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EPIC POKER LEAGUE FINANCES IN POOR SHAPE
04/06/2012 : NEW DISCLOSURES SHOW THAT EPIC POKER LEAGUE FINANCES IN POOR SHAPE
A spectacular failure after only 14 months of operations
New financial filings on April 3 show that the Epic Poker League's parent company, Federated Sports and Gaming, financial situation is worse than was first indicated in its February 28 bankruptcy disclosures, which recorded 100 creditors and debts of $5 million.
Card Player reports that the new filings show that FS&G has almost $8 million in liabilities, and earned only $37,052 in income over its 14 month existence.
Between November 29, 2011 and February 29, 2012, the company paid vendors more than $2.4 million, whilst its officials received more than $1.1 million.
The payments included $299,784 to Annie Duke; $226,652 to Jeffrey Pollack; $181,062 to Daniel Goldberg; Jeffrey Grosman got $216,666 and Michael Brodsky $166,666.
There are also large amounts claimed, but not paid, to these company officials.
Pinnacle Entertainment appears to be the principal creditor at $2,093,447, whilst Card Player points out that FS&G's published liabilities do not include any equity financing the company may have received.
"With the new filings, the bankruptcy court approved an extension to fund the operations of the businesses through April," Card Player notes.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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