no 2p2
Don't think it has been posted yet so...
Apparently a mail a player received :
Dear xxx,
I am sure you are probably aware of the difficulties Pocket Kings and Full Tilt Poker have been experiencing, however I should firstly give you a background on our corporate situation which I will try to keep as succinct as possible; Pocket Kings is operating under severe legal and commercial restrictions stemming back to action taken by the US Department of Justice in early 2011. While there is a potential option to 'forfeit' the intellectual property of Pocket Kings to offset the civil element of this claim, which in turn would be 'sold' to an independent company, what is clear is that (i) there is no capacity for Pocket Kings as a legal entity to continue operating and; (ii) there is no third party market to sell the intellectual property for cash consideration.
As a short term option we have a very limited amount of available finance allocated, under audit of the DOJ, to settle third party debts. As a positive, these funds are available and can be used to make immediate settlement. As a negative, the funds are inadequate to cover our liabilities in full and therefore any agreement would be in full and final settlement of all claims.
In summary, we are in a position to pay 40% of the claims in full and final settlement and I note that we have an outstanding invoice payable of xxx €. This equates to xxx €. I appreciate this is probably considerably less than you had hoped for and I am sincerely sorry for the impact that the circumstance we are operating in have had on your business. But I do have to say this offer is only about using extremely limited financial resources in the best manner.
e
It's real.
Pocket Kings Ltd has been declared insolvent and has entered what's called administration.
The way to exit administration is to prepare what's called a CVA - Company Voluntary Arrangement - which gathers all available funds and offers a cents in the dollar deal to the company's creditors to clear all debt.
Affiliates etc are listed as creditors of the company, but players are not - seeing as we never actually played poker on "PocketKings.ie" - but other commercial agreements and contracts where linked directly to the Pocket Kings company.
If these creditors refuse the payment, Pocket Kings will essentially be liquidated - with them getting either nothing or substantially less via a liquidation asset sale.
Either way, Pocket Kings will either exit administration via a CVA, have no debt and be acquired by Stars or will be liquidated and PokerStars will attempt to purchase the company's assets(no idea what they are) and all Pocket Kings employees will be offered the chance to transfer to the new company (Poker Services Ireland Ltd?) via what's called a TUPE arrangement.
Short version: Pocket Kings will be no more in a matter of weeks.
This has to happen before Stars can get anywhere near Tiltware LLC's assets.
I'd expect a deal to be announced in some way by PokerStars before the end of the month.