Absolute Poker accepts US settlement proposal

10 August 2012

The Kahnawake Gaming Commission has confirmed that Absolute Poker (Ultimate Bet) has accepted the proposed of settlement by the U.S. Government and has informed the Department of Justice of the intention of resolving the charges against them after Black Friday.

Under the deal, Absolute Poker is committed to hand over to the DoJ all the assets of its group companies. And the DoJ, meanwhile, agrees to carry out its liquidation in order to get money to meet payments under the settlement of claims brought against it by the parties affected by its bankruptcy.

The main asset of Absolute Poker is the Cereus Network software and the database of players and emails.

Eight companies will be included in the agreement: White Games, marks "Absolute Poker" and "Ultimate Bet", Absolute Entertainment SA, Hoop & Javelin Holdings Limited, Lacrosse Holdings Limited, Hoop Payment Solution Services Limited and Morning Bliss Overseas Limited. On the other hand, the transfer will not include entities outside Absolute, as Blue Water Services Ltd, Trust Services Ltd, SGS Systems Inc. and Exchange Trust Ltd.

The statement from the KGC is not very encouraging for players not residing in the United States "If the DOJ approves the settlement and there is any money left after the resolution of claims against Absolute Poker, players can claim the money they have in their accounts through court of law." If this is confirmed, the decision will probably not give any options to players not residing in the U.S. to recover the money blocked in player account.

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