Welcome to 2 weeks ago.

first ive seen of it.... but doesnt look like any new iformatoin developed just more detailed from the same bshit we arleady know

 

Originally Posted by yarbles

first ive seen of it.... but doesnt look like any new iformatoin developed just more detailed from the same bshit we arleady know

New info for me:

1. The original founders seem to still be running the show (I know Scott Tom was indicted, but timetables on the DOJ stuff isn't all that clear). All the "under new manangement" stuff after the scandals was obviously a smokescreen.
2. Shareholders had prior issues with the finances of the company.

so for sure UB players wont get there $$?!?!

One thing I do know is that this story sheds no light on what will be done as far as refunding UB/AP players' money.

Musta used it to pay Prahlad!

so... thats basically saying if you have 1k, its worth 700 cuz they took 29 cents of every dollar?

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UB=scumbags.
Has been known for years. Im not surprised at all.

 

Originally Posted by MUPokerPlayer

One thing I do know is that this story sheds no light on what will be done as far as refunding UB/AP players' money.

Maybe this letter posted by mookman5 on donkdown would help shed some light. Perhaps the only hope is that the DOJ seized significant funds and would somehow participate in directly refunding players. Outlook isn't good.

April 30th, 2011

Dear Madeira Fjord, AS Shareholder,

Since the last meeting of shareholders, there have been a number of developments that affect our Company.

Most importantly, Blanca Gaming has provided notice to our subsidiary Avoine that it is currently unable to make any payments toward its debt obligations. Additionally, Blanca has further advised that there will be no future payments.

Over the past 60 days, the Company has accumulated current debts in excess of $250,000 which are increasing at $100,000+ per month. These obligations are primarily legal and professional fees in Norway.

With no cash on hand and no prospects for any cash flow for the foreseeable future, the Board of Directors is required by Norwegian law to enter the bankruptcy process. The Oslo court will appoint a Receiver who will review the affairs of the Company including the assets, liabilities, and its recent transactions. After a full assessment, the Receiver will make a determination how to enforce any applicable rights, obligations, and obtain the maximum value for its assets in the best interest of the Company.

As the Receiver is a court appointed 3rd party, we can be assured that the Receiver will evaluate all relevant options including any applicable soliciting proposals from interested parties related to the assets of the Company. Funds accumulated through the Receivers’ efforts will be disbursed according to Norwegian law.

As of the date of the filing, the Board of Directors is relieved of duty, and all future matters are in the sole control of the Receiver.

Sincerely,

Madeira Fjord, AS Board of Directors

 

Originally Posted by dealace1

Maybe this letter posted by mookman5 on donkdown would help shed some light. Perhaps the only hope is that the DOJ seized significant funds and would somehow participate in directly refunding players. Outlook isn't good.

April 30th, 2011

Dear Madeira Fjord, AS Shareholder,

Since the last meeting of shareholders, there have been a number of developments that affect our Company.

Most importantly, Blanca Gaming has provided notice to our subsidiary Avoine that it is currently unable to make any payments toward its debt obligations. Additionally, Blanca has further advised that there will be no future payments.

Over the past 60 days, the Company has accumulated current debts in excess of $250,000 which are increasing at $100,000+ per month. These obligations are primarily legal and professional fees in Norway.

With no cash on hand and no prospects for any cash flow for the foreseeable future, the Board of Directors is required by Norwegian law to enter the bankruptcy process. The Oslo court will appoint a Receiver who will review the affairs of the Company including the assets, liabilities, and its recent transactions. After a full assessment, the Receiver will make a determination how to enforce any applicable rights, obligations, and obtain the maximum value for its assets in the best interest of the Company.

As the Receiver is a court appointed 3rd party, we can be assured that the Receiver will evaluate all relevant options including any applicable soliciting proposals from interested parties related to the assets of the Company. Funds accumulated through the Receivers’ efforts will be disbursed according to Norwegian law.

As of the date of the filing, the Board of Directors is relieved of duty, and all future matters are in the sole control of the Receiver.

Sincerely,

Madeira Fjord, AS Board of Directors

This should probably be made its own thread. Fuck my life.

For those who don't know, Madeira Fjord is the parent company for AP/UB.

Any idea how "player funds" are handled in a bankruptcy case in an oversees court such as this? I mean I understand they divide up the assets, but are players' funds from all over the world included in "assets"? If so, if you are a player and owed 5 figures+ is there anyway to get a piece of the bankruptcy?

Wow. Where are you getting these documents if you don't mind me asking? Thanks for keeping us up to date on the situation.

 

Originally Posted by northkato

i heard through the grapevine that the offices in costa rica were cleared out this afternoon.

I heard this too, if you have any ex employees on msn/facebook etc., they are talking...

I also heard the authorities are actively pursuing Scott Tom and Brent Beckley in Costa Rica. That's the only good news I've heard.