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PINNACLE ENTERTAINMENT SUCCESSFULLY BIDS FOR FS AND G
Friday June 15, 2012 : PINNACLE ENTERTAINMENT SUCCESSFULLY BIDS FOR FS AND G (Update)
Major creditor wins in bankruptcy bidding…but the legal scrapping is not over yet
The court-ordered bankruptcy auction of Federated Sports & Gaming, Inc., parent of the Epic Poker League, was won Thursday by Pinnacle Entertainment, Inc. with a winning bid of $4.5 million for the combined assets of Federated Sports & Gaming, Inc., Federated Heartland Inc., the Heartland Poker Tour and the Epic Poker League.
Pinnacle was one of the largest creditors of the failed company, owed around $2.1 million, which it loaned FS&G earlier this year. There is speculation that the company will offset the loan debt against the purchase price, although that has not been confirmed.
The new owner has yet to publicly announce what it plans to do with the acquisition, but it appears certain that further litigation will take place involving other creditors, who are also owed large sums of money by FS&G.
Over $8 million in debt was accrued in FS&G's short life, during in which it generated only around $50,000 in revenues.
Among the more interesting information disclosed in the court proceeding was the fact that FSG registered more than 400 domain names, many of them apparently irrelevant to its activities.
Ironically, one among these was epicpokerfailure.com!
Gambling News :
Alegriabet Finally Launches -
Our online betting site will deliver a full, market-leading suite of services including pre-match and live betting as well as virtual sports
International Table Tennis Federation in deal with Sportradar. -
The International Table Tennis Federation (ITTF) has today announced it has signed a brand-new integrity partnership with Sportradar utilising the organisation’s world-leading monitoring, intelligence and prevention solutions to help safeguard the sport against match fixing.
NBA odds on Thunder vs. Pacers Game? -
This Wednesday night in Indianapolis, Paul George is due to play his first game at the Fieldhouse as a member of the Oklahoma City Thunder (12-13 SU, 8-17 ATS). But George might not face the Indiana Pacers (15-11 SU, 16-10 ATS); he’s listed as day-to-day with a right calf contusion. Tip-off is at 7 PM ET on ESPN.
2 New Christmas Slots For Microgaming -
Microgaming’s jolly game additions this December. Microgaming adds two more games to kick off the festive season, in addition to its action-packed Highlander online slot.
SportsBetting Supreme Court Showdown -
Sports Law, Betting and Integrity leaders convene to preview Supreme Court Showdown. Thought leaders weigh in on Christie vs. NCAA (which in January will shift to Murphy vs. NCAA)
NBA Odds: Heat Can Burn Cavaliers in Cleveland -
The Cleveland Cavaliers (12-7 SU, 6-12-1 ATS) may have turned their season around, but they’ve got a challenging matchup this Tuesday against the Miami Heat (9-9 SU, 7-9-2 ATS), tipping off at 7 PM ET on NBA-TV. Miami is 7-4 SU and 6-5 ATS against the Cavs since LeBron James went back to Cleveland in 2014.
Games Concept Day in Malta -
The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.
AFC’s fight against match-fixing -
The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.
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