LOlz

listen up folks. They lost their US player base. Call it 70% of the players and revenue. It is only rational to downsize your workforce as well. What, did you think they would keep as many VIP people on staff after they lost 70% of their players? Did you think they would keep as much customer service on staff?

I don't necessarily view this as a negative event. The memo suggests they are going to continue to try and run their business for non-US players. As long as this is their plan, returning our money is in their plans. They will not and CAN NOT move forward long term outside the US without refunding US dollars. While I am extremely skeptical to the solvency of this operation, it is a bit different from a bank due to the sheer amount of rake (revenue) it generates relative to deposits which provides them with a strong income stream which should theoretically keep them solvent.

If Cereus was being managed properly, then money being frozen in payment processor accounts should have only represented a very small amount of Cereus's total capital.

Cereus is toast, period. I've written off my roll unless the DOJ releases the seized funds to the players.

If non-US players are able to cash out without restrictions they would do so in a minute and play elsewhere.

I guess, this are good news, because the uncertainty is over.

restructuring for the non us playerys means a few more capital based company for the staff etc. Longtherm means this a new investor and the money will besend back, I guess. It's hard to say how long it will take to get the money completely back.

But now the lying from the company is over and the future of the cereus network will come.
This will not take a long time to get a new investor. Buisiness as usual, I guess.

looks like the shills are still getting paid

I am legend and VIP and there is no chat for me.

LOL @ Suffer at Quadjacks now

I still have faith!

...but then again, I'm a Mets fan so...

LOL @ Suffer at Quadjacks now [/QUOTE]

This

I thought you were incredibly conceited for a sec until i remembered that "legend" is a VIP rank at UB

time to joyride the 2500 i have trapped on there!

here, have a giant cup of denial. Now mix in some stupid and you have this post.

THEY GUTTED THEIR OFFICE, FIRED THEIR STAFF, AND NO ONE CAN WITHDRAW

It would suck if you ran it up to 100K or something insane like that, then still couldnt get the money.

I think you gotta stay positive. Atleast now we have a better idea of which direction they are taking (better than being in the dark). I got some info from a source id qualify as somewhat reliable that them selling the site is def a strong possibility (that or miraculously digging out of their hole and becoming profitable down the road in a non-US setting). They are obviously unloading assets and cutting down on payroll but if everything goes well player's balances should be ok if they make it a priority early on (might take time tho).

Is this pulling out of the US move finally going to result in a deal with DOJ? How beneficial would that be for US players and non-US?

Have they pulled out of the US (as far as letting players play)?

Also, selling the site is exceptionally unlikely. You don't announce default on your loans _then_ sell your company. Why would anyone buy a company vulnerable to imminent litigation?

pretty sick that end of march i was just finishing up withdrawing my 200k bbj win from november on cereus, so close to disaster I got it all out in time...

fuuuuuuuuuuuuuuuuuuuuu

I wouldnt be suprised if US players get some of their money back directly from the US govt (because it was seized) but non-US players get screwed since Absolute looks almost certain to go bankrupt.

At least that's what the popup says when I log in to UB (moved to ultimatebet.eu, no more US players

Wonder how Prahlad is feeling right now. Seems like all the "pros" on UB would jump ship, which is clearly taking on water, and save what little dignity they have left.

Why are some of you relaxed by the fact that the company declared they are going to downsize and focus on europe?

This is strictly an opinion, but who is to say that what they told the employees in the memo is the whole truth? Is it not equally possible that what they really meant is that they intend to: gut the office [x], run with everyones money, close the site, and then a new site magically appears in a few months with them hidden behind it???

UB/AP has released a Press release, confiming the leaked email. It's real boys and girls..

Link pls?

^^^ that