FS+G execs try to get paid after declaring bankruptcy - Poker News Headlines

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FS+G execs try to get paid after declaring bankruptcy

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03-15-2012 , 02:49 PM

Kevmath

Carpal \'Tunnel

Join Date: Oct 2002 Posts: 28,242

http://www.cardplayer.com/poker-news...untain-of-debt

As part of their restructuring plan, FS+G executives asked for over $450,000 in salaries for March, April and May 2012. No surprise this was turned down.

Meanwhile, the Heartland Poker Tour (the one asset that made money at FS+G) has to file an Emergency Motion to get $43,000 for their employees who weren't paid in February.

Wicked Chops has links to some of the bankruptcy filings.

03-15-2012 , 03:26 PM

Mike Johnson

Former Pokercast Co-Host

Join Date: Dec 2007 Posts: 6,865

This story is so gross. Strategically declaring bankruptcy the day before the HPT was to regain control of their assets is so shady. It's one thing to be an incompetent failure yourself but to take another seemingly healthy, successful operation in the HPT down with you, just so you can pilfer their assets to fund your lavish, doomed to fail from the start project is just nasty

Also, if true, not paying the money from the charity events to the actual charity immediately is simply as low as it gets.

Would be interested to hear from someone at HPT as to why they ever considered getting in bed with EPL. I know Annie and Jeffrey talk a good game but still..

03-15-2012 , 03:46 PM

mcb08

grinder

Join Date: Nov 2008 Posts: 434

2/3 of their expenses are targeted for salaries. Hard to see how they went tits-up so quickly

03-15-2012 , 03:51 PM

Mike Johnson

Former Pokercast Co-Host

Join Date: Dec 2007 Posts: 6,865

From the cardplayer article

Quote:

Federated Heartland, in an attempt to keep its tour operational, submitted a plan to the court showing it needed only $113,493 for March 2012 operations.

Surprisingly, Heartland’s entire monthly operational budget, which included salaries, television production and event set up, was lower than the rejected March 2012 salary and wages request, which would have funded Federated Executive paychecks, of $170,611 that Federated submitted to the bankruptcy judge

One of the many horrible parts of this story. Seems no one got got paid except CBS and ...

03-15-2012 , 04:48 PM

Wilbury Twist

Carpal \'Tunnel

Join Date: May 2008 Posts: 6,153

Quote:

Originally Posted by Mike Johnson

Would be interested to hear from someone at HPT as to why they ever considered getting in bed with EPL. I know Annie and Jeffrey talk a good game but still..

I agree. If only there was some respected media outlet that does interviews with high-profile poker figures who could somehow get in contact with a representative with Heartland (which once affiliated with PokerStars).

If only... *shifty eyes*

But seriously, this Epic thing just keeps getting worse to the point that it disgusts me. Full Tilt angers me, but Epic just sickens me.

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