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Old 11-07-2011, 05:54 PM   #176
wuwut666
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by Hicham View Post
Has Cereus communicated anything at all about how or when this will happen since the first communication?

Has the DOJ reacted yet?

We are getting some money back, but are we looking at a Tusk scenario where it takes years for us to get paid, while in the meantime lawyers and liquidators suck the assets dry?
even thought the liquidation project has been mentioned it is still speculation at this point. Nobody knows the details or if it will ever happen. The DOJ has not reacted yet but if does go the liquidation route I don't think the DOJ (being involved in this mess) will let it drag on for 3-4 years a la Tusk. It's a big case and they want to wash their hands as quickly as possible (as long as it benifits them of course)
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Old 11-07-2011, 05:54 PM   #177
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Sailboats was a prop too. So was I. We didn't receive any preferential treatment. In fact, all the US props were unceremoniously dismissed the day after BF. I haven't seen a dime. Prop managers stopped responding to AIMs and e-mails. Out in the dark like everyone else.

Maybe the international props received preferential treatment, I can't speak to that. I would tend to doubt it though.


I was a usa prop, got a apartment in mexico with two other props.

I did get some money off but in typical cereus fashion pay started coming late.

I moved down there because we were supposed to get 1000 a week plus rake when we used visa withdrawl.

We did for a short time then it was lowered to 250 plus rake.

I am so disgusted with cereus, I have emails saying we would be paid weekly as a priority.

I also know that prop rake was skimmed for a long time.

I also had my account hacked for 4400 week after a confronataton with security.

I kept small bablances on site until two weeks before bf i chopped the 200k for 33000.
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Old 11-07-2011, 06:04 PM   #178
John Mehaffey
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by cereuslypissed View Post
I was a usa prop, got a apartment in mexico with two other props.

I did get some money off but in typical cereus fashion pay started coming late.

I moved down there because we were supposed to get 1000 a week plus rake when we used visa withdrawl.

We did for a short time then it was lowered to 250 plus rake.

I am so disgusted with cereus, I have emails saying we would be paid weekly as a priority.

I also know that prop rake was skimmed for a long time.

I also had my account hacked for 4400 week after a confronataton with security.

I kept small bablances on site until two weeks before bf i chopped the 200k for 33000.
When I worked for their prop program Steamroller cheated me out of lots of money I never got paid back even though they claimed they paid everyone back. It seems all props have some sort of story about getting screwed there.

Until this prop pay discussion came up in the thread, I had no idea props were getting special payout treatment. I guess it makes sense though to keep games alive.

I am assuming when prop payments stopped, that is when the room's traffic completely collapsed to zero?
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Old 11-07-2011, 06:12 PM   #179
GCP
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Re: Cereus Plans to Liquidate Assets, Repay Players

Quote:
Originally Posted by cereuslypissed View Post
I was a usa prop, got a apartment in mexico with two other props.

I did get some money off but in typical cereus fashion pay started coming late.

I moved down there because we were supposed to get 1000 a week plus rake when we used visa withdrawl.

We did for a short time then it was lowered to 250 plus rake.

I am so disgusted with cereus, I have emails saying we would be paid weekly as a priority.

I also know that prop rake was skimmed for a long time.

I also had my account hacked for 4400 week after a confronataton with security.

I kept small bablances on site until two weeks before bf i chopped the 200k for 33000.
Crazy story, sorry to hear it. I actually looked into an apartment in Mexico, got a passport and all that, but they lowered the payouts to 250 and I decided against it.

Just hoping to get .20 on the dollar next year sometime now.

I learned a lot going through all this. You sleep with dogs, you get bit.
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Old 11-08-2011, 08:33 AM   #180
1MoreFish4U
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Re: Cereus Plans to Liquidate Assets, Repay Players

I was a non_US prop & received weekly payouts of $500+ rake then $250+ rake through mid-September. The payments stopped at that point & fell 2 weeks behind.
On Oct 3rd I emailed the prop manager asking about the delay & whether the prop program was still being supported & payments would be received. On Oct 4 I received this email from him.
John ______to me

show details Oct 4

Hi ____,

I will request this week's payouts shortly.

In regards to the prop program, everything continues the same; and your withdrawals still have priority.

Please do not hesitate to contact me if there is anything else I can help
you with.

Best Regards,

John ________
Prop Manager


On Oct 4 I received the payment I was owed for Sept 19 & on Oct 5 I got the payment for Sept 26.
As best I could tell, they stopped operating Oct 5.

Just as all the prop supervisors that got let go after BF didn't really see things coming, I don't think the staff at Cereus knew they were shutting down in October until the day that they did.
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Old 11-08-2011, 10:33 AM   #181
ohbobbins
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Re: Cereus Plans to Liquidate Assets, Repay Players

Does any one know what the hierachy is for getting paid if hey liquidate or go bankrupt...is it players first / DOJ / other creditors ?
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Old 11-08-2011, 11:07 AM   #182
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Re: Cereus Plans to Liquidate Assets, Repay Players

haha, players don't get **** when online companies liquidate (sports betting site and Tusk/Microgaming as examples). We are last in line for pennies
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Old 11-08-2011, 11:47 AM   #183
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Re: Cereus Plans to Liquidate Assets, Repay Players

Bink!
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Old 11-08-2011, 11:57 AM   #184
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Re: Cereus Plans to Liquidate Assets, Repay Players

I guess I was wrong. US props didn't get ****e.
 
Old 11-08-2011, 03:14 PM   #185
wuwut666
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by LT22 View Post
haha, players don't get **** when online companies liquidate (sports betting site and Tusk/Microgaming as examples). We are last in line for pennies
In a normal liquidation process you are 100% correct. Although with the presence of the DOJ in all of this it changes things drastically. It's the waiting game for now.
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Old 11-09-2011, 01:02 AM   #186
anton003
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Re: Cereus Plans to Liquidate Assets, Repay Players

I know that Blanca submitted a liquidation proposal. Was the proposal submitted to the DOJ or to the federal court in Manhattan? I'm just curious if we are waiting to hear from the DOJ or from the court? Has anyone tried to contact the DOJ?

I'm guessing the court--not the DOJ--would have to approve a liquidation proposal. I"m only speculating. Anyone have any knowledge? Once this is done, hopefully the DOJ would then allow seized funds to be used as well to pay back players.
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Old 11-09-2011, 01:11 AM   #187
wuwut666
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Re: Cereus Plans to Liquidate Assets, Repay Players

I have a feeling the DOJ is going to have a hard time unfreezing a large amount of funds to pay back players when they know that the owners of the sites have plenty of money of their own sitting in Panama banks.
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Old 11-09-2011, 04:38 AM   #188
anton003
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Re: Cereus Plans to Liquidate Assets, Repay Players

I would assume if the DOJ knew the owners--I mean criminals--of the sites had money sitting in foreign banks it would already have been seized. But, I understand your point. It may be almost impossible to track down all the funds that have been siphoned/stolen away from the 2 sites. With that being said, I would think that the DOJ would like to pay back players that have been robbed if possible as opposed to just keeping the seized funds in a forfeiture from the civil case. That's just my own gut feeling. I have no facts to support this. In addition, there may not even be enough seized funds to cover player balances.
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Old 11-09-2011, 06:19 PM   #189
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by anton003 View Post
I would assume if the DOJ knew the owners--I mean criminals--of the sites had money sitting in foreign banks it would already have been seized. But, I understand your point. It may be almost impossible to track down all the funds that have been siphoned/stolen away from the 2 sites. With that being said, I would think that the DOJ would like to pay back players that have been robbed if possible as opposed to just keeping the seized funds in a forfeiture from the civil case. That's just my own gut feeling. I have no facts to support this. In addition, there may not even be enough seized funds to cover player balances.
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Old 11-09-2011, 06:55 PM   #190
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by anton003 View Post
I would assume if the DOJ knew the owners--I mean criminals--of the sites had money sitting in foreign banks it would already have been seized. But, I understand your point. It may be almost impossible to track down all the funds that have been siphoned/stolen away from the 2 sites. With that being said, I would think that the DOJ would like to pay back players that have been robbed if possible as opposed to just keeping the seized funds in a forfeiture from the civil case. That's just my own gut feeling. I have no facts to support this. In addition, there may not even be enough seized funds to cover player balances.
I'm no offshore banking expert but it would seem to me that "Panama" and "seized funds" are unlikely to go together
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Old 11-09-2011, 07:06 PM   #191
Tempest122
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Re: Cereus Plans to Liquidate Assets, Repay Players

Panamanian banking secrecy laws can be lifted if evidence of money laundering can be presented (at least that's what google says).
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Old 11-15-2011, 01:17 AM   #192
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Re: Cereus Plans to Liquidate Assets, Repay Players

How long is this going to take? Geez.
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Old 11-15-2011, 01:45 AM   #193
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Re: Cereus Plans to Liquidate Assets, Repay Players

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How long is this going to take? Geez.
If previous liquidations are any indication, 3-5 years if it happens at all.
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Old 11-15-2011, 02:28 AM   #194
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by Pokeraddict View Post
If previous liquidations are any indication, 3-5 years if it happens at all.
This isn't like previous liquidation situations tho. You have a poker company (wpt) interesting in purchasing the software and using it as their own. As a result that should help speed up the process. Wpt will want to get their ball rolling soon. They are going to have a lot of competition. It'll still take a decent amount of time to finalize but I'd Imagine it would be way less.
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Old 11-15-2011, 02:39 AM   #195
LT22
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by TMoney0209 View Post
This isn't like previous liquidation situations tho. You have a poker company (wpt) interesting in purchasing the software and using it as their own. As a result that should help speed up the process. Wpt will want to get their ball rolling soon. They are going to have a lot of competition. It'll still take a decent amount of time to finalize but I'd Imagine it would be way less.
source?
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Old 11-15-2011, 02:39 AM   #196
ohbobbins
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Re: Cereus Plans to Liquidate Assets, Repay Players

Quote:
Originally Posted by TMoney0209 View Post
This isn't like previous liquidation situations tho. You have a poker company (wpt) interesting in purchasing the software and using it as their own. As a result that should help speed up the process. Wpt will want to get their ball rolling soon. They are going to have a lot of competition. It'll still take a decent amount of time to finalize but I'd Imagine it would be way less.
I guess it might depend on how many "assets" the have left under the Cereus name and what liabilities they hold on them

I dont know any detail but repeatedly and annoyingly hitting up the DOJ to pay players and bypass Cereus would be my best hope
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Old 11-15-2011, 04:54 AM   #197
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by Pokeraddict View Post
If previous liquidations are any indication, 3-5 years if it happens at all.
Damn, I'm 44 in January. Guess I'd better just leave it in my will
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Old 11-18-2011, 03:29 AM   #198
Onett
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Re: Cereus Plans to Liquidate Assets, Repay Players

Well, did the DOJ approve the plan UB/AP submitted, at least?
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Old 11-20-2011, 06:25 PM   #199
Chuck504
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Re: Cereus Plans to Liquidate Assets, Repay Players

1 time!
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Old 11-30-2011, 05:56 PM   #200
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Re: Cereus Plans to Liquidate Assets, Repay Players

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Originally Posted by Tempest122 View Post
Panamanian banking secrecy laws can be lifted if evidence of money laundering can be presented (at least that's what google says).
Problem is we`re dealing with the carribean- also thing get a lot harder when you invest the money in a trust- it can be arranged so that your name is not connected with the trust, rather that one of your companies is. Its very difficult to track esp considering there are a lot more companies than people on some of the island :P
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