NETWORK: Absolute Poker and Ultimate Bet player reimbursement?

The Kahnawake Gaming Commission who issued the licenses for Absolute Poker and Ultimate Bet (CEREUS Network) have released a statement that seems to indicate plans and action are in place for the reimbursement of player funds.

Blanca Games is the company who own the CEREUS Network and along with it the Absolute Poker and Ultimate Bet sites.

The KGC statement does not confirm when it will happen and more importantly how much players will be refunded. It states that the plan is to liquidate Blanca's assets and use these funds. If that will cover all players funds will have to remain to be seen. At least there is now movement on the AP/UB situation and hopefully some sort of resolution for its players.


Kahnawake Gaming Commission statement

ABSOLUTE POKER/UB.COM

(MOHAWK TERRITORY OF KAHNAWAKE – October 27, 2011) – Since the actions taken by the US Attorney’s Office for the Southern District of New York (the “SDNY”) on April 15, 2011, the Commission has been in close and regular discussions with its licensee, Blanca Games Inc. (“Blanca”), operating as Absolute Poker and UB.com (“AP/UB”), to facilitate the reimbursement of both US and non-US players. The Commission has also received regular updates of discussions between AP/UB and the SDNY.

Over the past several weeks, we were advised of a potential solution prepared by Blanca and its representatives, establishing a process to liquidate Blanca’s assets and distribute proceeds to players. We understand that this process has been presented to SDNY for consideration and approval.

The Commission’s foremost concern in this matter has been, and remains, the reimbursement of both US and non-US players, as quickly and completely as possible.
To avoid further prejudice to affected players, the Commission has demanded that all parties complete their discussions and implement a reimbursement solution without further delay.