Is this the End for UB and AP?

Published on 2011-05-05 01:55:00

Earlier tonight, Mike Brunker of MSNBC.com posted an article titled "Indicted poker websites bound for bankruptcy".

Here are a few snippets from the article:

"Madeira Fjord of Norway, which represents shareholders in the poker websites’ parent company, Blanca Gaming of Antigua, said in an email to shareholders this week that it planned to file for bankruptcy protection in Norway after being informed that the latter company had “no cash on hand and no prospects for any cash flow for the foreseeable future."

"Most importantly, Blanca Gaming has provided notice … that it is currently unable to make any payments toward its debt obligations,” it said. “Additionally, Blanca has further advised that there will be no future payments."

and

"Meantime, a source in Costa Rica, where Absolute Poker and UB (formerly Ultimate Bet) have their operations center, told msnbc.com that more than 300 customer support and marketing employees – approximately 95 percent of the staff — had been laid off."

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There are also reports surfacing that Live Support is no longer operational on UB and AP.

Tony G - "I believe Absolute Poker is dead"

AP and UB are both seemingly on life support right now - how much longer until the plug is pulled?

In a related note, Joe Sebok and Prahlad Friedman, both of whom have sponsorship deals with UB.com, have gone AWOL from Twitter. Friedman hasn't posted anything since April 26th, while the normally chatty Sebok hasn't posted anything in the last two days.

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It's definitely not looking good for UB/AP and, most importantly, all of the people who have money tied up on those sites.

Source: MSNBC.com - Indicted poker websites bound for bankruptcy

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Filed Under: Poker Room News