[darys]

a copy of the email that was sent to shareholders:

Dear Madeira Fjord, AS Shareholder,
Since the last meeting of shareholders, there have been a number of developments that affect our Company.
Most importantly, Blanca Gaming has provided notice to our subsidiary Avoine that it is currently unable to make any payments toward its debt obligations. Additionally, Blanca has further advised that there will be no future payments.
Over the past 60 days, the Company has accumulated current debts in excess of $250,000 which are increasing at $100,000+ per month. These obligations are primarily legal and professional fees in Norway.
With no cash on hand and no prospects for any cash flow for the foreseeable future, the Board of Directors is required by Norwegian law to enter the bankruptcy process. The Oslo court will appoint a Receiver who will review the affairs of the Company including the assets, liabilities, and its recent transactions. After a full assessment, the Receiver will make a determination how to enforce any applicable rights, obligations, and obtain the maximum value for its assets in the best interest of the Company.
As the Receiver is a court appointed 3rd party, we can be assured that the Receiver will evaluate all relevant options including any applicable soliciting proposals from interested parties related to the assets of the Company. Funds accumulated through the Receivers’ efforts will be disbursed according to Norwegian law.
As of the date of the filing, the Board of Directors is relieved of duty, and all future matters are in the sole control of the Receiver.




Sincerely,
Madeira Fjord, AS Board of Directors

[Ian]

Just in case people want to write this up as a random conspiracy, this appears to be legit and there is a lot of discussion of it over on 2+2.

[Czu81]

Just in case people want to write this up as a random conspiracy, this appears to be legit and there is a lot of discussion of it over on 2+2.

so sad.... my bankroll big % left there...

[jarretman]

it's a sad thing the us lust wants the tax money online poker was fun now u don't know if you will get your money now sad day

[garretman]

another sad day for online poker it just sucks for people like us that liked to play at any of these rooms to try to make a little money

[chase hardy]

Im glad I got all my money out of there just in time!!

[LVHerbie]

I've got a small balance there (slightly less then $400 between cash and step tickets)... Definitely not looking good on recovering anything...

[The Sensei]

Wow this is horrible news. Another horrible day for online poker

[Ian]

I definitely feel bad for people who have money with them. The Neteller fiasco in 2007 had an enormous negative impact on my life which I really didn't recover from until maybe 6 months ago, so I feel your pain. That stated, with all the various scandals UB & AP had I hope people were smart enough not to have huge balances with them. The writing for this particular set of circumstances may not have been on the wall, but if it wasn't this, you had to figure they would have done something else to screw over their players.

Personally, I'm not buying the bankrupcy arguement. I think Scott Tom and company are just going to steal the money and disappear.

[nomeansno]

This is why you should have never deposited to AP/UB after the superuser scandal. Just too shady.

[bigdog3580]

Yea, I have some money there. We will never get anything

[Scratch]

Apparently, the rumors about UB/AP going bankrupt have been misinterpreted. Here's a link explaining their reorganization. Looks like they've increased non-US withdrawal limits and rehired some staff and are continuing to work with the Feds to return US money. So maybe account holders will get their money eventually (If you can trust what AP's parent company says)

Here's the link

http://www.pokernews.com/news/2011/0...oker-10343.htm

[Ian]

More crazyness from these bastards. The head of their CS department is demanding 2.75 million dollars for owed employee wagers, and if Absolute/UB doesn't pay up he's threatening to turn over all company info including names, bank accounts, financial records, and more to the FBI. It's not entirely clear if the CS head is sticking up for his people or is blackmailing the company. The entire internal email exchange can be read here.

[no1here]

great news here

[kidk]

they just dont wanna pay out thats alll

[no1here]

Been an offer to buy them out

[garretman]

they had a good run going at 1 time they made a lot of people money i wish the usa would keep there nose out of everything how can they tell the usa people how to spend there money don't they have better things to do i mean if europe don't want to ban online poker then what is the harm in it come on goverment why don't u follow europe lead in this and leave onlin poker alone if it was so bad europe would do the same thing that u are doing but it's not bad. pokerstars made someone in the world alot of money every sunday if the million dollar tourny i hope that vegas can get something passed where the casinos will offer online poker i would not mind paying taxes on my winnings and the goverment would get there tax money off of it but what is stopping them from hitting sportsbooks like 5dimes i mean they offer the same thing i hope not but hide and watch it is comming sooner or later it's all abouit the money.

[Numenor80]

WTH happened over the last few months!? A nightmare for sure.

[Ian]

they had a good run going at 1 time they made a lot of people money i wish the usa would keep there nose out of everything how can they tell the usa people how to spend there money don't they have better things to do i mean if europe don't want to ban online poker then what is the harm in it come on goverment why don't u follow europe lead in this and leave onlin poker alone if it was so bad europe would do the same thing that u are doing but it's not bad. pokerstars made someone in the world alot of money every sunday if the million dollar tourny i hope that vegas can get something passed where the casinos will offer online poker i would not mind paying taxes on my winnings and the goverment would get there tax money off of it but what is stopping them from hitting sportsbooks like 5dimes i mean they offer the same thing i hope not but hide and watch it is comming sooner or later it's all abouit the money.

Thanks for putting a period at the end. Adding punctuation makes posts much more readable.