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Fight Between Amaya and Pokerstars Previous Owner
Monday, February 29, 2016 : CLASH BETWEEN AMAYA AND PREVIOUS OWNERS OF POKERSTARS CONTINUES (Update)
$300 million at stake in Scheinbergs' rejection of escrow fund claim.
It appears that the Scheinberg family - the previous owners of the Oldford group who sold to the Canadian company Amaya Inc. for $4.9 billion - remain adamant that they are not going to release money from an escrow account required by Amaya to fight expensive legal disputes .
Our readers will recall that the $300 million escrow account was set up during the Oldford sale negotiations and was intended to cover any outstanding legal costs arising in respect of the period during which the Scheinbergs were managing Oldford, a group that includes the Rational Group, Pokerstars and Full Tilt.
Amaya is deeply embroiled in tough litigation with legal companies acting on behalf of the Commonwealth of Kentucky, where Judge Thomas Wingate of the Kentucky Circuit Court, recently handed down a punitive $870 million judgement against Pokerstars in respect of its activities in the state prior to the sale to Amaya
Amaya has already been required to furnish a $100 million supersedeas bond in order to delay payment of the ridiculously high judgement, having claimed that Pokerstars Kentucky revenues at the time did not exceed $18 million...but it wants cash from the escrow fund to assist in the fight, and the Scheinbergs are resisting, although the grounds for their refusal to cooperate are not clear.
It was not always thus; earlier this year the disputed escrow fund coughed up Euro 5.9 million in Italian back tax following an audit on the Pokerstars subsidiary Halford Media Italy.
Amaya is now in a position where it has to pay more legal expenses in an attempt to get at the escrow funds, all at a time when it is fighting the Kentucky ruling on appeal.
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Summer Is Here: It’s the 2017 Super Millions Poker Open -
The 2017 Super Millions Poker Open (formerly the Summer Millions) starts July 15 with a hefty $2.5 million guaranteed in the prize pool. Qualifiers begin this Thursday; you can satellite your way into the 2017 SMPO for as little as 55 cents.
Americas Card Room Biggest OSS CUB3D ever -
Included in the series is the next $1,000,000 GTD Million Dollar Sunday, the Main Event of the OSS. The MOSS and BOSS also have a Main Event and all three winners will walk away with a sterling silver commemorative bracelet in addition to the prize money.
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Jurassic World Online Slot live -
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Is there a place for AI in poker? -
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NBA Odds: Warriors Down Cavs in Game 5, Reclaim Title -
It took a game longer than they would have liked, but the Golden State Warriors are once again the NBA champions. They beat the Cleveland Cavaliers 129-120 Monday night to eliminate the Cavs (+9 away) in five games and reclaim the Larry O’Brien Championship Trophy.
Vikings’ Victory Slot Launches -
The game’s impressive graphics take you to the sea side, where a longship sits beyond the reels. Mountains and trees make up the background, and smoke can be seen billowing from beyond the screen. The five reels are on a sail, with 25 paylines marked by red flags.
50 WSOP Seat Satellite -
Sunday, July 2nd at 3pm ET, two just days before the Fourth of July holiday, Americas Cardroom is running a 50-seat qualifier to the 2017 WSOP Main Event in Las Vegas.
NHL Odds: Series Tied Heading Back to Pittsburgh -
As quickly as Pekka Rinne lost his game in Pittsburgh, he found it again in Nashville. After Game 2, there were murmurings that Rinne wouldn’t start the next game. Predators Head Coach Peter Laviolette decided to stick with his goaltender, however, and Rinne led his team to two consecutive victories at home while stopping 50 of 52 shots.
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