AP and UB Cash Assets Only 10 Percent of Debt Owed to Players

Early last week, it was reported on subjectpoker.com that Scott Bell had learned that the outstanding debt to players from Absolute Poker and UB is $53.7 Million, but at the same time, the company only has about $5 to $6 Million on hand to pay the debts.

Things aren't looking good for those with money on UB and AP

According to sources that Subject Poker has within AP, $29.5 Million of this debt is that which is owed to U.S. Players while the remaining is what is owed to non-US players.  In addition, the number were said to have been artificially lowered by US players attempting to move funds to non-US account so that they could attempt to cash them out.  Their sources said that those attempts would fail.

From the report, the $5 to $6 Million is not money that is in accounts that is seized by the US Department of Justice on April 15th.  There are claims that around $3 Million has been paid to their Costa Rican employees that they had to terminate due to Black Friday.

It should be noted that the information provided on SubjectPoker.com was given by an anonymous source and could not be completely verified.  While the information seems accurate, it cannot be quoted as absolute fact at the time.

What does the information above mean in regards to players getting their money from AP and UB?  It means essentially that unless money is paid out of the accounts that the US DOJ is holding, don’t expect your money back.  Unlike PokerStars, the money is just not there to pay the players.

Full Tilt Poker has yet to pay back any of their players since Black Friday as well.  The difference is that the company does appear to be attempting to make some type of deals to facilitate player paybacks.  Unfortunately, there is a significant shortfall in funds from the company and there are rumors that Phil Ivey’s lawsuit has actually caused some deals that Full Tilt were negotiating to be withdrawn.

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