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Old 04-10-2009, 05:34 PM   #151
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

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Originally Posted by excession View Post
Can the Unibet rep please clarify something here. Are the player funds for players at Unibet held in trust in segregated accounts for the players or not?

It's liquidation 101 that funds held in trust for players take priority over all the other claims in a liquidation and that if the funds aren't the players are at the back of a very long clue if something goes wrong.

Ladbrokes (another MG licencee) state that they hold player funds in trust in segregated accounts. So it would certainly seem to be possible on the MG network to do that.

It would also seem that MG didn't make it a term of their licence to Tusk as Tusk didn't hold the funds that way (so MG's claims to be the 'safest' online gaming company as regards player protection are shown to be laughable when their chosen main licencee/fund handler runs off with $6m of player funds).

Because the one lesson we have all had reinforced thru this debacle is that offshore gaming sites and those involved in them are not to be trusted and that you take a risk whenever you put your funds in them - so to minimise that risk you put your money in reputable companies who actually take player protection seriously and segregate player funds rather than dipping into them for general running costs and the CFO's Ferrari. Do Unibet actually protect funds in this way? If not then even if you are mad enough to play an MG site, it shouldn't be Unibet.
I would like to hear answer from Floptimistico about this matter.
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Old 04-10-2009, 06:46 PM   #152
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

Having previously worked as Company Liquidator within the Australian system, I would have to say after following the various threads on 2 plus 2 that the liquidators will be looking for every available opportunity to claw funds back from Microgaming.

Now, let me start by disclaimer by saying that is a bit of a crude summary and I have not been involved in inslovency for a few years now, (prefer tax work). I am also making assumptions here which may be incorrect, as I am not privy to all the facts.

The main avenue that may be available to the liquidators is through the process of "preferential payments". From the point that Tusk was deemed to be "trading insolvent", virtually every payment made to specific creditors in preference to other creditors can be clawed back.

Now , I am assuming that various licence fees and payments were paid to microgaming as per the terms of the licence, and that continual operation of the skins depended upon Microgaming receiving regular payments. A bit like preferencing your payment of the rent when you are broke and holding off paying the credit card.

If this happened, and Microgaming have received revenue ahead of other creditors and in preference to their legitimate claims, then they can be asked to cough up.

Good luck to all the players affected by this appaling situation.

Bruce
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Old 04-10-2009, 07:16 PM   #153
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

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Originally Posted by NANONUTS View Post
I was advised not to post anymore about the issue. The reason Im posting now is because I see my chances of recovering the money as almost negligible.
you are full of ***** imo
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Old 04-10-2009, 07:40 PM   #154
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

Quite unique to be owed over half a million dollars, the single biggest individual balance, and yet staunchly defend the company who most everyone else regards as having responsibility, arguing that they should not pay you anything:

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Originally Posted by NANONUTS View Post
So your first reason that they should cover the players is that it's 'the right thing to do'. That is laughable.

Your second reason is also bull****
I don't believe you are owed any money.
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Old 04-11-2009, 05:17 AM   #155
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

May be a Trojan horse.
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Old 04-11-2009, 09:58 AM   #156
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

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Originally Posted by BruceN View Post
Having previously worked as Company Liquidator within the Australian system, I would have to say after following the various threads on 2 plus 2 that the liquidators will be looking for every available opportunity to claw funds back from Microgaming.

Now, let me start by disclaimer by saying that is a bit of a crude summary and I have not been involved in inslovency for a few years now, (prefer tax work). I am also making assumptions here which may be incorrect, as I am not privy to all the facts.

The main avenue that may be available to the liquidators is through the process of "preferential payments". From the point that Tusk was deemed to be "trading insolvent", virtually every payment made to specific creditors in preference to other creditors can be clawed back.

Now , I am assuming that various licence fees and payments were paid to microgaming as per the terms of the licence, and that continual operation of the skins depended upon Microgaming receiving regular payments. A bit like preferencing your payment of the rent when you are broke and holding off paying the credit card.

If this happened, and Microgaming have received revenue ahead of other creditors and in preference to their legitimate claims, then they can be asked to cough up.

Good luck to all the players affected by this appaling situation.

Bruce
Bruce - In Australia do the unsecured creditors have the right to obtain copies of the companies financial statments and management agreements from the Liquidators?
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Old 04-11-2009, 11:06 PM   #157
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

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Originally Posted by caruzo View Post
Quite unique to be owed over half a million dollars, the single biggest individual balance, and yet staunchly defend the company who most everyone else regards as having responsibility, arguing that they should not pay you anything:



I don't believe you are owed any money.
Agreed, story certainly doesn't add up.
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Old 04-12-2009, 04:09 AM   #158
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

read whole post.
very good post.
I hope to one day do as much for the poker community as you and nat arem.

5.4 million isnt that much over 28 sites (200k per?) and with maybe 10k players they avg 20$ each?....I'd lay 4 to 1 not even 50% of players with any balance whatsoever come after 15% of an avg 20$ balance.....
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Old 04-12-2009, 11:02 AM   #159
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

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their complete silence on the issue speaks volumes.
Let's get a sticky so we can cost them many new potential players to their site.
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Old 04-12-2009, 11:04 AM   #160
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

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Originally Posted by mephisto View Post
Let's get a sticky so we can cost them many new potential players to their site.
stickys are ignored, just keep bumping this
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Old 04-12-2009, 11:34 AM   #161
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

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Originally Posted by $taybuffMM View Post
read whole post.
very good post.
I hope to one day do as much for the poker community as you and nat arem.

5.4 million isnt that much over 28 sites (200k per?) and with maybe 10k players they avg 20$ each?....I'd lay 4 to 1 not even 50% of players with any balance whatsoever come after 15% of an avg 20$ balance.....
Your math is terrible since each skin probably didn't come close to having 10k players! Even 1k might be a stretch for a lot of them.
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Old 04-12-2009, 06:14 PM   #162
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

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Originally Posted by durkadurka33 View Post
Your math is terrible since each skin probably didn't come close to having 10k players! Even 1k might be a stretch for a lot of them.
Less than 3000 real money players in total over the 28 skins avg just over 100/skin.
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Old 04-12-2009, 07:19 PM   #163
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

wow this is all crazy. I didnt know all of this. Like I mean I got $4,700 frozen and I just contacted a gaming laywer. I sent him all my transaction history and HH as he requested. He went through it all and confirmed the amount owing. He called or emailed them and did whatever it is they do. Anyways with whatever happened between my lawyer and the site. I got a check in the mail for my amount owing plus the coverage of my laywer fee's.

Not even kidding this is true. I was under the assumption that there were nothing attorneys could do because they are placed away from gov laws.
He explained to me simply this was true but there was a way behind it because no one can just take people's money. He would work on it and get it done.

So I am a little baffled to hear $400k and other amounts still owing when I was given my money back through legal action. You guys dont care enough to investigate your options or something? Kinda makes me think there are a few people lying because if my attorney was able to get it back....
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Old 04-12-2009, 08:17 PM   #164
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

ummm, different scenario. You must not have been a part of Microgaming since that would be impossible
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Old 04-12-2009, 08:27 PM   #165
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Re: Microgaming poker scandal: licensee in liquidation, and poker players abandoned and owed $5

Maybe he needs a micro gaming lawyer.
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