05 May 11
Absolute Poker and UltimateBet Filing for Bankruptcy
Just after we reported that these two poker rooms have suspended their activity in the US, they are now filing for bankruptcy. Blanca Gaming, their parent company, was forced into this process after being unable to pay its debts.
There were some rumours that Absolute Poker (AP) and UltimateBet (UB), the two poker rooms owned by Blanca Gaming, have been forced to enter the bankruptcy procedure. According to multiple sources, this information is now verified.
An article on MSNBC confirms that Blanca Gaming, located in Antigua, has "no cash on hand and no prospects for any cash flow for the foreseeable future."
Also, according to msnbc.com, more than 300 employees working at the AP/UB offices in Costa Rica have been laid off. This translates to approximately 95% of the companies' staff.
In regards to the funds that players have on these two sites, nothing is confirmed as of now. While US players' funds are frozen, non-US players can request fund withdrawals, but it is unknown whether the transactions will actually take place.
In a post on 2+2, an email sent to the AP shareholders was leaked. There, the shareholders are apparently informed about the bankruptcy process - you can read the email by clicking here.
Read more about the "Black Friday" in our previous news items below:
- Absolute Poker and UltimateBet Leave US Market, Deutsche Bank Sued (04.05.2011)
- The Current Situation Around "Black Friday" (02.05.2011)
- PokerStars Cash Outs Available for U.S. Residents (28.04.2011)
- Full Tilt Poker Issues Statement Regarding Moneybookers Cashouts (22.04.2011)
- PokerStars.com and FullTiltPoker.com Return - First Step Towards US Cashouts (20.04.2011)
- Gambling Expert Prof. I. Nelson Rose Comments on Charges Against Poker Platforms (19.04.2011)
- The Poker World Reacts to "Black Friday" (19.04.2011)
- NETELLER and Moneybookers: Official Statements After the Black Friday (19.04.2011)
- "Black Friday" for the US Poker Market - The Current Situation (17.04.2011)
- LIVE TICKER: PokerStars, Full Tilt Poker, UB and AP charged in US (15.04.2011)
#1
jasonforan, 05 May 11 10:34
wow,got to feel for the players on these sites,hopefully they can still get there money back#2
tcs35, 05 May 11 10:41
This article is pretty incorrect, the company going backrupt do not own UB/AP.#3
tcs35, 05 May 11 10:42
Well according to people on 2p2#4
vhallee, 05 May 11 11:28
#2: afaik Blanca Gaming owns the Cereus Network, which in turn is comprised of AP and UB. Therefore, they technically own both of these companies.#5
blackops888, 05 May 11 12:12
Dude... the Mayans were right about the end of the world. They've missed it for just one year! lol#6
chenny8888, 05 May 11 12:14
AP/UB money is being sold on 2p2 at a rate of roughly 10%. No that's not 10% vig. It's 10c to the dollar of the total value.#7
v3rc3tt1, 05 May 11 12:22
Could sb please explain me because it seems like i'm total noob.. How is it possible that one of the networks that was in top10(I assume they were making solid profits before all this) can "have no cash on hand"? Now I know expenses and stuff but I mean come on..#8
xero100, 05 May 11 12:38
This is not surprising, at all. Cereus have had majority of their player base in the US and now that they are gone cereus are for sure going bankrupt.#9
mattisks, 05 May 11 13:31
lol. I don't feel sorry for anyone that is/was playing there. If you can't learn from past, you can't learn at all. Let's keep on playing on scammy sites. LOL#10
Agiz19, 05 May 11 14:03
...because everything is based on credits and debts...nobody has cahs they have digital figures, and debts of mega nubmbers, paying old ones with new ones and if there is no bussines everything gets seized by the banks and then companies go bankrupt :D wiiii#11
muel294, 05 May 11 14:40
didnt prahlad friedman just sign with UB..../oops#12
amplifyd, 05 May 11 14:51
@ #9 Thanks for your very worthwhile opinion.#13
OnkelHotte, 05 May 11 15:00
@10: That is not true for any poker room. PartyPoker e.g. as a public company has the value of its liquidity on designated accounts.#14
cash4mebg, 05 May 11 15:31
@7Ponzi scheme - use players money to operate company. Funds get seized then company goes bankrupt. They didn't use designated accounts. Sad but players won't see money soon if any at all.
#16
tcs35, 05 May 11 16:53
#4 http://forumserver.twoplustwo.com/showpost.php?p=26434254&postcount=43Delete the above link lol
#17
tcs35, 05 May 11 18:18
More infohttp://jgarywise.com/2011/05/new-apub-press-release/
#18
tiltpokernow, 05 May 11 20:30
guess Mark Seif is unemployed now...#19
tomzyb, 05 May 11 21:15
Phil Hellmuth busto :)