In a recently released statement, Kahnawake Gaming Commission (KGC) announced the termination of CEREUS Network along with its two sites, UB.com and Absolute Poker. A decision was taken to settle the ongoing disputes of the company. Along with CEREUS Network’s dissolution, the KGC’s statement also discussed the legal actions taken by the Southern District of New York against Full Tilt Poker and PokerStars for their misdeeds.
KGC in Discussion with Blanca Games Inc to Facilitate Reimbursement of Players
KGC stated that it is in discussion with Blanca Games with regard to providing both US and non-US players with their payments. The discussions which had been going on for quite a few weeks, leaned towards terminating the CEREUS Network. Representatives of Blanca Games designed a solution for repaying players. This includes liquidating the company’s assets and distributing the same among players. SDNY has been presented with the proposal for approval.
Repaying Players – the Key Concern of KGC
The status of the ongoing negotiations with Blanca Games has not been mentioned by KGC in its statement. It concludes by saying that the key aim of KGC is to reimburse players of both US and non-US countries. The commission is aiming at completing the procedures as quickly as possible. The involved parties have been asked to wrap up their discussions at the earliest and implement an appropriate reimbursement plan so that players don’t have to suffer further delay in receiving payment.
Assets to Be Sold by Blanca Games
The assets that can be sold by Blanca Games are yet to be finalized. One option is its software used by both its poker rooms. The second asset that Blanca Games can sell is its players’ database. It can be used for an upcoming or a presently existing poker room, for its operations. It has been estimated that the assets mentioned can fetch anywhere between $10 million and $125 million, if sold. This will allow Blanca Games to clear the debts it owes former players of the two CEREUS Network operated sites.
US Department of Justice Looking to Impose Penalty Charges on CEREUS Network
The US Department of Justice imposed a fine of $500 million as a result of the charges filed against CEREUS Network. The amount is much less compared to what the two indicted poker rooms, Full Tilt Poker and PokerStars have been charged as penalties. Based on the statement issued by KGC, two prominent poker rooms of the industry, UB.com and Absolute Poker are likely to be stopped from carrying out operations.
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