Kahnawake Talks Absolute Poker
Lost in the shuffle of last week’s breaking news that PokerStars reached a settlement with the DOJ was an announcement by the US Attorney for the Southern District of New York that it made an agreement with Blanca games through which that company would forfeit its assets to the US.
Blanca games is the parent company of Absolute Poker and UB, two online poker rooms that have both failed to repay their worldwide customers after the sites were indicted by the U.S. on Black Friday.
Now, the Kahnawake Gaming Commission (KGC), the licensing body of both Absolute Poker and UB, have issued a statement regarding the status of player funds tied up on the sites.
The news looks grim for players hoping to receive their Absolute Poker or UB money back. As KGC states, “there will be no distribution of the net proceeds from the liquidation pending the resolution of claims filed by other parties who have asserted an ownership interest in Blanca’s assets.”
Madjeira Fjord, an Absolute Poker holding company, is just one entity in line to claim funds from an AP/UB liquidation. It appears players with money on those sites will be last for consideration to receive proceeds from the liquidated assets.
KGC stated, “If the court approves the settlement, and if there are Blanca assets remaining after the resolution of claims made by other parties, it is anticipated that the court will provide a process for players to make claims against those assets.”
Kahnawake concluded their statement by saying they no longer regulate Blanca. It is clear KGC has washed their hands of Absolute Poker and UB. Players with money stuck on these sites may be wise to do the same.