5050 Poker will cease trading on the Nasdaq stock exchange effective July 20, but the company hinted that there are several buyers interested in purchasing the shuttered site that may lead to players receiving more than 15% of their account balances.
“In order to improve the players’ situation there are discussions with other potential stakeholders with an interest in 5050 Poker Ltd,” said a statement issued by 5050 Poker Holding. “The company hopes that these discussions will result in an improvement of the players’ ability to recover a greater amount of their claims on 5050 Poker Ltd.”
The poker site shut down in mid-June due to problems with the Microgaming Network, who placed a cap on the tables that 5050 Poker players could simultaneously play from 20 to two, but did not impose the same table cap on other skins on the network. Also, 5050 Poker contends that Microgaming repeatedly fined the skin “for having too many winning players.” Following the cease of operations, 5050 Poker announced plans to liquidate and received a license suspension from the Maltese Lotteries and Gaming Authority (LGA) and its operating contract with Microgaming was terminated.
Investigations into company activities determined that the site had assets to pay only 15 cents on the dollar to players who did not manage to withdraw their funds prior to the site closing its virtual doors. It is alleged that player funds may have been misused to pay the fines imposed by Microgaming.
Microgaming has countered that the payments received from 5050 Poker were not fines, but were part of Microgaming’s “rake conciliation” system that was put forth to correct “the imbalance that occurs in a poker network ecosystem when rake is the only valuation metric,” and “for the betterment of the network ecology,” eGamingReview reported.
5050 Poker failed to mention the names of entities who were interested in purchasing the site. However, it appears that players with money still stuck on 5050 Poker will have to hope that somebody steps up and acquires the dormant skin, much like the Full Tilt and PokerStars deal, although the number of dollars involved pales in comparison.