..

Absolute Poker, UB.com Issue Revised Statement Tuesday Night

Written by:
Guest
Published on:
May/10/2011

Absolute Poker, including the UB (formerly Ultimate Bet) brand, hereafter “Absolute Poker,” issued the following new version of its earlier statement today that corrects certain language in relation to civil matters filed in federal court in Manhattan and made public on April 15, 2011:

Absolute Poker has reached an agreement with the United States Attorney’s office for the Southern District of New York (“SDNY”).  Under the agreement, the US Attorney’s Office has agreed to provide all necessary assurances that third parties may work with Absolute Poker to facilitate the return of funds to players located in the US. This provision is an important first step to returning US player funds.

The Company has also notified the SDNY that it has closed its US-facing operations, and it has agreed to the cessation of real money poker play in the US.  As such, Absolute Poker has not requested the return of its worldwide domain names, www.AbsolutePoker.com, www.UltimateBet.com and www.UB.com, and today’s agreement does not provide for their return. The agreement also provides for the appointment of Monitor, approved by the US Attorney’s Office, to assess the Company’s compliance with the terms of the agreement.

Absolute Poker’s top priority has always been, and remains, the refund of account balances to its US players.  Unfortunately, the Company still faces several legal issues which must be navigated before funds can be paid out to US players. The Company’s US attorneys, Blank Rome LLP, continue to work diligently to resolve these issues, which is a necessary further step to facilitate the return of funds to players.  Player funds, therefore, will not become immediately available for withdrawal as a result of today’s agreement with the DOJ.

A Company spokesperson said: “Today’s signing of the agreement with the DOJ is an important step towards the safe and efficient return of funds to our US players.  We can now move as expeditiously as possible to establish proper mechanisms for the return of funds to our US players.  As previously announced, we have already taken specific actions to exit the US market by closing our US-facing operations.  Blank Rome LLP will continue to engage in discussions with the SDNY in order to complete the necessary arrangements for the final transfer of balances to our US players.  This remains our highest priority.  We will continue to update our players and the poker community, as we move forward to resolve outstanding issues.”

Poker News

Day 1A of VenomPKO Was Intense

Day 1A of VenomPKO Was Intense

Day 1A of the highly anticipated VenomPKO is in the books and Americas Cardroom was promising even bigger things for Monday

Poker Pro Sam Grizzle Dies of Stroke

Poker Pro Sam Grizzle Dies of Stroke

"At least he went out on top," poker pro Mike "The Mouth" Matusow commented upon hearing that fellow pro Sam Grizzle died from a “massive stroke and brain aneurysm" Monday afternoon.

Midway Poker Tour Founder Daniel Bekavac in Hiding?

Midway Poker Tour Founder Daniel Bekavac in Hiding?

PokerTube.com reported this weekend that Midway Poker Tour founder Daniel Bekavac appears to have gone to ground and nobody has any idea where he is.

$5 Million Venom PKO Venom Fever

Americas Cardroom's $5 Million GTD Venom PKO Main Event is the biggest progressive knock out tournament in the history of poker and the tourney is set to kick of October 23rd to November 4th.

Fallout From Midway Poker Tour Fiasco Continues

Fallout From Midway Poker Tour Fiasco Continues

Daniel Bekavac, the founder of the Illinois-based Midway Poker Tour, has been booted from the PokerBros app after it was revealed that players were forced to sign up under Bekavac’s Poker Bros. affiliate code.

Syndicate