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New owner of Cereus online poker network

Agreement with new owner of Cereus online poker network takes Tokwiro out of the picture
 
The infamous legacy of the online poker software involved in the UltimateBet and Absolute Poker scandals - the biggest in the industry's history  turned out to be a liquidator's settlement this week.
 
The complex mix of companies involved in the scandal has been diluted by the settlement, which saw software developer and former owner Excapsa reach agreement with XMT Liquidations and the new owners of the Cereus Network, Stuart Gordon's Blanca Games Inc after years of argument.
 
The deal effectively takes Tokwiro Enterprises, the former owner of Absolute Poker and UltimateBet owned by former Kahnawake chief Joe Norton, out of the picture. Blanca aquired Cereus in August this year for an undisclosed amount.
 
In a public statement XMT Liquidations, the company appointed by the courts to finalise Excapsa's affairs, revealed that the failure of negotiations and the time and costs of continued litigation had persuaded leading shareholders of the need for an "...agreement with the Tokwiro Group and its successor in interest, Blanca Games.”
 
As a result, the liquidator announced that: "Blanca Games will acquire Excapsa’s interest in the debt and related security for a total payment of $2 million, of which $1 million will be paid on closing and the balance will be paid on March 31st.
 
"In the event of a sale, merger or similar transaction involving the business and assets acquired by Blanca from Tokwiro on or before March 31, 2013, Excapsa (now known as 6356095 Canada Inc) will receive an additional payment for its debt and related security ranging from 8 percent to 20 percent of the net proceeds from the transaction attributable to the ub.com brand assets.
 
"The parties have agreed that 50 percent of the proceeds from any transaction will be attributed to the ub.com brand assets.
 
"Excapsa will acquire the remaining interest in the gaming software (the Tokwiro Group retained a residual interest to use the software for internal business purposes, and this will be relinquished.)
 
"The parties to the agreement will exchange full and final releases."
 
Liquidator Sheldon Krakower reveals that the deal will see Excapsa's cash position before expenses total $11.8 million.
 
In related news, the Montreal Gazette reported last week that XMT Liquidations Inc. had announced that Excapsa had completed a settlement with Blast Off Limited, the owner of the Ultimatebet online poker brand.
 
The settlement, which was approved by the holders of more than two-thirds of Excapsa's outstanding shares and by the Ontario courts, involved Excapsa paying US $15 million to Blast Off in return for a full and final release of all claims relating to the allegations of cheating on the Ultimatebet websites.
 
In addition, Excapsa acquired an ownership interest in all gaming software owned by Blast Off and its subsidiaries.
 
The XMT announcement noted: "Our primary goal throughout these negotiations was to restart payments under Blast Off's promissory note and avoid lengthy and costly litigation. The settlement accomplished this objective. Excapsa is a company in liquidation, so our focus is on maximizing recoveries for its shareholders. We are hopeful that the gaming software will provide opportunities to generate further value for Excapsa's shareholders.
 
"Our investigations have confirmed that the tool which enabled the cheating on the Ultimatebet sites was inserted before Excapsa purchased the software code from a third party in 2005. We do not believe that the directors or officers of Excapsa had any knowledge of the tool and, importantly, there was absolutely no admission of liability or wrongdoing pursuant to the settlement.
 
"We are currently evaluating options for recovery of the costs and damages incurred by Excapsa in connection with the settlement including, possibly, pursuing legal action against the perpetrators of the cheating and prior owners of the software code."



Gambling News :

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

Sensational Sixes Slot Goes Live - Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!

3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

The Railbird Launched By Americas Card Room #acra - Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.

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