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Cereus to Liquidate and Pay Up?

The Kahnawake Gaming Commission (KGC) has announced that Blanca Games, which acquired the Cereus Poker Network in August 2010, has submitted a proposal to the Department of Justice “establishing a process to liquidate Blanca’s assets and distribute proceeds to players.”

The KGC statement reads:

“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.”

The proposal comes just days before Blanca’s October 31 deadline to file a claim for assets seized by the Department of Justice.

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