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Pinnacle Buys Bankrupt Epic Poker League

All In Production Fails to Reacquire Heartland Poker Tour

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Nevada-based casino operator Pinnacle Entertainment bid for and won the assets of Federated Sports & Gaming, founder of the defunct Epic Poker League, and Federated Heartland, the parent company of the Heartland Poker Tour.

Heartland’s former parent company was outbid to get its tour back after FS+G purchased it but didn’t complete its payments prior to filling for bankruptcy.

Bankruptcy documents show that when FS+G went down it owed creditors more than $5 million. The company also managed to earn just $37,052 in income over a 14-month period, while racking up nearly $8 million in total liabilities.

A large chunk of FS+G’s debt was to Pinnacle ($2 million) and to All In Production (nearly $2 million), the North Dakota company that once owned the Heartland Poker Tour.

FS+G borrowed money to pay part of its $2.95 million debt to All In Production, but then closed its doors the day before the Pinnacle money was due. The Heartland Poker Tour assets were subsequently locked up in court. All In Production had filed legal action against FS+G in October 2011 for not making any payments at the time.

Pinnacle didn’t disclose a purchase price for its former debtor FS+G.

 
 
 
 

Comments

idun215
over 5 years ago

the real asset here is heartland poker tour. Epic is nice but if they only accept pros they wont make a profit by relying on tv revenue.

 
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bparmalee
over 5 years ago

Epic or really any other poker league that tries to offer overlays will never succeed. Your business model can't be to pay out more money than you take in and hope for mainstream sponsors to not only break you even but help you turn a profit. The poker boom is over and even the most popular televised poker had trouble breaking through with the mainstream. I hope the Heartland Poker Tour survives... they just appear to collateral damage.

 
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oliveras19
over 5 years ago

THE EPIC POKER BUSINESS MODEL WAS FROM THE BEGINNING BOUND TO FAIL. FOR MANY YEARS THE SO-CALLED POKER PROS RELIED UPON DEAD MONEY CONTRIBUTED BY RANK AMATEURS TO FUND THEIR EXHORBITANT LIFESTYLES. THE EPIC POKER LEAGUE WAS IN EFFECT CARRIED OUT AN INCESTUOUS PROCESS WITH NO INCMING OUTSIDE MONEY. ALSO THE LEAGUE EPITOMIZED THE ARROGANCE OF THE SO-CALLED ESTABLISHED PROS WHO THOUGHT THAT THEY WERE BETTER THAN RANK DEAE-MONEY AMATERUS SUCH AS MONEYMAKER, YANG, VARKONYI ETC. ETC.

 
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clunker
over 5 years ago

Have not seen Card Player do a 2012 vs 2011 week by week entry yet. Seems the fields are smaller this year then in the past few years. Event 2-6 in 2011 had 7100 entries. 2012 events 2-6 4088 entries. Event 6 in 2011 was a 1k tourny had 4178 entrants. !st 1k in 2012 was event 21 which drew 2799 entrants. Don't know about poker boom being over but obviously the online poker shut down in US is having large effect on # of entrants.

 
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