14th of April 2012 Author: Glo Wood
Negotiations still ongoing, currently at a sensitive stage
It has been a while since any news could be heard about Cereus Poker Network and its sites Absolute Poker and UltimateBet, but a report emerged this week that its negotiations with the US Department of Justice regarding involvement in the Black Friday indictments may soon become fruitful.
According to an unidentified source, "Our discussions with the DOJ are still in progress. We are confident that these discussions are nearing resolution, while legal constraints prevent us from making further details public or speculating on a time line at this stage."
It has further been specified that negotiations have been ongoing, and the deadlines agreed for resolution extended several times, “militating against the reimbursement of seized funds to the players.”
It has been opined in the media that while in June last year Cereus was in debt with over $50 million, but only had $5 million in assets, the solution may lie in its technology assets which could be sold to raise cash once a settlement is reached with the US government.
It was further on observed that: "The US Justice Department has seized a large chunk of UB.com’s bank accounts as part of a probe that concluded exactly one year ago this week (April 15, 2011). Those funds will be available to customers who have made a claim with the US government based on what is owed subtracted from what is under seizure.
"The Kahnawake Gaming Commission (KGC), which licenses UB.com and Absolute, suggested that players would likely see between 15 to 20 percent of what is owed to them.”
Gambling Law & Society News General Poker News
23rd of December 2011
30th of June 2013
20th of November 2014
17th of November 2014
15th of November 2014
6th of October 2014
28th of October 2014
26th of October 2014
14th of October 2014
6th of November 2014
Join now for full access to our online poker forum/chat plus receive our newsletter with news & exclusive bonuses every month.
Disclaimer Contact Us Privacy Gambling Help Site Map
LatestPokerBonuses.com © 2006-2014