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Written On  5/6/11 By staff writer Frank Polliern :

Misunderstandings of Madeira Fjord communication alleged
In a move that appears to have been motivated by damage control following an MSNBC article that it may be going bankrupt (see previous InfoPowa reports), the Cereus online poker network has denied that the organisation is going bankrupt.
Blanca Games, which owns Cereus and its component online poker sites Absolute and UB, issued a statement late Thursday claiming: "The apparent confusion over this issue stems from the fact that Blanca recently informed a [Norwegian-based] debt holder, Madeira Fjord, that it was terminating debt payments to, and its relationship with them.
"As a result, Madeira Fjord apparently filed a notice of bankruptcy in Norway. This notice has no negative impact upon Blanca, the operating company, or its brands. As stated previously, Absolute Poker and UB continue to operate their non-U.S. facing business around the world."
There have been allegations that Madeira Fjord was part of an elaborate corporate "firewall" designed to distance major shareholders of the company from its operational activities.
The Blanca statement goes on to advise that Cereus has ceased US operations and is restructuring in order to focus its commercial efforts on the non-US poker and software business
"In order to have a more efficient and successful future business, an immediate need to downsize and streamline operations significantly at both online poker rooms has been required. Absolute Poker and UB continue to operate their non-U.S.-facing business," the statement notes.
The extensive lay-offs in the Costa Rica offices of the company are also addressed in the statement, which confirms that up to 80 percent of employees are being discharged, leaving a core of 20 percent in key positions to continue running the business.
The statement ends with assurances that the company's lawyers continue to participate in a dialogue with US Department of Justice officials, and that it is working hard to “return non-U.S. withdrawals to normal service levels as quickly as possible."
In related news, the federal prosecutors behind the Black Friday indictments filed a supplemental forfeiture request Thursday in Manhattan's federal court.
The order seeks to seize five homes that are connected to defendants in the indictments, one is owned by former Playboy Playmate Destiny Davis who married defendant Chad Elie shortly after his arrest three weeks ago (see previous InfoPowa reports). Davis' home was allegedly purchased last year in Las Vegas for $1.5 million.
The four other homes that prosecutors want to seize are owned or connected to Full Tilt Poker's Ray Bitar and are situated in Glendora, California.
The Full Tilt Poker representative on the twoplustwo message board, 'FTPDoug' was again active as the week closed, keeping players up to date with developments at the company.
He posted: "We are continuing to work on facilitating the withdrawal of US Player funds. It remains our top priority, and we do apologize for the delay."
Later, he posted that from next week the company would:
* Convert all T$ to real money on a 1:1 basis.
* Convert all Tournament Tickets to real money on a 1:1 basis.
* Convert all Ring Game Tickets to real money based on the current value of the ticket, including any tickets that have expired since April 15.
* Pay out all pending Take 2 payments. Players who qualified for 3 to 6 days will get $5; those who qualified for 7 or more days, will get $25.
* Complete all pending rakeback/Cash Back payments.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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