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DoJ CONFIRMS POSSESSION OF ABSOLUTE POKER SOFTWARE
Tuesday September 25,2012 : DoJ CONFIRMS POSSESSION OF ABSOLUTE POKER SOFTWARE
But how much is it really worth as time marches on?
Reports earlier this month that Korean software developers were prepared to hand over a copy of the Absolute Poker software to the US Department of Justice as an asset for forfeit have been followed by confirmation from the feds that they now hold the software.
Court documents have confirmed that the CEO of Korean firm Quad Dimensions, Yung Jae Lee, handed over the asset, at the same time renouncing any claim his company may have had in terms of its service contract with Absolute's owners.
The company is now unlikely to realise any significant return, given the complex web of bankrupt and tax-ridden companies like Avoine, Madeira Fjord and Blanca Games that at first denied ownership but now appear to be fighting for ownership rights to Absolute Poker assets.
The court's acceptance of its right to sell the asset could be a Pyrrhic victory for the Department of Justice, however. The software is aging and being overtaken by more modern approaches and technology; much of the development documentation is likely in the Korean language, and as time marches on the asset inevitably becomes less attractive to potential buyers.
That could in turn be bad news for owed Absolute players, the value of whose pay-outs may depend at least in part on what the feds can get for the asset.
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