KGC issues statement regarding UB and Absolute Poker

Posted by Steve Ruddock on Oct 29, 2011 Posted in Poker News | No Comments »

On Friday the Kahnawake Gaming Commission made the first public statement regarding Absolute Poker and UB Poker since the sites came to an agreement with the US Department of Justice in the weeks following Black Friday.

The statement basically says that Blanca Games will liquidate the troubled online poker sites and use any money from the sale of assets to repay their players. The deal seems to be fairly good news for UB and Absolute Poker players (although it’s unlikely every cent will be paid back) and seems to signal the end of the Cereus Poker Network.

Here is a look at the complete press release issued today at the KGC website:

For immediate release

ABSOLUTE POKER/UB.COM

(MOHAWK TERRITORY OF KAHNAWAKE – October 27, 2011) – Since the actions taken by the US Attorney’s Office for the Southern District of New York (the “SDNY”) on April 15, 2011, the Commission has been in close and regular discussions with its licensee, Blanca Games Inc. (“Blanca”), operating as Absolute Poker and UB.com (“AP/UB”), to facilitate the reimbursement of both US and non-US players. The Commission has also received regular updates of discussions between AP/UB and the SDNY.

Over the past several weeks, we were advised of a potential solution prepared by Blanca and its representatives, establishing a process to liquidate Blanca’s assets and distribute proceeds to players. We understand that this process has been presented to SDNY for consideration and approval.

The Commission’s foremost concern in this matter has been, and remains, the reimbursement of both US and non-US players, as quickly and completely as possible.

To avoid further prejudice to affected players, the Commission has demanded that all parties complete their discussions and implement a reimbursement solution without further delay.

Cereus is likely trying to avoid further legal problems with the US DOJ, and seems to basically waiving the white flag in order to avoid the troubles that the Full Tilt Poker Board of Directors has seen come crashing down around them.

Should the liquidation of the Cereus Poker Network raise enough capital to repay their players I would expect the poker community’s ire at Full Tilt Poker to increase, as Full Tilt Poker is viewed as having far more desirable software and assets like Rush Poker than the Cereus Poker Network sites. Even if Cereus is only able to repay their players $.50 on the dollar (which may still be wishful thinking on my part) I think the affected players would be grateful for even this small amount of reimbursement.

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