Former Ultimate Bet owner Excapsa Software has apparently put the final touches on the ownership transfer of the online poker room, ending a multi-year saga following the downfall of the Ultimate Bet superuser scandal. Antiguan-based Blanca Games, which acquired the CEREUS Poker Network in August from Tokwiro Enterprises, settled on a deal with Excapsa through a liquidator to put the seemingly endless financial struggle to rest. Read more.
XMT Liquidations, the court-appointed “Liquidator” selected to wrap up the affairs of Excapsa Software, released a document this week that broke down the deal with between the two sides: “After canvassing the Inspector and several shareholders of Excapsa following the unsuccessful settlement conference, and taking into account the time, costs, and uncertainty associated with the continuation of legal proceedings and enforcements of justice, the Liquidator concluded that the final settlement with the Tokwiro Group should be pursued. Negotiations ensued, and the Liquidator has reached an agreement with the Tokwiro Group and its successor in interest, Blanca Games.”
Once the final details are settled and the court approves the settlement, Blanca Games will acquire Excapsa’s interest in the debt and related security for a total payment of $2 million, of which $1 million will be paid on closing and the balance will be paid on March 31st. The payments originally appeared to be in jeopardy.
In the event that Blanca sells or merges the business and assets it acquired from Tokwiro on or before March 31st, 2013, Excapsa will receive 8% to 20% percent of the net proceeds attributable to the UB.com brand assets. Excapsa will also acquire the remaining interest in the gaming software, which Tokwiro had retained to use for internal business purposes. XMT claims it is confident that the majority of Excapsa’s shareholders will sign off on the deal.
The news of the settlement leaves many wondering if the truth about the Ultimate Bet hole card scandal will dissipate now that the principals have parted ways with the brand. It is assumed that a non-disclosure agreement was part of the settlement, which would restrict the details of the scandal from the poker community from this point forward.
Tokwiro was also in the news last week regarding an article published by a radio station in Tennessee that warned area residents of a “scam” being pulled by Tokwiro Enterprises ENRG. Tennessee District Attorney General Mike Bottoms said in a press release that several area residents had filed complaints regarding a “collection agency” type scam. Residents reported they had received letters through the mail from “Tokwiro Enterprises ENRG” stating that they had been contracted to collect debts amassed in the victim’s name. According to Bottoms, the letters indicated that “Ultimate Bet” or “Absolute Poker and Debt Alliance Corporation” had contracted with “Tokwiro” to collect the monies.
On Tuesday, Tokwiro responded with a statement saying that it is no longer in a business relationship with Debt Alliance America Corporation or any other debt collection entities seeking to make good on claims of monies owed to the CEREUS Network.
“Tokwiro is not a part of any current or continuing efforts to collect on funds owed to any online interactive gaming businesses or interests,” said Joseph Norton, principal of Tokwiro. “Any claims that such demands for payment came from Tokwiro are wrong. Tokwiro is no longer even involved in the operation of CEREUS. We will take vigorous steps to protect our good name and reputation from false claims.”
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