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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.
New Racing UK free-to-watch show -
Wake up to Luck on Sunday – join Nick Luck and guests for new Racing UK free-to-watch show. BHA Chief Executive Nick Rust to appear on first broadcast this Sunday
MLB Odds: Stroman Gets the Nod Against Royals -
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Microgaming QuickFire enters Coloumbia -
Wplay signs for Quickfire; strategic deal sees Quickfire enter Colombian market. Colombian-licensee Wplay has signed a deal for Quickfire, powered by Microgaming.
Partypoker to sponsor WSOPC Uruguay -
Partypoker to sponsor WSOPC Uruguay in December. Qualify exclusively on partypoker for WSOP Uruguay Main Event. December 7th to 17th in beautiful Punta del Este.
MLB Odds: Jays Hope to Spoil Orioles’ Visit -
The 2017 season is just about over for the Toronto Blue Jays (66-77, –21.19 betting units), but they can play spoiler in Tuesday’s game against the visiting Baltimore Orioles, starting at 7:07 PM ET on Sportsnet.
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Money Storm is not your typical online casino. While many focus on the quantity of games they offer their players, this one is more focused on the quality of their games.
Big Online SLot Win on Ultimate 10X Slot -
At 9.20PM on August 28th, Kasey R was enjoying the new Ultimate 10X three-reel slot at Miami Club. The game has a random 'must win' progressive jackpot that is guaranteed to pay by the time it reaches $25,000
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