The Kahnawake Gaming Commission issued a statement Thursday indicating that Blanca Games—the parent company of Absolute Poker and Ultimate Bet—submitted a plan to the US Department of Justice (DOJ) to repay all players.
KGC said that, “over the past several weeks,” has been working on a proposal to liquidate company assets in order to distribute funds back to players who are owed money. The assets at this point are probably their software and player base, though how much they are worth and how they might be valued are open questions.
According to KGC, they have been working closely with Blanca and submitted a proposed solution to DOJ for their consideration and approval. This proposal was made only days before an October 31 deadline, when Blanca had to file a claim for assets seized by the DOJ.
Although traffic has fallen to nearly zero at these rooms, the deal they are proposing to DOJ is worth watching. If accepted, it may well be a model that can be followed in resolving at least some of the issues at PokerStars and Full Tilt Poker.
In any event, this looks to be the end of the road for both Ultimate Bet and Absolute Poker. When online poker is finally legalized in the United States, I wouldn’t bet on UB and AP finding a spot in that new world order.