CEREUS Network to Liquidate, Repay Players

by Jeremy Olson on October 28, 2011

It was announced today that the CEREUS Network, which owns UB Poker and Absolute Poker, is trying to liquidate their assets and repay players. The network’s parent company, Blanca Games, submitted a plan to the US government about how they hope to go about liquidating assets and paying people back.

The Kahnawake Gaming Commission, which licenses Blanca, verified the story about CEREUS trying to liquidate assets as they wrote the following on their website:

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 U.S. and non-U.S. 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.”

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Unfortunately, even if CEREUS liquidates their assets, it may not be nearly enough to cover all of the player deposits that remain wrapped up on the site. Both UB and Absolute Poker were two of the biggest options for US poker players, so there are millions stuck on the site just from this country alone. Plus there are thousands of players from other countries with money on the site, meaning CEREUS would have to pay back a ton of deposits.

Considering how the network only averages around 40-50 cash game players an hour, even liquidation wouldn’t cover all of the owed money. In the end, the best players can hope for is to get 10-20 cents back on every dollar.

  • Jerry Sundberg

    Anyone know how you get in contacts with them (UB) nowadays ?