Bidders Set for Federated Sports and Gaming Auction Tomorrow
The court mandated auction of the assets of Federated Sports & Gaming, Inc. (FS&G) is scheduled to take place tomorrow with the results being revealed on Thursday.
According to a source close to the situation, the court has approved five bidders to participate in the auction. The bidders include Pinnacle Entertainment, Inc., All in Production LLP. (Heartland Poker Tour), William Hill PLC, and two unnamed companies: one a US casino management company and the other a European poker investment firm.
The auction is a result of the Chapter 11 filing of FS&G—the parent company of the Epic poker league and Heartland Poker Tour (HPT)—back in February. However, the filing occurred before the competition of the HPT acquisition. The list of creditors exceeds 100 and includes employees, 441 Productions and the Disabled Veterans of America.
Questions remain regarding a $1m freeroll for the top finishers in the league that was to take place following the fourth and final tournament of the season. Only three of the tournaments actually took place, but there were players assured a spot in the $1m freeroll based on their results in the first three events. Some are even speculating that the Palms Casino which hosted the Epic events may be forced to hold the event under Nevada law.