On Wednesday and into Thursday the Federated Sports + Gaming assets including the Epic Poker league, Global Poker Index, and Heartland Poker Tour were put up for auction in Washington DC as part of FS+G’s Chapter 11 bankruptcy filing.
According to the gaming news outlet eGaming Review, there were a number of interested bidders, making their way to the auction, with the biggest prize of all being the Heartland Poker Tour, an established, proven, money-maker. Among the interested parties were Pinnacle Entertainment, William Hill, All-In Entertainment, and Chili Poker CEO Alex Dreyfus.
Pinnacle was in talks with Federated Sports + Gaming to purchase the Epic Poker League and the company’s other assets prior to the Chapter 11 filing and reportedly is owed over $2 million by FS+G at this time, while All-In Entertainment was the previous owner of the Heartland Poker Tour, having sold the HPT to FS+G last year –All-In Entertainment is still running the HPT as of now.
The Heartland Poker Tour auction was scheduled for Wednesday, and sources have confirmed that there was a winning bid. However, due to the nature of the auction bidders for the Epic Poker League’s other assets on Thursday have the capability of outbidding whoever placed the high-bid on the Heartland Poker Tour on Wednesday.
With such a convoluted asset and liability sheet the Epic Poker League’s failure is something for the ages considering the tour never even made it through the first season before going belly-up, with over $8 million in outstanding debts according to court documents. In their initial bankruptcy filing the EPL claimed to owe $2.1 million with only $37,000 in the bank. In addition to the money owed to All-In Entertainment, Pinnacle, and other creditors, the Epic Poker League is still on the hook for a $1,000,000 freeroll they guaranteed for the Top 27 players during Season 1 of the tour.
Among the most egregious examples of mismanagement was the compensation given to executives Annie Duke and Jeffrey Pollack, who combined pocketed over $500k while running the league into the ground for all intents and purposes. Duke’s involvement in the EPL has given her detractors even more ammunition, and she has even been verbally confronted during the 2012 WSOP as Jason Dewitt@themasterj33 tweeted:
“12k 75/150 blinds. Annie gets moved to my table. She gets run over and busts A7 vs AJ. I told her to go fuck herself when she busted. ½”
“And that she’s a disgrace to the poker community. She looked surprised and said “thank you” then walked out. #someonehadtosayit”
As soon as we have more details on the winners of the auction we’ll be sure to update you.
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