Absolute Poker and UB Poker Heading Towards Bankruptcy
05 May 2011
It seems as though the U.S. indictment of at least one of the three online poker companies will leave poker players the possibility of never getting their money back. This will go for all their players and not just those in the United States.
Blanca Gaming of Antigua which is the parent company of Absolute Poker and UB poker (formerly Ultimate Bet) told shareholders in an email that it planned to file for bankruptcy protection in Norway. Madeira Fjord of Norway, which represents shareholders in the company, said that the company had “no cash on hand and no prospects for any cash flow for the foreseeable future.”
The email further said that;
“Most importantly, Blanca Gaming has provided notice … that it is currently unable to make any payments toward its debt obligations. Additionally, Blanca has further advised that there will be no future payments.”
The U.S. government seized five domains in total including those of Full Tilt Poker and PokerStars. In a deal struck with the government, Full Tilt Poker and PokerStars had their domains relinquished in order to start returning money owed to U.S. online poker players. Both are in the process of returning deposits and the deal was also open for Absolute Poker and UB but no progress was being made with the latter two sites.
According to chatter on the popular poker forums, neither Absoulute Poker nor UB have been processing withdrawals for those outside the U.S. either. Absolute Poker was once one of the top online poker sites allowing U.S. players but in 2007 saw a cheating scandal ruin its market share. Shareholders were working on a plan to sell the company when the federal indictment was handed down. Now it seems the players will pay for what some say has been long term mismanagement.
20 December 2011Absolute Poker Co-Owner Pleads Guilty
There has been a plea from one of the three online poker companies following last Aprils U.S. federal indictments. Brent Beckley, co-owner of Absolute Poker, pleaded guilty today in a Manhattan Federal court. The charges were conspiracy to commit bank fraud and wire fraud as well as conspiracy to violate an Internet gambling law. All related to the deception of U.S. banks over processing online gambling proceeds.Read full article
12 May 2011Absolute Poker Signs Agreement to Return U.S. Players Funds
Now it seems that Absolute Poker will be paying back U.S. poker players according to prosecutors on New York City. Wednesday the announcement was made that Absolute Poker signed an agreement with the U.S. government to allow withdrawals to U.S. players and to continue operations to all foreign players. According to U.S. Attorney Preet Bharara;Read full article
09 May 2011Costa Rica Agents Raid Absolute Poker Offices and Residents
April 15th 2011, known as “Black Friday” in online poker circles, is when Federal indictments were handed down and the U.S. government shut down Absolute Poker, UB Poker, PokerStars and Full Tilt poker. Since then PokerStars and Full Tilt reached agreement with the U.S. to regain usage of their websites for the sole purpose of letting U.S. online poker players withdraw their money.Read full article