<< News Scan | Main | Texas Senate Primary Runoff >>


Poker Deals

| 0 Comments
Online poker players who lost their bankrolls on "Black Friday," when the government shut down the major sites, will be getting part of them back.  Larry Neumeister reports for AP: 
Settlement deals reached between federal prosecutors and three Internet poker companies call for more than a half billion dollars to be paid to the government, enabling U.S. poker players to recover several hundred million dollars lost when the companies shut down U.S. operations last year, authorities said Tuesday.

U.S. District Judge Leonard B. Sand approved settlement agreements with PokerStars and Full Tilt Poker. A separate agreement between the government and a third company, Absolute Poker, had not yet been approved by the court.
*                          *                       *
The government said the settlements do not constitute admissions of wrongdoing, liability or guilt by any of the parties. The deal with PokerStars allows it to reenter the U.S. market if laws change to permit online poker.

In a statement, U.S. Attorney Preet Bharara said the deals will "allow us to quickly get significant compensation into the victim players' hands."

Jerry Bernstein, a lawyer for Absolute Poker, said the company's deal with the government calls for it to forfeit its assets to the government.
A common quip in the corporation-as-person debate is "I'll believe a corporation is a person when Texas executes one."  Will the federal government do?  Forfeiture of all assets is the death penalty for a corporation.  It ceases to exist.

Leave a comment

Monthly Archives