Update: Confirmation Arrives – Absolute Poker to Forfeit Assets

Update: Confirmation Arrives – Absolute Poker to Forfeit Assets
Deal reached with US Justice Department

After initial rumors that another company shut down in Black Friday action, Absolute Poker, has struck a deal with the US Justice Department, the report has been confirmed by company legal representative Jerry Bernstein.

According to Bernstein, the company will forfeit its remaining assets to the government. He also said: "Our hope and expectation is that the proceeds of the forfeiture will be used to repay our players," but he did not specify the amount owed to US players at Absolute Poker and Ultimatebet.

In return, the government will drop civil money laundering claims against the companies named in the order of settlement submitted by the US Attorney's Office for the Southern District of New York, including: Absolute Poker, Ultimate Bet, Absolute Entertainment, S.A., Blanca Games, Inc., Hoop & Javelin Holdings Limited, Hoop Payment Solution Services Ltd., and Morning Bliss Overseas Ltd., dismissing these "with prejudice".

It is noted in the order that the agreement between the parties is not an "....admission of culpability, liability, or guilt on behalf of the Absolute Poker Group.”

Still, the civil money laundering claims against Blue Water Services Ltd., Trust Services Ltd., SGS Systems Inc. and Fiducia Exchange Ltd., have not been dismissed and will remain pending.

The US government apparently plans to liquidate the forfeited assets in order to fulfill the claims by other parties and owed US players.
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