The anecdotal evidence is piling up to indicate that the end is near for the Cereus network that comprised the union of Ultimate Bet and Absolute Poker. In the wake of Black Friday, the Cereus Network lost over 76% of its traffic as U.S. players abandoned the network. Detractors have been predicting the downfall, both out of resentment over prior superuser scandals and how the company has conducted itself since news of the indictments have broken.
After the "Black Friday" indictments, Full Tilt Poker and Pokerstars quickly agreed to a deal with the US government that would see the two sites regain use of their domains, provided that they agreed not to allow their US customers to play for real money. In addition, the US government and the two sites agreed that US players should have their balances returned as soon as possible.
The Cereus Network has still not entered into a similar deal, despite the fact that the government has stated that a deal is available. They belatedly arranged for representation and have yet to forge any deal or specific defense.
Pokerstars started paying back their US customers last week. While Full Tilt Poker has not yet started paying out balances to their US players, they have indicated an update will be forthcoming the week of May 9th and most players assume that Full Tilt will eventually allow full withdrawals.
There is no such optimism with the Cereus Network. Even non-US players are being subjected to very small $250 a week withdrawal restrictions and delays, which can't be a good sign.
Late Tuesday news of an internal memorandum being leaked which indicated that a massive downsizing and restructuring will occur, letting go 95% of staff. "The company is currently restructuring and will focus its remaining resources on consolidating its non-U.S., rest-of-the-world operation and software business."Lastly, a shareholder geared letter was leaked that indicated that one of the companies subsidiaries is insolvent. Blanca Gaming would no longer be making payments toward its debt obligations.
Speculation is mounting that UB and Absolute customers won't see their money back and that the company will not craft a deal with the DOJ, but rather reformulate in Panama in a non-U.S. facing much smaller poker room with whatever funds they can salvage.
After the "Black Friday" indictments, Full Tilt Poker and Pokerstars quickly agreed to a deal with the US government that would see the two sites regain use of their domains, provided that they agreed not to allow their US customers to play for real money. In addition, the US government and the two sites agreed that US players should have their balances returned as soon as possible.
The Cereus Network has still not entered into a similar deal, despite the fact that the government has stated that a deal is available. They belatedly arranged for representation and have yet to forge any deal or specific defense.
Pokerstars started paying back their US customers last week. While Full Tilt Poker has not yet started paying out balances to their US players, they have indicated an update will be forthcoming the week of May 9th and most players assume that Full Tilt will eventually allow full withdrawals.
There is no such optimism with the Cereus Network. Even non-US players are being subjected to very small $250 a week withdrawal restrictions and delays, which can't be a good sign.
Late Tuesday news of an internal memorandum being leaked which indicated that a massive downsizing and restructuring will occur, letting go 95% of staff. "The company is currently restructuring and will focus its remaining resources on consolidating its non-U.S., rest-of-the-world operation and software business."Lastly, a shareholder geared letter was leaked that indicated that one of the companies subsidiaries is insolvent. Blanca Gaming would no longer be making payments toward its debt obligations.
Speculation is mounting that UB and Absolute customers won't see their money back and that the company will not craft a deal with the DOJ, but rather reformulate in Panama in a non-U.S. facing much smaller poker room with whatever funds they can salvage.
