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Old 05-05-2017, 06:26 AM   #1
Lorenza
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PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

PKR is down for more than two days.
Microgaming posted this, today May 5th:

ISLE OF MAN – Following a request from PKR on Wednesday 3 May 2017 at 17:32, Microgaming suspended gameplay on PKR.com.

Microgaming is aware that their games remain offline and players are speculating about the reason for this. As soon as Microgaming has more information on the situation, it will be shared as soon as possible.


http://www.microgaming.co.uk/our-new...-statement-pkr

Does anyone know more about the issue?



Mod edit:

Update

PokerStars stepping in to pay players.

https://www.pokerstarsblog.com/en/bl...t-166975.shtml

Last edited by R*R; 07-06-2017 at 11:32 PM.
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Old 05-05-2017, 06:42 AM   #2
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

PKR staying silent to the customers on twitter. Many comments asking about their funds
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Old 05-05-2017, 08:12 AM   #3
NINzent
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

It used to be my favourite site
So much wasted potential by making one horrible decision after another
Very, very sad
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Old 05-05-2017, 08:28 AM   #4
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

http://status.pkr.com

Quote:
Originally Posted by status.pkr.com
PKR Ltd and PKR Technologies Ltd have experienced recent financial difficulties and are in the process of taking professional advice.

This process is ongoing and further updates will be posted to this website as and when they are available.
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Old 05-05-2017, 08:34 AM   #5
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

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Originally Posted by Big_Mick00 View Post
PKR staying silent to the customers on twitter. Many comments asking about their funds

it seems they took twitter down
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Old 05-05-2017, 08:48 AM   #6
Binions83
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

As per EGR Magazine, PKR have filed for Administration
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Old 05-05-2017, 09:39 AM   #7
Airblaze
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

When I started playing poker online I played mainly on PKR. One month I wondered about my rakeback, which on PKR the player would get at the end of every month, the numbers seemed off to me. So I asked Customer service and sure enough the numbers were off, just by a couple of quid but still the numbers shouldn't be off at all, there was something iffy about it all. If there was an apology it was very bloody muted. The next month the exact same thing happened again, again barely an apology.

I was pretty much done with PKR after that so i moved over to the paragons of virtue Full Tilt poker.
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Old 05-05-2017, 10:26 AM   #8
WutRUTryin2Hit
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

RIP if true. In the old days, this site was a sweet fishpond with amazingly soft games, even after games got much tougher everywhere else. But very low traffic, and the 3D software meant every hand took forever.
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Old 05-05-2017, 10:28 AM   #9
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

GG had such a sick run 2006-2013, fun times.
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Old 05-05-2017, 11:06 AM   #10
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Post re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Quote:
Originally Posted by WutRUTryin2Hit View Post
RIP if true
what do you mean 'if true' ... it's on their website! maybe it was hacked (which is even more worrisome), but if they write "financial difficulties" and about "taking professional advice" i somehow doubt players are paid full.

anyway ... website is updated

Quote:
Further to earlier announcements, PKR limited and PKR Technologies Ltd have filed applications to Court for Administration orders, which will be heard in the week commencing 8th May 2017.

Further information will be placed on this website following the hearings.

This information will include contact details for players and creditors to address queries and details of the process.
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Old 05-05-2017, 11:21 AM   #11
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Hi all,

MPN's update on this can be found here: https://www.mpn.poker/blog/pkr/

Please don't reproduce this blog here in full, as we will be adding to it with further updates and FAQs as they come in.

I regret that I can't engage in conversation here, but I'll update the blog with answers to as many of your questions as I can.

Alex
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Old 05-05-2017, 11:26 AM   #12
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

My browser really hates that link

I see all of these links to Isle of Man, but I'm having trouble confirming, PKR was regulated by the Isle of Man GSC?
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Old 05-05-2017, 12:12 PM   #13
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Worst thing is they could still very well be operating at a decent size if they just listened to the players from time to time.
First they signed pros that noone knew and just bumhunt the games, never even once started a table. Except for Beyne who they dropped after he ended up scamming his stakers for 55k(not sure about exact amount). Everyone complained, they didn't listen.
Until about 2013 the site was also mostly filled with western europeans, even most winning players were british, which created a nice enviroment with lots of trash talk and emotes at the table. 2013 a lot of eastern europeans infiltrated the site which made a lot of Recs complain about the lack of social interaction. They could've kicked affiliates, reduced the number of tables or just kicked every country with an avg income below 1500$ (not ONCE did a losing player end up on this site from those countries).
And before they decided to join MPN they could've just asked their players, I tried to tell the VIP Manager many times that every winning player will immediately leave the site and most Recs will follow, since they will hate the MPN enviroment, it's the exact opposite of what made PKR so special. Maybe other sites will learn
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Old 05-05-2017, 01:33 PM   #14
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

For the sake of online poker's reputation, I hope the deposits were segregated as required by law. The management are apparently saying the deposits are safe, but I seem to recall the FTP guys said that too.

@ watevs PKR was evidently regulated by Alderney Gambling Control Commission (Channel Islands), not IoM.

Props to Alex for providing info on the blog.
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Old 05-05-2017, 01:46 PM   #15
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Quote:
Originally Posted by ArtyMcFly View Post
For the sake of online poker's reputation, I hope the deposits were segregated as required by law. The management are apparently saying the deposits are safe, but I seem to recall the FTP guys said that too.

@ watevs PKR was evidently regulated by Alderney Gambling Control Commission (Channel Islands), not IoM.

Props to Alex for providing info on the blog.
"It is important to note that simply maintaining a segregated bank account for player funds does not automatically mean that player funds will be returned immediately or at all. PKR’s administrator will ultimately decide how to return money to players."
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Old 05-05-2017, 02:36 PM   #16
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Quote:
Originally Posted by demetri1978 View Post
"It is important to note that simply maintaining a segregated bank account for player funds does not automatically mean that player funds will be returned immediately or at all. PKR’s administrator will ultimately decide how to return money to players."
Mere segregation means nothing in terms of insolvency. Under the UK licence there are three options, low (segregated), medium (segregated with some guarantees including insurance) and high where the player funds are in trust accounts protected from other creditors.

Stars is high. PKR position is unclear as they shut the website so the Ts and Cs are unavailable. Meanwhile 888 segregates just UK balances whilst not segregating accounts from ROW. This is worse than useless. Segregation means they can't use player funds as working capital (directly) but it still leaves players as unsecured creditors in the event of bankruptcy - pennies on the pound. For 888 they are essentially telling us they already use player funds as working captal, unless the player is in the UK. This offers no protection to UK players.
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Old 05-05-2017, 02:51 PM   #17
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Quote:
Originally Posted by Richas View Post
Mere segregation means nothing in terms of insolvency. Under the UK licence there are three options, low (segregated), medium (segregated with some guarantees including insurance) and high where the player funds are in trust accounts protected from other creditors.

Stars is high. PKR position is unclear as they shut the website so the Ts and Cs are unavailable. Meanwhile 888 segregates just UK balances whilst not segregating accounts from ROW. This is worse than useless. Segregation means they can't use player funds as working capital (directly) but it still leaves players as unsecured creditors in the event of bankruptcy - pennies on the pound. For 888 they are essentially telling us they already use player funds as working captal, unless the player is in the UK. This offers no protection to UK players.
Pokerstars level is high, but in there TOS....

"Although we cannot guarantee the return of 100% of User funds in every case"

If they went down the same route which PKR are now ^^^^
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Old 05-05-2017, 06:40 PM   #18
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Are you talking about pokerstars.uk?
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Old 05-05-2017, 07:14 PM   #19
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

The real question for me is, if players don't get their money back in this spot, what good at all is a license from the Alderney GC
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Old 05-05-2017, 07:23 PM   #20
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Quote:
Originally Posted by watevs View Post
The real question for me is, if players don't get their money back in this spot, what good at all is a license from the Alderney GC
And also what good is having "segregated funds"?
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Old 05-05-2017, 07:59 PM   #21
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Quote:
Originally Posted by Richas View Post
PKR position is unclear as they shut the website so the Ts and Cs are unavailable.
if only there were some way to look at it anyways
https://webcache.googleusercontent.c...&ct=clnk&gl=us


Quote:
Originally Posted by lostinthesaus View Post
And also what good is having "segregated funds"?
keeps the SJW funds away
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Old 05-05-2017, 08:50 PM   #22
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Quote:
Originally Posted by SretiCentV View Post
if only there were some way to look at it anyways
https://webcache.googleusercontent.c...&ct=clnk&gl=us




keeps the SJW funds away
'ELECTRONIC FUNDS

We hold your funds in your Customer Account. The amount of cleared funds you have available will be displayed when you log-in to your account. You consent to us enabling the provision of such information to you on the Website(s).
You accept that all payments and withdrawals are made through this Customer Account. The financial updating of your Customer Account will occur via a reconciliation process between the data on the various products and the actual funds held by us which are credited to your Customer Account.
In the case of UK customers, PKR retains all player funds in a segregated client funds account, separately from all other operating and corporate funds. This is in accordance with the Basic level of protection and as set out on the Gambling Commission’s website. In the case of insolvency, these funds would not be protected. '

I don't have money there anymore, but WTF?
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Old 05-05-2017, 09:05 PM   #23
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

great regulation. microgaming is out?
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Old 05-05-2017, 09:07 PM   #24
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

i feel like the topic of this thread should be something more descriptive.
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Old 05-05-2017, 09:28 PM   #25
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re: PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

As mentioned in the mpn thread pkr joining mpn was one stupid decision. They had decent traffic for a standalone site and it's hard to survive mpn when the biggest bookmaker skins hoovers most of the clients. So many skins have closed doors or merged lately.
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