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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."



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Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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