this array has been mirrored with hardware/software updates over the years, it would probably not be able to take over the sites and would not be helpful from an unlicensed jurisdiction far away from large North American Internet backbone traffic. There is nothing at present to suggest the site will not continue to operate from the Kahnawake reserve.
The termination memo mentioned some employees would be rehired for a new, smaller company which apparently has begun.
Pokerscout continues to show over 500 average cash game players or roughly 1/4 of previous traffic. Depending on the time of day, these players seem to be at least 50/50 American. If the company finds processing options, 2p2 threads show clearly some players would probably continue to support the site going forward.
Affiliates have reported missed payments from UB/AP and have suspended rakeback payouts. UB/AP says payments will resume shortly.
MSNBC, Pokernews and others are misreporting the story as an UB/AP bankruptcy.
The DoJ has seized both operational and processing accounts from UB/AP and appear to have gained control of at least some player funds though as has been noted they have denied this.
UB/AP has not made a deal w/DoJ like FT/PS for domain access and the ability to pay from remaining open accounts because they are heavily dependent on US customers.
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Madis Erit kahtlustatav...
01.05.21, 11:45 in Pettused ja Petturid