Absolute Poker/UltimateBet Settlement with DOJ

Kahnawake Gaming Commission Addresses Absolute Poker & Ultimate Bet Settlement

http://www.pokernews.com/news/2012/...mission-absolute-poker-ultimate-bet-13194.htm

http://www.gamingcommission.ca/news/pr08072012a.pdf

The proposed settlement requires all of Blanca’s assets to be forfeited to the United States. The US Marshalls’ office will be mandated to liquidate Blanca’s assets. However, there will be no distribution of the net proceeds from the liquidation pending the resolution of claims filed by other parties who have asserted an ownership interest in Blanca’s assets.

If the court approves the settlement, and if there are Blanca assets remaining after the resolution of the claims by other parties, it is anticipated that the court will provide a process for players to make claims against those assets. At present the Commission has no information as to how players should make such a claim. However, the general victim information number provided by the US Attorney in Manhattan is 1-866-874-8900.

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Wow. Finally. Thanks Frosty!

Except it's not good news at all. We'll never see those funds, but at least we can stop wondering.

Good job by the KGC. And our tribes want to run internet gaming.

if you played on UB/AP beyond the superusing scandal, you had this coming imo

Really? I wasn't a high stakes player so it didn't affect me and those that it did affect were repaid.

Does it seem stupid in retrospect, yes. But I find your assertion that I somehow deserved it a bit mean-spirited.

If we all lost our ps and ftp money, I suppose we would have deserved that in light of the UIGEA?

Charade You Are said:

...at least we can stop wondering.

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Precisely what I meant. And, must add that I am not surprised at all.

ap/ub

I had some cash built up from freerolls,altho I never deposited any money there,unless it was a requirement to cashout.
So the doj sucessfully stole my freeroll moneys.Thats how I see things working out...
We all knew how shakey ap/ub were,but I sorta liked UB's software..

Charade You Are said:

Really? I wasn't a high stakes player so it didn't affect me and those that it did affect were repaid.

Does it seem stupid in retrospect, yes. But I find your assertion that I somehow deserved it a bit mean-spirited.

If we all lost our ps and ftp money, I suppose we would have deserved that in light of the UIGEA?

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I mean, it might have been a bit blunt, but it's no secret they were a shady as F*** company. Look around, not paying players cashouts (pre BF), stealing $ from active players account (Feldman) , Hellmuth winning hands with the losing hand, etc.

Should not come as a shock to anyone that UB/AP don't have $ and will not be paying players back.

Good thing I cashed out in time.......

nightmoves44 said:

So the doj sucessfully stole my freeroll moneys.Thats how I see things working out...

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Actually my take on it is all the assets left are owed to others who have already filed claims against it (be it mortgages, bank loans, etc.). DOJ made a healthy profit on the PS/FTP deal, and even better depending on how many people with small bankrolls like me ($40) don't waste their time trying to get it back. AB/UB had no money. Never heard anything good about them and never played there.

This would be like getting in line for a claim against Bernie Madoff. Rotsa Ruck

Not surprised .... AP/UB owed money and those businesses will get paid before the players. That is the way a bankruptcy court handles things so just have to assume that will be the way any funds AP/UB might have will be distributed

Have a couple grand or more that was on there....

The saddest part is I had been boycotting their scummy ass and then some friends wanted to roll me a small stake to play decent stakes MTTs after playing in Vegas with me in the summer of 2010, and one of the guys had me deposit a little into UB to play a few 20/30% MTTs and I did very well.

At that point honestly I was responsible for all over our money and ROI, so i felt I needed to play UB bc it was definitely a softer site.

I dunno, it is what it is.

If we get 10% on the dollar id be happily surprised.

Yeah, this is somewhat good news but we will never see the money that was liquidated. Freaking 8K down the drain

To those who lost big bankrolls on UB/AP, I feel your pain. I left enough to play small games on there, but I saw it coming well ahead of the "cash out freeze" and I think most people expected it.

Charade You Are said:

Really? I wasn't a high stakes player so it didn't affect me and those that it did affect were repaid.

Does it seem stupid in retrospect, yes. But I find your assertion that I somehow deserved it a bit mean-spirited.

If we all lost our ps and ftp money, I suppose we would have deserved that in light of the UIGEA?

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Frost, I do have to disagree with your assertion that the affected players were repaid. Not all of them and not all of their money. Also, the shady ownership never really changed. Given how well you follow poker news I'm surprised that you didn't know this.

Here is the trailer to the new documentary that will be out soon.

I hear you but in my defense, the pro I know who played the nose bleed stakes at AP was repaid, and he continued to multi-table there right up until Black Friday, so I figured if he was comfortable with his 6 figure bankroll there, I wasn't too worried about my slightly less than 1K.

In hindsight, we were both wrong.

The other problem I had was that AP was my very first site and my favorite. I had been playing there even before the UIGEA. It was hard to leave and before the lead up to Black Friday, I didn't really pay that much attention to poker news. Nothing like having the Government steal from you to get my attention. I never expected them to be stealing player funds from payment processors.

Luckily, though, I had taken out much more than my initial $50 deposit, so I guess it wasn't a total loss.

Can't say I'm happy about the timing of this movie, given the current fight for poker. We really don't need any scandals to whip up the anti-poker morons.

another saga in the world of scammers known as poker sites
# 1 reason i gave up online poker for months now
wont ever get into it as much as i used too ~ never hoped to get lost money back
but feel bad for the peeps that lost big ! i was never ashamed of cashing out 150 bucks at a whack so didnt get hit to hard !

blackknite123 said:

Yeah, this is somewhat good news but we will never see the money that was liquidated. Freaking 8K down the drain

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in for 3.9k

xdeuceswild81xx said:

if you played on UB/AP beyond the superusing scandal, you had this coming imo

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Being that the scandals were at the nose bleeds and I always kept a minimal amount on UB to play my micros, I wasn't concerned. I seem to remember people telling me about what a horrible company UB was and how great FTP was. To me FTP was full of crooks--UB had only a couple!

xdeuceswild81xx said:

I mean, it might have been a bit blunt, but it's no secret they were a shady as F*** company. Look around, not paying players cashouts (pre BF), stealing $ from active players account (Feldman) , Hellmuth winning hands with the losing hand, etc.

Should not come as a shock to anyone that UB/AP don't have $ and will not be paying players back.

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Shady? FTP had all kinds of payment issues leading up to BF. I requested a check from UB for 3/4 of my account balance and received it in 5 days (on April 15, 2011) and I cashed it and it cleared.

nightmoves44 said:

I had some cash built up from freerolls,altho I never deposited any money there,unless it was a requirement to cashout.
So the doj sucessfully stole my freeroll moneys.Thats how I see things working out...
We all knew how shakey ap/ub were,but I sorta liked UB's software..

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Same here and same feelings. I never trusted any of the sites--just kept riding the wave out! In this whole thing, the US govt and the DOJ are more the crooks than anyone else.

tbdbitl said:

Same here and same feelings. I never trusted any of the sites--just kept riding the wave out! In this whole thing, the US govt and the DOJ are more the crooks than anyone else.

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That's how I see it.

Here's another article posted this week:

Absolute Poker Owners Contest DOJ Asset Seizure and Sale
http://pokerfuse.com/news/law-and-r...er-owners-contest-doj-asset-seizure-and-sale/

And an interesting/disturbing quote from it:

Given the sparse AP financial assets seized to date and a nine-digit mountain of claims and potential fines against Absolute Poker, the DOJ has attempted to seize two remaining assets, the AP software platform and its customer database of several million e-mail addresses, in hopes of selling them on the secondary market and recouping money to be used in settling the case.

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So not only are we not ever going to get our money from AP, the government is now going to sell our email addresses?

You've got to be kidding me.