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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.
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