Federated Sports + Gaming Files for Chapter 11 Bankruptcy
Published on February 29th, 2012 11:25 pm EST
Federated Sports + Gaming, parent company of the Epic Poker League, announced earlier today that they had filed for Chapter 11 bankruptcy. In a statement posted on Epicpoker.com, Federated Sports + Gaming’s Executive Chairman Jeffrey Pollack said that “there is no easy way to say this, but, at the end of the day yesterday, Federated Sports + Gaming filed for Chapter 11 bankruptcy.”
This bankruptcy filing comes roughly six months after the first Epic Poker League event was staged. In total, three Epic Poker League Season One events have taken place - there is no word as of yet as to when (and if) Event 4 and the Season One Championship will take place.
Epic Poker League Commissioner Annie Duke said in a letter to league members that “this is not a liquidation filing and it is not the end of the Epic Poker League.” She also revealed that they do not know when the remaining two Season One events will take place.
According to Pollack, the “Global Poker Index, GPI Player of the Year and Heartland Poker Tour” will remain unchanged. The Global Poker Index and GPI Player of the Year, along with the Epic Poker League, epicpoker.com and Epic Poker Facebook game, are all assets that belong to Federated Sports + Gaming. A sister company that owns the Heartland Poker Tour, Federated Heartland Inc., also filed for bankruptcy.
According to VegasInc.com, Federated Sports and Federated Heartland listed $15,000 in cash and $115,000 in receivables in their filing. Creditors include Pinnacle Entertainment Inc. ($2 million) and All In Production LLP ($1.966 million).
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Barry Carter (@Barry_Carter) said what many people are thinking after the bankruptcy filing today:
“How did anyone ever think the Epic Poker league was a profitable venture? With no online partner, in a post black Friday world?”
Source: Pokernews.com - Federated Sports+Gaming Files for Chapter 11 Bankruptcy; Exclusive with Duke & Pollack
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Filed Under: Other Poker News
