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AP and UB Liquidating Assets to Pay Players?
After five months of virtual silence, a statement surfaced on the Kahnawake Gaming Commission website today that suggests Absolute Poker and UB have developed a plan to repay outstanding account balances to its players.
Details in the release are somewhat vague, but it does outline the idea that AP and UB’s parent company, Blanca Games, is planning to liquidate Blanca’s assets and distribute the proceeds.
It wasn’t noted if the plan was to liquidate just the AP and UB.com assets or all of Blanca Games' assets, which also include other bingo and casino sites.
The full statement as released by the KGC below:
“Since the actions taken by the US Attorney’s Office for the Southern District of New York (the “SDNY”) on April 15, 2011, the Commission has been in close and regular discussions with its licensee, Blanca Games Inc. (“Blanca”), operating as Absolute Poker and UB.com (“AP/UB”), to facilitate the reimbursement of both US and non-US players.
"The Commission has also received regular updates of discussions between AP/UB and the SDNY.
"Over the past several weeks, we were advised of a potential solution prepared by Blanca and its representatives, establishing a process to liquidate Blanca’s assets and distribute proceeds to players.
"We understand that this process has been presented to SDNY for consideration and approval.
"The Commission’s foremost concern in this matter has been, and remains, the reimbursement of both US and non-US players, as quickly and completely as possible.
"To avoid further prejudice to affected players, the Commission has demanded that all parties complete their discussions and implement a reimbursement solution without further delay.”
See the official PDF from the KGC here.
The smallest of the three US poker sites seized by the US Department of Justice on Black Friday, AP and UB.com had reached an agreement with the DOJ back in May to release the two domain names back to the company and begin the player repayment process.
Despite a trickle of payments over the first few days post-April 15th, AP and UB.com have been unable to process most withdrawal requests.
Estimates put the amount owed to Cereus Network players at around $48 million US.
An Absolute Poker spokesperson also released an exclusive statement to PocketFives.com that confirmed the company is "still in discussions" with the DOJ and that the distribution of funds to US players remains its "highest priority."