BREAKING: FS+G files for Chapter 11 bankruptcy
On Tuesday the parent company of the Epic Poker league, Federated Sports + Gaming, filed for Chapter 11 Bankruptcy. The move was announced on the company’s website by one of the principles involved in the Epic Poker League, Jeffrey Pollack.
While not a shock to most of the poker community, who saw through the company’s stalling tactics as they repeatedly delayed the fourth event of Season 1 of the Epic Poker League, the announcement will likely draw a strong response from the poker community towards another principle involved with the EPL, Annie Duke.
Duke is of course the brother of Full Tilt Poker’s Howard Lederer, and the way the Epic Poker League bankruptcy has gone down will likely have many people seeing parallels between FS+G and Full Tilt –with inquiries given the runaround and half-truths and lies used to cover-up what was really going on.
According to the statements by Pollack and Duke, the EPL is not dead, and they are still planning on running the fourth stop of Season 1 after some “restructuring”. Duke’s statement was sent to EPL members and stated in part, “This is not a liquidation filing and it is not the end of the Epic Poker League,” Duke later stated, “I do not know exactly when we will stage Event 4 and Season One Championship, but, again, it is our intention to complete Season 1.”
It’s quite amazing that the poker community has to once again deal with this type of misinformation and violation of our trust, and even more troubling as it didn’t originate with an unregulated online poker site, but with a fully regulated and legitimate company.
Here is a look at Pollack’s statement on the FS+G website:
There is no easy way to say this, but, at the end of the day yesterday, Federated Sports + Gaming filed for Chapter 11 bankruptcy.
Our company needs a new start.
This reorganization filing is an important first step in that direction and our goal is to keep the Epic Poker League and all of our key initiatives – including the Global Poker Index, epicpoker.com, the Epic Poker game on Facebook, and the Heartland Poker Tour – moving forward with a continued spirit of innovation. We will most likely accomplish this by entering into an agreement with another firm that shares our passion and vision – a process we had been working toward prior to the filing.
Everyone on our talented team – employees, contractors, and partners, alike – have put their hearts into this business and have worked tirelessly to help bring Epic Poker to life. The effort to reorganize under Chapter 11 is, in part, about honoring their work, honoring the generous support and participation of our league members, and fulfilling our collective vision to help elevate and further celebrate the game of poker.
As Annie stated in a letter she sent to our league members today, it is our full intention to complete, as planned, Season One of the Epic Poker League. However, we do not yet know when Event 4 and the Season One Championship will be staged.
When we have specific details regarding the event schedule – and about what comes next for Epic Poker and Federated Sports + Gaming – we will share what we can, as soon as we can.
In the interim, please know that we appreciate the support so many of you have shown us, and we thank you, in advance, for your patience as we work through this reorganization process.
On behalf of everyone at Federated Sports + Gaming,
Tags: Annie Duke, Chapter 11 Bankruptcy, Epl, Federated, Full tilt Poker, Howard Lederer, Init, Intention, Jeffrey Pollack, Legitimate Company, Liquidation, Misinformation, Online Poker, Parallels, Parent Company, Reorganization, Restructuring, Runaround, Season 1, Sports Gaming
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