Two Plus Two Publishing LLC Two Plus Two Publishing LLC
 

Go Back   Two Plus Two Poker Forums > General Poker Discussion > The Poker Legislation Forum, Brought to You by the PPA

Notices

The Poker Legislation Forum, Brought to You by the PPA Discussions of various poker-related laws and steps players can take to push for better laws.

Reply
 
Thread Tools Display Modes
Old 03-16-2012, 07:16 PM   #1
banned
 
Join Date: Jan 2009
Location: setting strawman arguments ablaze
Posts: 3,285
Epic Poker League and transparent regulation

One of the benefits touted for US regulation is transparency. In the Epic Poker League Chapter 11 case we might see how far that goes, at least after the fact.

Will regulation and the involvement of licensed US casinos reult in insight into a poker industry company that owed $5,000,000 or so and had only $15,000 in cash at the end of February ?

For starters, there is an interesting group of creditors in the Chapter 11 case, which was filed in Maryland, including the US Attorney for the District of Maryland, Annie L. Duke, the Department of the Treasury, County tax collector for Montgomery County Maryland, Jeffrey Pollack, a prominent Nevada law firm or two I think, a prominent national commercial law firm, and the sellers of the Heartland Poker Tour.

For anyone who is owed money, there is a meeting of creditors set, the purpose of which is to examine the Debtor:

Meeting of Creditors. 341(a) meeting to be held on 03/26/2012 at 03:00 PM at 341 meeting room 6th Floor at 6305 Ivy Ln., Greenbelt. (Maryland)

Proof of Claim are due by 06/25/2012.

This raises legislation/regulatory issues, because regulation is sold on the basis of protecting players through judicial process, among other things. Here we have a well known, connected group who went almost $5,000,000 all in, on borrowed money while owing funds to at least one charity and a popular B&M poker tour.

The first issue is really the financial "leverage" allowed a poker operator to be running on empty while making promises/statements to industry stakeholders, including players.

A second issue is the puzzling practice of licensed b&m casinos to lend their name and players to "charity" tournaments on what might have been a "four-wall" basis. How did a licensed casino allow someone else to collect proceeds from a torunament meant for charity ?

As for "regulated charities", how did anyone allow a spend of $400,000 in added money to a prize pool without securing the charity cut of the fees generated ahead of payment to the FS&G guys ?
DonkeyQuixote is offline   Reply With Quote

Reply
      

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 03:14 PM.


Powered by vBulletin®
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 ©2011, Crawlability, Inc.
Copyright 2008-2010, Two Plus Two Interactive