The CEREUS network announced on Friday that it has been developing plans to liquidate its assets in order to pay back American players with funds stuck on the site. The network, which is the combination of Absolute Poker and Ultimate Bet, will begin taking an inventory of its assets and attempt to sell off any of said assets in order to pay off customers in both the U.S. and other international jurisdictions.
The plan is pending SDNY/DoJ approval, since the site still has that whole nasty Black Friday money laundering lawsuit going on.
According to a Kahnawake Gaming Commission statement:
Over the past several weeks, we were advised of a potential solution prepared by Blanca and its representatives, establishing a process to liquidate Blanca’s assets and distribute proceeds to players. We understand that this process has been presented to SDNY for consideration and approval…the [KGC] has demanded that all parties complete their discussions and implement a reimbursement solution without further delay.
Read the statement in full here.
How sad would it be for Full Tilt if the CEREUS network - where both Absolute Poker and Ultimate Bet were found guilty of cheating players and ripping off folks to pad their own pockets - managed to square thing up and make things right with its customers sooner that the former industry standard Full Tilt?
While it may not reault in full payouts of balances stuck in Absolute/UB, it's a start towards a much more amiable solution.
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