'Black Friday' and associated fallout megathread

The Dark Side

The Dark Side

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So "Early next week" is over in about 2 hours. Still nothing from FTP.

Congrats Dakota. Good for you. What did they do with your vpp's? Convert them to $?
 
pcgnome

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My personal update...I got my $14 back from pokerstars already
FTP says that they are still doing everything they can to
return the $200 withdrawal (that I made a couple days b4
they were seized by the feds ) back into my account.
I still can't login to Carbon.
Time for everybody to go look for a job now I guess
 
absoluthamm

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pcgnome said:
My personal update...I got my $14 back from pokerstars already
FTP says that they are still doing everything they can to
return the $200 withdrawal (that I made a couple days b4
they were seized by the feds ) back into my account.
I still can't login to Carbon.
Time for everybody to go look for a job now I guess
Click to expand...
if you only had $14 in your Stars account and $200 in your Tilt account, then you probably should have had a job before anyway...
 
pcgnome

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Yeah, way b4. I finally just started going back to work last Monday after about 7 months. I could use that $200 right now.
 
absoluthamm

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Haha, I bet ;) Congrats on the job though.
 
Debi

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The Dark Side said:
So "Early next week" is over in about 2 hours. Still nothing from FTP.

Congrats Dakota. Good for you. What did they do with your vpp's? Convert them to $?
Click to expand...

They didn't do anything with my vpp's. On Black friday I used almost all of them in the store buying stuff which I have never received. The vpp's came out of my account for the purchase but never went back in after they shut the store down to us.

I was far more concerned about the money though - will just wait and see what if anything they do about vpp's.
 
absoluthamm

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I did the same thing with spending the points I had on UB on Black Friday as well but haven't seen any of that though. None of it was really stuff I'm too concerned about needing though, but I got the confirmation email, just never received the stuff yet.
 
O

onemorechance

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Rumoured that Cereus is laying off a huge portion of its staff

Costa Rica Termination Memo (cannot vouch for its authenticity as it was sent anonymously). Supposedly laying off 95% of staff.

Memo
To: All Staff
From: The Executive Management Team
Date: Monday, May 2, 2011
Re: Restructuring
As all of you are aware, action was taken by the U.S. Department of Justice on April 15th and we have closed our US-facing operations. We now have to focus our resources on developing our non-US operations and software business. Unfortunately, this also means we must immediately restructure our organization and significantly downsize our operations.

It is a very sad day for all of us, as we have worked so hard to create a truly amazing company that is filled with extraordinary people. We have always been and remain fully committed to the employees and consultants of this business.

TBT employees will be paid full liquidations in accordance with Costa Rican labor laws. Consultants will be paid severance based on length of service. IDS liquidations have been previously funded in full to Olman Rimola.

Some of you will be approached by the business for a new role with a much smaller company that is focused on continuing our non-US operations and software businesses.

HR or direct managers will initiate individual meetings with everyone to provide full details, and we hope to get through all of these over the next few days.

Today’s decision has not been made lightly, or in haste. It comes after considerable review from all angles of the impact Black Friday has had on the business as a whole. We are disappointed that events of the past two weeks have effectively forced us to take this action, with downsizing of the business now unavoidable.

We ask that all of you work from home tomorrow and you will be updated with new work arrangements soon.

It truly has been a pleasure working with all of you. We thank you for the significant time and dedication you've all shared with us over the years and wish you all the best in your future endeavors.
Click to expand...

(my bolded)

However

NoahSD
I've had it independently confirmed by three different trustworthy sources. It's true.
Click to expand...

Furthermore

http://haleyspokerblog.blogspot.com/2011/05/just-conjecturin-volume-33-down-goes.html
"This comes to me second-hand, but I believe it, even if it must be labeled "conjecture" until we know for sure: There isn't going to be any new company; the letter itself is a ruse to buy time in which the bosses are going to get the remaining funds out of Costa Rica... along with themselves. Next destination is probably Panama, where a duplicate server farm was set up years ago."
Click to expand...

So they're gonna cut and run. [ ] Surprised
 
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O

onemorechance

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http://www.pokeraddict.net/it-looks-like-cereus-bankrupt/

April 30th, 2011

Dear Madeira Fjord, AS Shareholder,

Since the last meeting of shareholders, there have been a number of developments that affect our Company.

Most importantly, Blanca Gaming has provided notice to our subsidiary Avoine that it is currently unable to make any payments toward its debt obligations. Additionally, Blanca has further advised that there will be no future payments.

Over the past 60 days, the Company has accumulated current debts in excess of $250,000 which are increasing at $100,000+ per month. These obligations are primarily legal and professional fees in Norway.

With no cash on hand and no prospects for any cash flow for the foreseeable future, the Board of Directors is required by Norwegian law to enter the bankruptcy process. The Oslo court will appoint a Receiver who will review the affairs of the Company including the assets, liabilities, and its recent transactions. After a full assessment, the Receiver will make a determination how to enforce any applicable rights, obligations, and obtain the maximum value for its assets in the best interest of the Company.

As the Receiver is a court appointed 3rd party, we can be assured that the Receiver will evaluate all relevant options including any applicable soliciting proposals from interested parties related to the assets of the Company. Funds accumulated through the Receivers’ efforts will be disbursed according to Norwegian law.

As of the date of the filing, the Board of Directors is relieved of duty, and all future matters are in the sole control of the Receiver.


Sincerely,

Madeira Fjord, AS Board of Directors
Click to expand...
 
J

jimeurchipss

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wahoo!! lmao only had $87 in stars but they finally manually sent me a cheq..I know its chump change,but stars was the best and still is the best online poker company known to man..They are more trust worthy then the united states goverment by far
 
vanquish

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god i just want moneybookers to start allowing FTP withdrawals again :mad:
 
danprince10

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Wow seems like Cereus really got the worst of all this. Looks like they are really fried.
 
ChuckTs

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Scheduled hour-long server maintenance at FTP, 1:30 am EST tonight/tomorrow morning...

hmm...
 
roundcat

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Figures all my money is on Absolute. :( Bye, money.
 
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