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Atlantic Club Responds to PokerStars Allegations
The Atlantic Club’s legal team fired back at would-be buyers PokerStars yesterday.
Lawyers for the Atlantic Club claimed the organization was not aware of the extent of the criminal problems facing PokerStars founder Isai Scheinberg and other senior officials and PokerStars were facing after Black Friday.
NorthJersey.com released excerpts from the filing made by the Atlantic Club on Monday. One of the key passages:
“This action involves a sophisticated party’s attempt to avoid the consequences of an unambiguous provision in a contract that it executed after extensive negotiations and with the advice of counsel. Plaintiffs agreed to a termination provision that included the surrender of advances and a termination payment as the cost of securing an opportunity to acquire the Atlantic Club.”
Earlier this month PokerStars alleged a breach in contract with the Atlantic Club. PokerStars claimed it received no notice that the Casino planned to terminate their agreement despite the fact the site had already paid 2/3 of the purchase price in advance payments.
PokerStars also claimed it had funded the struggling Atlantic Club’s shortfalls throughout the winter season, preventing bankruptcy and the loss of 1,800 jobs.
According to yesterday’s filing the deposed Scheinberg, who was forced to step down from his role with PokerStars, was fully involved in sale talks and allegedly threatened to not pay the $4 million termination fee if the deal went south.
Some other points in the brief:
- The casino didn’t want to take the risk PokerStars bid would linger most of the summer, only to get rejected by the state. The Atlantic Club is worried about missing the chance to pursue other opportunities during the launch of online gaming in New Jersey.
- According to the defendants it would be a “catastrophic” result for the Atlantic Club if the restraining order by PokerStars, which keeps the casino from seeking other buyers, is not removed.
- The Atlantic Club claims PokerStars is associated with serious criminal activities more extensive and unresolved than previously disclosed. This is likely to do with the American Gaming Associations’ accusations against PokerStars.