Absolute Poker Absolutely Skint?May 5, 2011 6:47 am
According to a story first broke by Mike Brunker of MSNBC, the parent company to Absolute Poker and UB called ‘Blanca Gaming of Antigua’ has now informed shareholders of its intention to declare bankruptcy in the near future.
Things started to go steadily downhill for Absolute Poker and UltimateBet since they were indicted by the Department Of Justice, along with PokerStars and Full Tilt on April 15th.
However, unlike the other two poker rooms who withdrew from the US online market and entered into an agreement with the DOJ to return player’s funds, Absolute Poker continued to accept US players while allowing just one cashout request of a maximum of $250 per week.
Nevertheless, as “Fonzi” from Holdem Poker Chat puts it: “You are allowed to request $250 a week — request — but that doesn’t mean you’re going to get it. I already consider my money gone.”
Now in disturbing news for customers of the site, the centre of operations for Absolute Poker and UB in Costa Rica have apparently layed off 95% of their workfore or around 300 staff.
Furthermore, Madeira Fjord of Norway, which represents shareholders in Blanca Gaming of Antigua, have sent e-mails to shareholders indicating its intention to file for bankruptcy in Norway.
Then citing the fact the Company is currently in debt by over $250,000 and continuing to accrue additional debts of more than $100,000 per month, Blanca Gaming explained in its e-mail:
“Most importantly, Blanca Gaming has provided notice to our subsidiary Avoine 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 overall effect is to now leave customer deposits on the site looking even more tenuous than before, especially with the e-mail then stating that there was “no cash on hand and no prospects for any cash flow for the foreseeable future.”