fwiw i asked some of my friends who work in igaming and as i suspected it's pretty likely that floptimistico is an owner/management as opposed to support or something.

Isn't it clear by now who is responsible for all this mess?
Who set it up and benefitted from it?

James Canning-Ure issued a press release in 2006 during the failed reverse takeover of Global Approach.

In that press release he stated that Tusk had 3 casinos and 11 poker rooms, was managing 2 casinos for Global Approach, with 45-50 employees in total.

Tusk was managing to make a profit of $22K/mo during 2006 so what changed?

The only fundamental change I can see is the new manangement and services agreement with Fuze Media as opposed to NewEcon.

However Fuze Media was just a name change for NewEcon.

It stands to reason the only significant change was the $$ amount of the management contract, making Tusk appear unprofitable while the profits were skimmed to Fuze Media.

Doesn't this number mean that there were 3000 creditors (players and affiliates) with balances? I would estimate that much less than half of their total real money accounts had money on the site at the time, and even fewer would make a claim.

Sorry to be a bit confusing with my previous post, you of course are correct, Tusk may have had 10K-15K registered player accounts with slightly less than 3K active maintaining balances of which fewer than 1/2 have actually made a claim at the time of the Liquidator's report.

So they made a profitable company go bust that way.
Who profited from that apart from "Fuze Media"?

Was the 5.3M supposed to disappear or was that just a side effect? Looks like the side pot is bigger than the main one.

Tusk was originally owned by Ken Talbot ~51% and R James Canning-Ure ~20% and was managed by NewEcon, owned by Talbot and Canning-Ure.

NewEcon changed its name to Fuze Media and Talbot and Canning-Ure sold Tusk to Fuze Media, renegotiated the management contract from NewEcon to Fuzie Media, increased the management fee to: Tusk monthly profit plus approx $200K/mo thereby ensuring that Tusk would slowly but surely be drained. In the meantime they kept selling skins @ $25K per to allow for an increased players purse and more $$ to skim.

The UIGEA.

can some1 give me some cliff notes on this thread please?

The initial post is a summary of the current situation. Nothing much has changed. bigt2k4 has made some interesting comments about Microgaming's complicity -

http://forumserver.twoplustwo.com/sh...&postcount=252

Other than that, see initial post.

Sigh ... with the bits of good news lately I was hoping we would see some money soon ... I hope mellowman is wrong ... my 20k could be worth 5k by the time this is over ...

I'll be willing to settle for 30-40% of what I am owed just so that this whole issue goes away. For real.

I think most of us are willing to settle for 20% if it meant getting paid in the next month

I want 100% anything less is robbery

If you're owed 1K, then quite likely yes. If you're out 350K, then obviously not.

QFT. If I'm getting this right, Microgaming has all our money and there's no reason why they can't pay us in full.

I can see from numerous posts that quite a number of the posters are unfamiliar with Liquidator's reports.

From what they've reported thus far:

There was approx $1.8M in available cash holdings held by 3rd parties according to the company records.

The Liquidators have successfully recovered $820K of those monies.

There is a further $787K that the Liquidators are trying to get clarification on/ recover for the benefit of the creditors.

The Liquidators have $1.384M available for distribution with submitted claims totalling $6.864M ~ 20.16% dividend.

This dividend will be affected by:

Ongoing Liquidators fees/ interest on funds currently held.

More submitted claims, could total $9.037M ~ 15.31% dividend.

Full recovery of the $787K ~ best case 2.171/6.864 - 31.62% dividend or worst case 2.171/ 9.037 - 24% dividend.

When will you recieve your dividend?

The Liquidators have to recover all realizable assets, then issue an advertisement requesting proof of debt typically giving a 60 day notice to file.

When all the proof of debts are obtained they have to be adjudicated and finally the dividend is released.

If the Liquidators have to take legal action to realize a recovery this slows the whole process, however, the Liquidators have covered this in that they have to make annual reports to the Vanuatu Financial Services Commission on their progress.

This was convincingly alluded to by bigt2k4, but is as yet uncorroborated.

Interesting to note that the MG Wikipedia entry, which I quoted at the beginning of my article, has now been changed. It used to say

It's now been subject to a bit more pro-Microgaming spin:

So the Microgaming spin doctors have been busy at that one. It's a pity they're happy to spend their time trying to whitewash their reputation rather than taking responsibility for their customers.

True although if I was only owed 1k I would have given up on this along time ago. I would pay 3k just not to have to go through with this. Looks like I'll be paying more though in the end despite having gone through all of this.

Haven't we had enough time for the proof of debts without being notified further?

How exactly do you expect them to pay us? Are they going to mail thousands of checks or do it online somehow

My post was just an extract of info in the Liquidator's report,once the Liquidators have exhausted all avenues of recovery that is when they have to advertise and circulate to obtain proof of debt.

Also noted in the report is that they have no address info for most of the creditors, so that will also have to be obtained to pay out the dividends.

great work compiling everying OP!

thank you

BUMP.... shouldn't be on the second page

was not tusk holding the money of all its skins? if an individual skin offers too high of a rakeback to customers, what is left for them after they pay the % to tusk and mg might not be enough to cover the its operating costs. if sevral skins do this and collapse, surely this would affect tusk as they have less money coming and will have trouble paying their bills/loans etc. i may be wrong ofcourse, i 'm just speculating.

i would have thought it would have been the other way around so it's not that obvious at all. i'm pretty sure i would opt for getting my 70k next month rather than holding out for it all and most likely not getting anything.