damn, you guys really like to type huh.. cuz thats a ****load of words for one post

So is UB not paying players until they get this 15 million loan ?

Mookman...

could you please do a hyper short cliff note on ur first post. I am sure there is something in there that is important that I want to know.

please give me the cheat sheet.

mucho thanks

Joe Norton the sole owner of Blast Off makes an $84.1 million claim against Excapsa Software re the sale of UB

The liquidator of Excapsa agrees to settle for a one-time $15 million payment to Blast Offwith the condition that Blast Off restarts payments on the amount they owe Excapsa from the purchase including interest. The $15 million is roughly the amount of total payouts that UB has and is expected to make due to the cheating scandal

Some third party shareholder of Excapsa, whose name is being kept secret, has agreed to surrender shares of Excapsa for cancellation, the value of which will be applied against the debt owed by Blast off to UB.

I assume Excaspa is basically UB?

By liquidation do you mean receivership? either way wouldnt all the Excaspa shareholders have gotten wiped out to ZERO, so why would they have anything to barter with?

the Excaspa shareholder would obviously be Pierson, no?


edit.. thx for cliff notes for us non pre law majors

So now that this issue seems resolved- any guess on when the KGC will "approve" the distribution of money to the affected accounts? I know they've said no later than early November before.

Excapsa is the previous owner of UB

Liquidation isn't receivership in this case; Excapsa has cash assets plus the note receivable from Blast Off - the company is dissolving itself as it has no operating business but many shareholders including some mutual funds/hedge funds. However, it can't dissolve fully and distribute the funds until it collects the receivable from Blast Off or settles it in some way.

The Excapsa shareholder could be Pierson; it could be Russ Hamilton, Fred David or one of their cronies. Or some combo thereof.

In the current main UB thread, a first time poster named going by Boston0407 has posted a list of the shareholders from Appendix J of the report that is purged on the document on the liquidators website - it includes Pierson, Hamilton, David, Fluffhead LLC (which he hints is owned by Annie Duke)

Y!

(shrt nf 4 u?)

is there any question about Pierson being a major shareholder of UB?

This was on one of the interesting things I noted from the liquidator's reports:

Sorry to be picky but ...It would be more accurate to say "re the sale of Game Theory and Excapsa Services, the companies that provided and ran the software that powered UB."
There are two lots of Excapsa shares coming from unnamed shareholders. One, the smaller amount, will be cancelled. I'm not sure this is being applied against any specific debt. The larger amount will be used as security against a portion of the money Blast Off still owes to Excapsa (not UB). I think that means they get cancelled if Blast Off defaults.
Excapsa is the previous provider of the software that ran UB. As I understand it, the name "UB" and the website used to belong to eWorld Holdings before Norton acquired them.

The rest of your summaries seems fine. Wish I was as concise as you!

i've asked this a couple of time but no answer.

is there any question about Pierson being a major shareholder in UB ?

because if so, thats not what he told me directly several years ago. i posted a brief summary of my conversations with him over on this thread

Assuming that what Boston0407 reported about exhibit J is accurate, and I have no reason to doubt that it is, then it seems likely that Pierson (and maybe some family members?) owns a major chunk of Excapsa. Excapsa is the company that bought the software from ieLogic, Pierson's old firm.

I'm going to see if I can get my hands on a copy of the missing exhibits. Hope to know more tomorrow.

IOW Pierson seems to have sold to himself, and some friends.

Remember that Excapsa was first incorporated in British Columbia, which is just across the border from Washington State, making it the closest Canadian location to ieLogic's former office.

like i said in my post on the other thread, in late 2003, Pierson explained to me on the phone the structure he used to obsifcate his ownership in UB (as he was a US citizen and owning a gamblig sites was and still is illegal)

also he was interviewed and it aired during season 1 or 2 whe WPT used to cover Aruba. he was presented as representing UB

Ya I wish I dumped more money online. FTP and Stars can do no wrong. RIGHT!