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Do Frat Boys Still Own Absolute Poker ?
Tuesday September 11, 2012 : 'FRAT BOY' FOUNDERS STILL OWN ABSOLUTE POKER ASSETS?
Covering up the money and ownership trail can come back and bite you...
Legal exchanges last week between lawyers representing the "frat boy" founders of Absolute Poker and the Department of Justice appear to reveal that the founders are using the Madeira Fjord subsidiary Avoine in their attempts to stop the Justice Department from taking possession and selling off Absolute Poker assets like the player base and the software, claiming they remain the owners.
The irony of this situation is that the founders allegedly devoted considerable time and resources to create misleading ownership and money trails that included ownership changes involving Absolute Enterprises, Tokwiro Enterprises and Blanca Games!
The South Korean software company Panoratech has reportedly been embroiled in the controversy; it has been claimed that the company supplied technical assistance to AP and received a share of the online poker room revenues as a consequence, and that it holds a copy of the AP software - the founders claim wrongfully. The Koreans have apparently offered to turn the software over to the Department of Justice.
The interaction between the lawyers representing Avoine's interests and the Department of Justice appear set to continue as the debating sides seek to convince presiding Judge Leonard Sand of the righteousness of their arguments...in the process questions that have been asked for years regarding the AP ownership may well be answered.
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