Blanca Gaming Considers Liquidating Assets to Pay American Players Back
Written by Alice Beamont on October 26, 2011 – 12:45 pm
Good news for Cereus poker players! The Kahnawake Gaming Commission has released a statement concerning the funds of players of the Absolute Poker and UB poker rooms. The KGC claims that they have “been in close and regular discussions with its licensee, Blanca games Inc. [...] to facilitate the reimbursement of both US and non-US players.”
The statement goes on to describe the possible solution. The solution involves Blanca gaming, owners of Absolute Poker and UB, liquidating their assets and distributing proceeds to its players. This solution has been submitted to the Southern District of New York for their approval.
For any poker players living under a rock, this all comes in response to the actions of the Department of Justice on April 15th, better known as Black Friday. The DOJ seized some player funds from PokerStars, Full Tilt Poker, and the Cereus poker network. PokerStars has since returned the funds to American players while FTP and the Cereus poker network still have not. The statement from the KGC was released just days before the October 31st deadline given to Blanca to claim any assets seized by the DOJ.
The Cereus poker network has since become a shell of its former self. Withdrawal limits have been put in place with traffic of only a couple dozen players at a time. Only a handful of cashout requests have been processed in the last two months. Hopefully this potential liquidation will change things.
Will Blanca Gaming and the Cereus poker network pay American players before Full Tilt Poker? Only time will tell. Of course, FlopTurnRiver will keep their members updated on any breaking news.
The entire official Kahnawake Gaming Commission statement can be read here.
Tags: American Players, Players
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