Cereus Plans to Liquidate Assets, Repay Players
The Kahnawake Gaming Commission issued a statement Thursday indicating that Blanca Games has submitted a plan to the US Department of Justice (DOJ) that would repay all players.
The KGC statement claims that, “over the past several weeks,” Blanca – parent company of Absolute Poker and Ultimate Bet – has been working on a proposal that would liquidate the company assets in an effort to distribute funds back to US and non-US players owed money.
The statement discloses that “close and regular discussions” have taken place between the KGC and Blanca and that a “potential” solution has been submitted to the DOJ “for consideration and approval.”
The proposal comes just days before the October 31 deadline by which Blanca has to file a claim for assets seized by the DOJ.
Little has been heard from the troubled network since the group came to an agreement with Department of Justice to permit the repayment of its players in May. Although the poker rooms still exist, withdrawal limits have been put in place, traffic has fallen to almost zero, and player reports suggest that few recent cashout requests have been processed.