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Bankruptcy Documents for the Epic Poker League

Public Records on Massive Debt Left Behind from Company

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On Thursday, Card Player reported on the massive debt left behind from the recent bankruptcy of the Epic Poker League’s parent company, Federated Sports and Gaming.

Here is a list of the documents related to the Chapter 11 bankruptcy:

1. Federated Sports and Gaming Bankruptcy Filing, which lists creditors and equity security holders. Filing shows more than 100 creditors are owed, in total, more than $5 million.

2. Motion for Emergency Use of Cash Collateral, which, on page 11, details Federated Sports and Gaming request for $458,092 in wages for March-May 2012 and total outflow of $685,312 while in Chapter 11 bankruptcy. Heartland Poker Tour projected inflow during same period listed as $675,000.

3. Objections by All In Productions to Emergency Use of Cash Collateral where Heartland Poker Tour objects to the Federated Sports and Gaming’s use of Heartland’s collateral to fund the business operation and Federated Sports and Gaming. Motion states “Federated SG has little cash, generates no receivables and intends to use Debtor’s cash and the receivables generated by the Debtor.”

4. Cash Collateral Authorization after first Federated Sports and Gaming Motion for Emergency Use of Cash Collateral was not granted. Revised Federated Sports and Gaming budget approved for March 2012 of $45,000 verses $259,460 request on initial motion.

5. Emergency Motion to Pay Wages, Salaries, and other Compensation, filed Mar. 6, 2012, after “the Debtor did not pay employees for the second half of February, 2012.” Federated Sports and Gaming did not pay Heartland Poker Tour employees.

Stay tuned to Card Player for more information as this story unfolds.

 
 
 
 

Comments

Lily2
over 5 years ago

A bankruptcy discharge paper in bankruptcy confirms that court relieves a debtor for any existing legal debt obligation to certain creditors at the time of filing bankruptcy. Once bankruptcy is discharged from the bankruptcy court, creditors covered in bankruptcy petition are forever prohibited for any attempt to collect from the debtor a debt that has been discharged. For example, a creditor is not permitted to contact a debtor by mail, phone, or otherwise, to file or continue a lawsuit, to attach wages or other property, or to take any other action to collect a discharged debt from the debtor. A creditor who violates this order can be required to pay damages and attorney’s fees to the debtor. For more details visit goo.gl/HbTpq

 
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bparmalee
over 5 years ago

In an unrelated matter.. I wonder if people are happy with the money that has been "invested" into the PPA? Online poker will become legal because of the efforts of the actual gaming lobby and state budget shortfalls... not some small ineffective lobbying group. At the end of the day the PPA is yet another con on the poker community. They take in money... there is no tangible benefit and then when online poker becomes legal (with zero influence from the PPA) they will claim victory and ask for more money. The PPA... yet another scam perpetrating itself as cause. The PPA has had no effect and has no list of actual accomplishments.

 
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EricKeys
over 5 years ago

Crooks

 
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