Update: Evidence Mounts that Epic Poker League in Financial Trouble

Apr 06, 2012
Update: Evidence Mounts that Epic Poker League in Financial Trouble
Only 14 months since it came into the market, the company faces failure The latest evidence provided in financial filings on April 3 show that the Epic Poker League's parent company, Federated Sports and Gaming, is in worse financial problems than was initially indicated in its February 28 bankruptcy disclosures, which recorded 100 creditors and debts of $5 million. Namely, according to the new filings, over its 14 months of operations, FS&G has almost $8 million in liabilities, and earned only $37,052 in income. It has also been specified that from November 29, 2011 to February 29, 2012, the company paid vendors more than $2.4 million, whilst its officials received more than $1.1 million – among these were $299,784 to Annie Duke; $226,652 to Jeffrey Pollack; $181,062 to Daniel Goldberg; Jeffrey Grosman got $216,666 and Michael Brodsky $166,666. It also appears that Pinnacle Entertainment is the principal creditor at $2,093,447, and that FS&G's published liabilities do not include any equity financing the company may have received.
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