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KGC Demands DOJ and UB Conclude Negotiations

29 October 2011, By: compncards
kgc
kgc

Looks like the Full Tilt Poker press release writer got a new job working for the Kahnawake Gaming Commission.

The following was the press release sent out by the KGC on Friday:

"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."

While I am sure that the DOJ is just quaking in its boots over the KGC's demand to conclude negotiations quickly (insert sarcasm here), there are a couple of things we can take away from this if we believe the press release at face value.

1.  UB is broke. Spare me the "no shit Sherlock" comments.

2.  They are making no pretenses that UB is coming back as an online poker site with a new owner, etc. If true, they are seeking to sell off the company to try and pay back players.

Whether or not this turns out to be the KGC equivalent of Full Tilt's "we are making efforts to facilitate repayments" series of emails remains to be seen.

However, it is a start, and at face value a little more believable than the whole Full Tilt debacle.

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