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Old 07-04-2012, 09:06 AM   #31282
GoMuckYourselfBro
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Join Date: May 2012
Posts: 64
Re: FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP)

It's real.

Pocket Kings Ltd has been declared insolvent and has entered what's called administration.

The way to exit administration is to prepare what's called a CVA - Company Voluntary Arrangement - which gathers all available funds and offers a cents in the dollar deal to the company's creditors to clear all debt.

Affiliates etc are listed as creditors of the company, but players are not - seeing as we never actually played poker on "PocketKings.ie" - but other commercial agreements and contracts where linked directly to the Pocket Kings company.

If these creditors refuse the payment, Pocket Kings will essentially be liquidated - with them getting either nothing or substantially less via a liquidation asset sale.

Either way, Pocket Kings will either exit administration via a CVA, have no debt and be acquired by Stars or will be liquidated and PokerStars will attempt to purchase the company's assets(no idea what they are) and all Pocket Kings employees will be offered the chance to transfer to the new company (Poker Services Ireland Ltd?) via what's called a TUPE arrangement.

Short version: Pocket Kings will be no more in a matter of weeks.

This has to happen before Stars can get anywhere near Tiltware LLC's assets.

I'd expect a deal to be announced in some way by PokerStars before the end of the month.

Last edited by GoMuckYourselfBro; 07-04-2012 at 09:11 AM.
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