UB & Absolute Poker to File Bankruptcy

            There has been speculation around the poker community for days about the parent company of UB and Absolute Poker, Blanca Gaming of Antigua, filing for bankruptcy, leaving many with concerns and questions over their player balances. On Wednesday, MSNBC’s Mike Brunker, confirmed the rumors when he reported Blanca Gaming had sent emails to shareholders outlining their bankruptcy plans. According to Madeira Fjord of Norway, which represents the company's shareholders, Blanca Gaming will file for bankruptcy protection in Norway. The email the company sent states they have “no cash on hand and no prospects for any cash flow for the foreseeable future.” It carried on: “Most importantly, Blanca Gaming has provided notice … 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.” This comes just days after Absolute Poker and UB laid off more than 300 of their employees, about 95% of staff, in its Costa Rican operations center. All of these developments have come as a direct result of the indictments that have been issued against them by the U.S. Department of Justice on April 15^th. Eleven people in total, including the founders of Absolute Poker Scott Tom and Brent Beckley, were named in the indictments.

            Meanwhile, the other two sites involved, Poker Stars and Full Tilt Poker have been taking steps to reimburse their players. Poker Stars has already done so while Full Tilt Poker have stated of its intentions to follow. However, if the recent developments are any indication to go by, balances on both UB and Absolute Poker may never be returned. Blanca hasn’t yet responded to the claims made by MSNBC.

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