Cereus Plans to Liquidate Assets, Repay Players - Page 5 - Poker News

Two Plus Two Forums Poker News & Discussion News, Views, and Gossip

Cereus Plans to Liquidate Assets, Repay Players

Closed Subscribe

...

Page 5 of 10

1 2 3 4 5 6 7 8 9 10

Page 5 of 10

1 2 3 4 5 6 7 8 9 10

10-31-2011 , 12:45 PM

#101

missy922

journeyman

Join Date: May 2011 Posts: 230

Quote:

Originally Posted by (._X)0---(^_^)

funny bs story brah.

Everyone i know who played on UB 1/2 to 5/10 are now losing on every other site or at best breaking even.

what does that have to do with his post at all, and they may want to look into finding a new hobby..

10-31-2011 , 09:38 PM

#102

Yarbles

Pooh-Bah

Join Date: Aug 2006 Posts: 4,984

Have 14 k. I would entertain offers as well.

10-31-2011 , 10:39 PM

#103

Dave47

old hand

Join Date: Sep 2009 Posts: 1,473

Quote:

Originally Posted by Yarbles

Have 14 k. I would entertain offers as well.

I actually tried buying some but every person I enquired said they`d just sit on it and wait for the best. Gotta admit 10 percent was tempting to me

10-31-2011 , 10:41 PM

#104

Dave47

old hand

Join Date: Sep 2009 Posts: 1,473

Btw clearly this liquidation plan is pretty bad- horrendous how the KGC were more than happy to stick with cereus and even be welcoming to fulltilt after Alderney kicked them out. They`re so brazen its unreal.

10-31-2011 , 11:02 PM

#105

badgerman

newbie

Join Date: Jul 2011 Posts: 21

Quote:

Originally Posted by Pokeraddict

Before everyone gets all excited about this, keep in mind online poker liquidations have never produced much of anything for players. Tusk and Eurolinx players have never received a penny. BetOnSports players received $.0462 on the dollar and that took four years. While Cereus players may get something, do not expect it to be anywhere near 100% and do not expect it to be tomorrow.

My thoughts exactly, tho it is nice to see some kind of movement...was hoping to see at least 50%...frankly, non-payment shouldn't have even been an issue if the players' TRUST monies had been held separately from operational funds AS THEY ADVERTISED.

11-01-2011 , 09:58 AM

#106

1MoreFish4U

adept

Join Date: Dec 2004 Posts: 795

Quote:

Originally Posted by Dave47

I actually tried buying some but every person I enquired said they`d just sit on it and wait for the best. Gotta admit 10 percent was tempting to me

There were 10's of 1000's of $$$ for sale at 10 - 15% when Cereus was still operating & paying out every week (even if only $250 per account).

At this point a gamble at 5c/$1 might not be a horrible risk, but my best guess is that no player will ever see another peso from the Cereus network.

11-01-2011 , 11:29 AM

#107

Onchan

journeyman

Join Date: Oct 2011 Posts: 258

Quote:

Originally Posted by 1MoreFish4U

No there wasn't. People "talked" about 10c but I bet nobody struck a bargain at that level.

Anyone buying at 5c is facing a huge default risk.

1. You pay some guy who is short on cash 500 dollars.
2. Miracle: in 12 months Cereus pays 60c on the dollar.
3. He gets a cheque for 6,000.

What happens next?

11-01-2011 , 11:32 AM

#108

LT22

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 12,842

Quote:

Originally Posted by Onchan

last I knew, non-US players could still transfer funds

11-01-2011 , 01:35 PM

#109

jdAA88

adept

Join Date: Nov 2007 Posts: 1,186

Quote:

Originally Posted by Onchan

I bought a bunch of times at .12 and so did a few of my friends while people were still being paid out biweekly. And actually, non-us players can still transfer funds.

11-01-2011 , 01:45 PM

#110

Onett

centurion

Join Date: May 2008 Posts: 108

Finally got a response from UB, about a month after sending several e-mails:

We recognize that there is a considerable degree of speculation surrounding the status of account withdrawals and the process of distributing funds to qualified players. We want to assure you that the distribution of player funds has been, and remains, our highest priority.

To this end, you should know that we are currently in active discussions with a number of parties about potential sales opportunities, and we continue to work diligently to devise a solution that will allow us to distribute funds to players. This has been, however, a complicated process, and the determination of appropriate mechanisms for the safe and efficient distribution of funds to players has proven to be an especially difficult task.

Nevertheless, despite a series of formidable obstacles, we believe that we are close to finalizing a well-considered process of distributing funds to players that will be fair for all account holders. We expect, therefore, to issue a statement in the near future, providing the details of this process.

Please understand that we would have preferred to provide you with more frequent updates. However, ongoing legal negotiations have restricted our ability to communicate publicly. We hope that you will understand.

We appreciate your patience during this difficult period, and we will provide you with further information at an appropriate time in the near future.

Regards,

Elizabeth
VIP Host
www.ubpoker.eu - Raise. Stack. Own.

11-01-2011 , 02:06 PM

#111

reztes757

adept

Join Date: Jun 2005 Posts: 863

I got that email too and I didn't send them one. So they are either sending that to all US players are to players with balances of a certain amount.

11-01-2011 , 02:35 PM

#112

Onett

centurion

Join Date: May 2008 Posts: 108

So much for thinking I was special.

These people responding to me I had never heard of before. All the VIP guys I used to talk to either got laid off, thrown in jail, or are at the bottom of the Atlantic.

11-01-2011 , 03:36 PM

#113

reztes757

adept

Join Date: Jun 2005 Posts: 863

Is it just me or is the news about FTP today really good for us? From reading the Subject Poker article, it sounds like the DoJ is paying the US players back. If that is true, things look a whole lot better for all Cereus players.

11-01-2011 , 03:37 PM

#114

Thinky

old hand

Join Date: Jul 2007 Posts: 1,470

http://forumserver.twoplustwo.com/29...nding-1120683/

Sounds like there's some hope for us cereus players. I'm not saying it's going to be a similar deal for us but hopefully we end up in a similar situation to FTP(how things have changed in the last couple of days

). Sounds like there is in fact the word "justice" in the acronym DOJ.

Although, that article/letter is unclear, it seems like the DOJ will pay US players using the funds from the GBT payment.

11-01-2011 , 03:38 PM

#115

LT22

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 12,842

Quote:

Originally Posted by reztes757

ZBT says Tapie is paying the DOJ who will then pay US players. At first I was excited, but not after ZBT clarified Tapie is paying the DOJ so they can pay us.

11-01-2011 , 03:40 PM

#116

Thinky

old hand

Join Date: Jul 2007 Posts: 1,470

Quote:

Originally Posted by reztes757

Looks like we posted simultaneously, I highly doubt the DOJ would agree to such a deal. It is very likely that the US player payments will come from the GBT payment to DOJ. It's just that the DOJ will facilitate the payments. Here's the key part from the letter:

Quote:

My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP.

11-01-2011 , 03:40 PM

#117

Thinky

old hand

Join Date: Jul 2007 Posts: 1,470

Quote:

Originally Posted by LT22

ZBT says Tapie is paying the DOJ who will then pay US players. At first I was excited, but not after ZBT clarified Tapie is paying the DOJ so they can pay us.

Unfortunately, this seems to be the overwhelming conclusion!

11-01-2011 , 03:41 PM

#118

reztes757

adept

Join Date: Jun 2005 Posts: 863

Quote:

Originally Posted by LT22

ZBT says Tapie is paying the DOJ who will then pay US players. At first I was excited, but not after ZBT clarified Tapie is paying the DOJ so they can pay us.

Yea, should have known that sounded too good, just got done reading the other thread about this and confirm.

11-01-2011 , 04:14 PM

#119

GCP

grinder

Join Date: Nov 2005 Posts: 590

Still though... has to be good news, right?

If both FT and PS are paid, the spotlight shifts to us to some degree. The pressure to get us paid should increase. The ends and means to get that done are still in doubt but, basically, if and when this comes through for the FT players, we're on deck.

11-01-2011 , 04:52 PM

#120

reztes757

adept

Join Date: Jun 2005 Posts: 863

Quote:

Originally Posted by GCP

I agree

11-01-2011 , 06:05 PM

#121

Bukowskium

journeyman

Join Date: Apr 2011 Posts: 213

TY for the post, Thinky... There is still hope that we might get paid, although it seems that it will certainly take a long while... For me, I just gave up the balance as lost money potential. I am glad that over the years I was able to withdraw more than I deposited.

11-01-2011 , 07:09 PM

#122

hoopaloopa

old hand

Join Date: Dec 2009 Posts: 1,277

Quote:

Originally Posted by Bukowskium

+1. 100% how I feel. Would be great if we somehow got some % back

11-02-2011 , 02:14 AM

#123

Yeasayer33

enthusiast

Join Date: Jul 2010 Posts: 68

Considering I felt our funds were lost for good the fact that I kept calling the security team of UB "f ing scum" may prevent me from seeing funds!

11-02-2011 , 08:30 AM

#124

TheRuffian

grinder

Join Date: Mar 2006 Posts: 615

Quote:

Originally Posted by Bukowskium

Yes, sometimes you got to think of the big picture. I personally only ever put $25 on UB, learned to play the game on there and eventually made a living solely from poker for 4 years. Not a bad return. But that extra $20K would nice.

11-02-2011 , 01:56 PM

#125

3 Bullits

grinder

Join Date: May 2011 Posts: 417

If nothing else I would think that once Blanca gets liquidated, the proceeds from any assets will be collected and put in a fund for the DoJ to pay out US players regardless of what percentage of balances are recovered. I'm still unsure of what will happen with ROW players' balances. I know in previous instances of poker sites being liquidated it has taken years but hopefully if this happens the process will unfold a little quicker.

Although they weren't classified as a "ponzi scheme," Cereus probably holds the same amount of legitimacy as FTP in the eyes of the US government.

Page 5 of 10

First

1 2 3 4 5 6 7 8 9 10

Last

Closed Thread Subscribe

...

Page 5 of 10

First

1 2 3 4 5 6 7 8 9 10

Last