PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players. - Page 5 - Poker News

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

PKR Announces Financial Difficulties / Closed. Update: Pokerstars steps in to pay players.

Post Reply Subscribe

...

Page 5 of 6

1 2 3 4 5 6

Page 5 of 6

1 2 3 4 5 6

06-08-2017 , 08:49 AM

#101

SalmoTrutta

grinder

Join Date: Nov 2016 Posts: 673

I was just a minor inconvenience with depositing methods away from having funds there. Very lucky and it really sucks for you all.

Also taking this as a reminder to pull some money offline.

Last edited by R*R; 07-06-2017 at 11:31 PM.

Quote

07-06-2017 , 11:29 AM

#102

Big_Mick00

Verified Coach MTT

Join Date: Mar 2010 Posts: 8,714

stars stepping in

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

Quote:

Beginning today, we're making players' PKR balances available dollar-for-dollar in PokerStars accounts, with no strings attached. To be sure, we already have a relationship with the majority of PKR's players, because they also already have a PokerStars account. Those players who don't already have an account with us, will simply need to open a new account and their funds will be available to them for withdrawal.

Quote

07-06-2017 , 11:41 AM

#103

Alexos

old hand

Join Date: Feb 2007 Posts: 1,968

YESSS! Nice upswing today already

Quote

07-06-2017 , 11:42 AM

#104

deathorglory0

Pooh-Bah

Join Date: Nov 2007 Posts: 4,479

...and there was me calling them bad names in the other thread.

Spoiler:

Quote

07-06-2017 , 11:42 AM

#105

deathorglory0

Pooh-Bah

Join Date: Nov 2007 Posts: 4,479

Quote:

Originally Posted by Alexos

YESSS! Nice upswing today already

Ship it my friend

Quote

07-06-2017 , 11:48 AM

#106

Alexos

old hand

Join Date: Feb 2007 Posts: 1,968

I don't even get this donation. Culture change?

Quote

07-06-2017 , 11:50 AM

#107

pmarrsouth

Pooh-Bah

Join Date: Oct 2007 Posts: 4,141

Nice work Stars!!

Quote:

Originally Posted by Alexos

I don't even get this donation. Culture change?

Might have only cost them a couple of million. Goodwill & publicity, get a good rep from it. Have access to a DB that some of which might not have played on Stars previously

Quote

07-06-2017 , 11:52 AM

#108

deathorglory0

Pooh-Bah

Join Date: Nov 2007 Posts: 4,479

Quote:

Originally Posted by Alexos

I don't even get this donation. Culture change?

I can't understand how it's +EV for them but I think we can let them worry about that!

The same day as the reward system change. Never felt so conflicted about a company.

Quote

07-06-2017 , 11:54 AM

#109

Alexos

old hand

Join Date: Feb 2007 Posts: 1,968

Quote:

Originally Posted by pmarrsouth

Nice work Stars!!

Might have only cost them a couple of million. Goodwill & publicity, get a good rep from it. Have access to a DB that some of which might not have played on Stars previously

Yeah that's true. PKR was in trouble doesn't necessarily mean they couldn't cover a big part of the BRs

Quote

07-06-2017 , 12:15 PM

#110

KossuKukkula

veteran

Join Date: Jul 2011 Posts: 2,805

How do they know how much you have at pkr? Can you still access your account?

Quote

07-06-2017 , 12:26 PM

#111

dappadan777

old hand

Join Date: Jun 2007 Posts: 1,259

Very weird. It's likely they are going to buy PKR (or software) regardless of what they say or its to buy the email list/db. Stars were rumoured to have put a big offer in for PKR years and years ago in the glory days and it got turned down, I think it was a 300m offer or something I heard (could be rubbish but it was info from a shareholder I know) - maybe as payback Stars is buying it out of administration. Congrats all who had money there.

Quote

07-06-2017 , 01:17 PM

#112

yoghurt

centurion

Join Date: May 2009 Posts: 102

Pretty great move regardless.

Quote

07-06-2017 , 01:40 PM

#113

FWWM

FOOT FF Fristion '15

Join Date: Oct 2013 Posts: 12,927

That's very unexpected. Serious rungood for some. They prolly can't figure out what to do with all the saved rakeback lol

Quote

07-06-2017 , 01:54 PM

#114

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,733

Quote:

Originally Posted by yoghurt

Pretty great move regardless.

Understand that taking over player liability costs only about 60 cents on the dollar, i.e the hold on new deposits running at say 40%, which comes out to a pretty low cost of acquisition per added player.

The PKR assets formerly dedicated to backing those player balances are then freed up for meeting other creditors' claims.

Any mention of other consideration paid?

Quote

07-06-2017 , 05:26 PM

#115

deathorglory0

Pooh-Bah

Join Date: Nov 2007 Posts: 4,479

Wow. Had an email 20 minutes ago. Clicked link. Entered Stars username and login.

PKR balance now in Stars account.

Quote

07-06-2017 , 05:56 PM

#116

SootedPowa

Pooh-Bah

Join Date: Jun 2013 Posts: 3,942

Congrats everyone who had balances stuck, that's a good ending to the story.

Quote

07-06-2017 , 06:30 PM

#117

incrowd

enthusiast

Join Date: Jun 2013 Posts: 50

Pokerstars has acquired some of the assets of a failed company. It happens all the time in other businesses. Unlike some of the other failed cardrooms that were essentially looted and had nothing of value left, PKR still had some value.

Go to pkr.com and you can see the Pokerstars logo. The website will probably redirect at some point in the future.

Quote

07-06-2017 , 06:42 PM

#118

FarseerFinland

old hand

Join Date: Mar 2012 Posts: 1,696

Nice move. Get new players + goodwill probably at decent price and it's actually good for players. Nice to see PokerStars doing some move that may benefit all at long last.

Quote

07-06-2017 , 11:33 PM

#119

R*R

I wish I was Einstein

Join Date: Mar 2007 Posts: 12,717

Great news.

Quote

07-07-2017 , 04:42 AM

#120

the4bettingmonk

old hand

Join Date: May 2012 Posts: 1,597

Quote:

Originally Posted by incrowd

https://www.pokernews.com/news/2017/...yers-28418.htm

If it's true that pokerstars acquired some assets then that pokernews story is seriously misleading!

Quote

07-07-2017 , 04:49 AM

#121

Hood

Carpal \'Tunnel

Join Date: Apr 2004 Posts: 6,895

Hmm, interesting.

There's been no information released regarding any assets being acquired. I assumed that maybe they "acquired" the player database for a nominal fee on the proviso that they reimburse all players, and thus remove one large group of creditors. To my knowledge, they have not acquired any other assets (software, etc), and that is potentially up for sale; there are still i assume many other creditors who want to see assets liquidated (MPN is one creditor).

However, GP is right in that the domain appears to have changed hands. The WHOIS result is now under PokerStars name.

Quote

07-07-2017 , 06:26 AM

#122

_dave_

_Pooh_Bah_

Join Date: Feb 2005 Posts: 13,147

Quote:

Originally Posted by Hood

Hmm, interesting.

There's been no information released regarding any assets being acquired. I assumed that maybe they "acquired" the player database for a nominal fee on the proviso that they reimburse all players, and thus remove one large group of creditors. To my knowledge, they have not acquired any other assets (software, etc), and that is potentially up for sale; there are still i assume many other creditors who want to see assets liquidated (MPN is one creditor).

However, GP is right in that the domain appears to have changed hands. The WHOIS result is now under PokerStars name.

The software is directly mentioned in the PS blog article:

Quote:

we are not acquiring or planning to revive the PKR software platform.

Quote

07-07-2017 , 07:36 AM

#123

namisgr11

old hand

Join Date: Jun 2012 Posts: 1,598

Quote:

Originally Posted by Hood

If I understand the situation correctly, they've 'acquired' the player pool of PKR by transferring their accounts to PStars. More players and more rake for the acquirer.

Quote

07-07-2017 , 07:53 AM

#124

SootedPowa

Pooh-Bah

Join Date: Jun 2013 Posts: 3,942

Quote:

Originally Posted by namisgr11

More players

I would bet only a trivial amount of players on the database will have had a PKR account but no Stars account.

Quote

07-07-2017 , 07:58 AM

#125

FarseerFinland

old hand

Join Date: Mar 2012 Posts: 1,696

Quote:

Originally Posted by SootedPowa

I would bet only a trivial amount of players on the database will have had a PKR account but no Stars account.

Not necessarily.

I have been playing poker actively since 2005, but just after year 2012 when Entraction where I played like 90+% of my games was closing I opened PokerStars account. Since lots of players in PKR was casual and network seemed to target recs, there might be A) quite many players who didn't actually have Stars account, B) many players who do have Stars account which they haven't been actively using and C) many players who stopped playing altogether when their favorite site moved to MPN or went down. All those recs and very welcome to Stars withering pool, who may or may not feel some extra goodwill because their money was saved by them.

Quote

Page 5 of 6

First

1 2 3 4 5 6

Last

Post Reply Subscribe

...

Page 5 of 6

First

1 2 3 4 5 6

Last