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Old 10-28-2011, 02:18 PM   #26
Thinky
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Re: Cereus Plans to Liquidate Assets, Repay Players

Quote:
Originally Posted by WutRUTryin2Hit View Post
I cannot imagine how the ClubWPT software could possibly be worth even REMOTELY close to $40million. That is a bizarre number to throw out.
+1

boohaa,

How did you find out about this?
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Old 10-28-2011, 02:20 PM   #27
wuwut666
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Re: Cereus Plans to Liquidate Assets, Repay Players

I hope the DOJ is smart enough to know that UB was not going to be providing them with a huge cash grab in the likes of FTP and Stars. Part of your plan was to clear the field, well you more then did that with UB, you wiped them out and they are now waving the white flag. You are delusional if you thought you could get millions from them over the next few years after taking away 2 thirds of the player pool of a low-budget site at the time and scaring the rest of the players off.

Hopefully the DOJ does the right thing and limits the damages for everybody involved in the best way they can. If you still want to run around and go after scott and brent down in antigua then please be my guest but don't screw the players in the process with your personal vendetta justice BS. You wanted money and control, well guess what you got control now and the UB well is dry so look elsewhere.
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Old 10-28-2011, 02:26 PM   #28
John Mehaffey
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Re: Cereus Plans to Liquidate Assets, Repay Players

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.
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Old 10-28-2011, 02:30 PM   #29
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Re: Cereus Plans to Liquidate Assets, Repay Players

O/U on % of money repaid? I'd be very surprised if it was anything significant. That company is just as busto as FTP and their assets cant be worth nearly the 10s of millions they still owe players.
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Old 10-28-2011, 02:45 PM   #30
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by NCSU07 View Post
O/U on % of money repaid? I'd be very surprised if it was anything significant. That company is just as busto as FTP and their assets cant be worth nearly the 10s of millions they still owe players.

I have no idea about any of this stuff, and have no info at all, but id be very surprised if it was over 25%
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Old 10-28-2011, 02:46 PM   #31
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Re: Cereus Plans to Liquidate Assets, Repay Players

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The Kahnawake Gaming Commission issued a statement Thursday indicating that Blanca Games has submitted a plan to the US Department of Justice (DOJ) that would repay all players.
This is an excerpt from the article and while I have nothing to dispute those that claim players won't be 100% reimbursed the wording of the article suggests otherwise.
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Old 10-28-2011, 02:47 PM   #32
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Re: Cereus Plans to Liquidate Assets, Repay Players

lol #whowouldathunkit
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Old 10-28-2011, 02:53 PM   #33
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Re: Cereus Plans to Liquidate Assets, Repay Players

guess that'll teach you guy to only play on the two biggest sites

those sites are safe at least you know.
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Old 10-28-2011, 02:59 PM   #34
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How in the world is it that a shady company like UB isn't as shady as FTP and able to repay before FTP lol
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Old 10-28-2011, 03:02 PM   #35
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Re: Cereus Plans to Liquidate Assets, Repay Players

I'd dance in my pants for 50 cents on the dollar from my AP account.

I had written it off like I was getting $0 back.
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Old 10-28-2011, 03:03 PM   #36
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by RikaKazak View Post
I'd dance in my pants for 50 cents on the dollar from my AP account.

I had written it off like I was getting $0 back.
this.. i was one of the idiots that had 8k on UB... wasnt alot in the grand scheme of things but it was pretty considerable to me
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Old 10-28-2011, 03:21 PM   #37
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Re: Cereus Plans to Liquidate Assets, Repay Players

i had 4k when bf hit then played with my play money and got up to 6k then stopped, 50% for 3k 2 years from now is fine by me, with the lack of news everyone wrote it off as being worth nothing like months ago right
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Old 10-28-2011, 03:27 PM   #38
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Re: Cereus Plans to Liquidate Assets, Repay Players

Quote:
Originally Posted by EYESCREW View Post
This is an excerpt from the article and while I have nothing to dispute those that claim players won't be 100% reimbursed the wording of the article suggests otherwise.

"The Kahnawake Gaming Commission issued a statement Thursday indicating that Blanca Games has submitted a plan to the US Department of Justice (DOJ) that would repay all players."
Yeah, but the Pokerfuse article's sole source seems to be the KGC advisory notice. There's nothing in the KGC notice which would lead me to believe we are talking about 100% reimbursement ... it even appears to explicity contemplate partial reimbursement (see bolded below).

"... potential solution prepared by Blanca and its representatives, establishing a process to liquidate Blanca’s assets and distribute proceeds to players. ... The Commission’s foremost concern in this matter has been, and remains, the reimbursement of both US and non-US players, as quickly and completely as possible."


I'd have to assume that PF's phrase "repay all players" is a paraphrase of this from KGC "reimbursement of both US and non-US players."
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Old 10-28-2011, 03:34 PM   #39
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Re: Cereus Plans to Liquidate Assets, Repay Players

OMG would be sick. Get a roll back for regulated poker in 2012 p p p pplease
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Old 10-28-2011, 05:05 PM   #40
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by ItsRainingMen View Post
lol what a world

I would be happpy since I still got 60k at that site. But just after black friday Durrr posted on Twitter that he is giving something like 5:1 or even more to anyone who wants to bet with him that FT pays out players faster than UB. I insta wrote him back asking if he wants to bet 1k but he never responded
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Old 10-28-2011, 05:35 PM   #41
Onchan
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Dear Guys I Bought Cereus Rolls From,

Hope you enjoyed the cash. Get ready to pay up... eventually.

Sincerely,

Onchan

PS I feel like Tony G after winning his 5:1 ITM bet.
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Old 10-28-2011, 05:38 PM   #42
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by starvingwriter82 View Post
If UB pays out before FT, I'm going to throw up in my mouth.
That's what I was thinking
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Old 10-28-2011, 05:40 PM   #43
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Re: Cereus Plans to Liquidate Assets, Repay Players

I'm thinking we get 10% back if money is distributed. I am not sure this isn't just some bs statement though, there could easily be no money.
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Old 10-28-2011, 05:46 PM   #44
ike
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by the1macdaddy View Post
How in the world is it that a shady company like UB isn't as shady as FTP and able to repay before FTP lol
Going into liquidation with the intent to repay players is not the same thing as repaying players. Eventually, if all else fails, FTP will also go into liquidation and will also announce their intention to repay players with whatever money they have left over by the time the dust settles. Tusk (aka Battlefield Poker and a number of other microgaming skins) has been in liquidation for 3.5 years, has cash assets in excess of 10% what is owed, and so far all that has happened is that the liquidators have paid themselves at least 15% or so of the available money. See this thread: https://forumserver.twoplustwo.com/28...-close-141341/

Eurolinx is in a similar situation. BetOnSports recently paid out less than 5 cents on the dollar after a 4 year long liquidation.
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Old 10-28-2011, 05:48 PM   #45
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Re: Cereus Plans to Liquidate Assets, Repay Players

Quote:
Originally Posted by boohaa12 View Post
Theres a lot to speculate on, but from 30,000 feet we already know they somehow transfered the AP software platform to ClubWPT. This asset alone should be valued at 40,000,000USD or greater. Just depends how many "assets"/"funds" AP has been able to hide and what they can get value from//what the govt is willing to let them get value from.

*not saying there was any procedes from the transfer of the client since they did not report any earning to shareholders on this issue; however this is a ballpark based on early 2010 figured when many companies were buying up mid-grade euro clients.
Just giving an example of what one BIG asset might be.
Jim Ryan (current co-CEO of partybwin) told us through a shareholder that he gave the license for ClubWPT to Russ Hamilton/Blast Off (later Centaurus/Club Games) for FREE in 2006. Though the story sounds like BS to cover for another internal shafting of the shareholders, (especially in light of Ryan ending up owning the company via the WPT purchase), there is no money coming from the ClubWPT to AP. Also, the Club software is the old UB platform, not the current AP software developed in Korea. The UB software has been for sale as Spotlight Poker for some time with no takers.
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Old 10-28-2011, 07:26 PM   #46
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by starvingwriter82 View Post
If UB pays out before FT, I'm going to throw up in my mouth.
Be very careful about what you eat for the next few months, sir.
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Old 10-28-2011, 08:04 PM   #47
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Re: Cereus Plans to Liquidate Assets, Repay Players

I liked the old ub software pre cereus better then post cereus Absolute software. The old UB software is ClubWPT?
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Old 10-28-2011, 08:23 PM   #48
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Re: Cereus Plans to Liquidate Assets, Repay Players

People who were buying UB/AP $$ for cents on the dollar will make out OK, if they pay back and if it's a respectable amount players get back.
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Old 10-28-2011, 09:54 PM   #49
d3 fact0
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Re: Cereus Plans to Liquidate Assets, Repay Players

Realistically what actual assets can CEREUS liquidate aside from their poker client? Seems like common sense that the overpaid "consultants" have more or less pillaged the company already.
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Old 10-28-2011, 11:23 PM   #50
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Re: Cereus Plans to Liquidate Assets, Repay Players

Quote:
Originally Posted by d3 fact0 View Post
Realistically what actual assets can CEREUS liquidate aside from their poker client? Seems like common sense that the overpaid "consultants" have more or less pillaged the company already.
As was mentioned earlier ITT:

Quote:
Originally Posted by People_Mover View Post
well there's a big difference between liquidating UB/AP and liquidating everything blanca games has. They run a fairly big bingo site that has to be worth a little bit and a few other smaller gaming sites that could help us get a bigger percentage.
Blanca Games is being liquidated, the parent company of Cereus.

Quote:
Originally Posted by ike View Post
Going into liquidation with the intent to repay players is not the same thing as repaying players. Eventually, if all else fails, FTP will also go into liquidation and will also announce their intention to repay players with whatever money they have left over by the time the dust settles. Tusk (aka Battlefield Poker and a number of other microgaming skins) has been in liquidation for 3.5 years, has cash assets in excess of 10% what is owed, and so far all that has happened is that the liquidators have paid themselves at least 15% or so of the available money. See this thread: https://forumserver.twoplustwo.com/28...-close-141341/

Eurolinx is in a similar situation. BetOnSports recently paid out less than 5 cents on the dollar after a 4 year long liquidation.
Doesn't the DoJ's involvement make this situation much different from the above mentioned?
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