Federated Sports & Gaming (Epic Poker League) bankruptcy filing

[Dan Druff]

http://www.cardplayer.com/pdf/Federa...s-Finances.pdf

Interesting read.

Among some things that jumped out at me in the document:

FS&G is owned by:
Jeffrey Pollack 13.33%, David Goldberg 13.41%, Michael Brodsky 13.41%, and some company called Countyline LLC (based out of Chicago) 40%.

Countyline is owed $1,000,000.

Annie Duke was paid $300,000 in salary since June, 2011.

Pollack was paid $225,000 in salary during that same period.

Some guy named Jeff Grosman was paid about $217,000 in salary during that period.

Goldberg was paid about $180,000 in salary during that period.

Brodsky was paid about $167,000 in salary during that period.

CBS was paid $200,000 for the airtime that was bought.

Some guy named Todd Anderson was paid $500,000.

They have a huge list of domain names registered to the company. The funniest and most nonsensical one is ticklemedanny.com.

So they paid out about $1.1 million in salaries to themselves while running the business into the ground in less than a year.

Pretty sweet deal!

[Bootsy Collins]

First rule in running a start up business- Never pay yourself nor anyone else an outrageous salary. Who came up with this business model? I am guessing someone who is a complete launatic like Jeffrey Pollack or Annie Duke. This and always will be the Epic Facepalm of 2012.

[chinamaniac]

[url]

Annie Duke was paid $300,000 in salary since June, 2011.

Time to boot her ass from the poker community once and for all

[shortbuspoker]

http://www.cardplayer.com/poker-news...in-liabilities

The largest Federated Sports liabilities include $2,093,447 owed to PNK Development 10, LLC, a subsidiary of Las Vegas-based regional casino operator Pinnacle Entertainment (PNK. NYSE), $1,966,052 owed to All In Productions, the Fargo, N.D., company that agreed to sell Federated its Heartland Poker Tour last year

I don't remember how much they were reported to have paid for the HPT, but do you think that there is a chance that All In Productions can claim breach of contract and take back ownership of the HPT or has the tour been officially screwed?

[Steve-O]

http://www.cardplayer.com/poker-news...in-liabilities

The largest Federated Sports liabilities include $2,093,447 owed to PNK Development 10, LLC, a subsidiary of Las Vegas-based regional casino operator Pinnacle Entertainment (PNK. NYSE), $1,966,052 owed to All In Productions, the Fargo, N.D., company that agreed to sell Federated its Heartland Poker Tour last year

I don't remember how much they were reported to have paid for the HPT, but do you think that there is a chance that All In Productions can claim breach of contract and take back ownership of the HPT or has the tour been officially screwed?

Typically in a situation like this the original owners will still own the company until the sale is completely finalized and every dollar recieved, so I would assume that once the Chapter 11 goes through and the EPL cannot make good on the payout terms offered up (how could they possibly) the HPT will revert back to the original owners and EPL will be in Chapter 7

[TheTemplar]

300k since June, what an absolute joke.

[shortbuspoker]

http://www.cardplayer.com/poker-news...in-liabilities



I don't remember how much they were reported to have paid for the HPT, but do you think that there is a chance that All In Productions can claim breach of contract and take back ownership of the HPT or has the tour been officially screwed?

Typically in a situation like this the original owners will still own the company until the sale is completely finalized and every dollar recieved, so I would assume that once the Chapter 11 goes through and the EPL cannot make good on the payout terms offered up (how could they possibly) the HPT will revert back to the original owners and EPL will be in Chapter 7

I hope so. The HPT is a good tourney circuit and should not go under because the owner mistakenly drank the Epic koolaid served to them by Duke and Pollack.

[Steve-O]

Typically in a situation like this the original owners will still own the company until the sale is completely finalized and every dollar recieved, so I would assume that once the Chapter 11 goes through and the EPL cannot make good on the payout terms offered up (how could they possibly) the HPT will revert back to the original owners and EPL will be in Chapter 7

I hope so. The HPT is a good tourney circuit and should not go under because the owner mistakenly drank the Epic koolaid served to them by Duke and Pollack.

A similar instance was when PokerNewsDaily bought PocketFives, but as soon as Black Friday hit and they fell behind in payments the site reverted back to the previous owner, regardless of how far along the previous payments had been --interestingly, PokerNewsDaily has been sold since then as well. I would assume that the HPT lawyers drew up a similar safety measure, and this would explain why the HPT executives and employees were left completely untouched after the sale to FS+G

http://pokernewsboy.com/affiliates/a...s-key-asset/19

[Belly Buster]

Some lol items from the asset side of their balance sheet.

The big list of 200ish domain names (most of which are probably worth $10) are valued as an asset at $365k.

The 7 shows produced have a copyright value of £3.2m. How is this ever going to get monetized? Can't see any network wanting to buy a half-finished fail league.

Palms agreement is valued at $2.8m. Really? If it is worth so much how come palms has the biggest purchase account showing a net outflow of cash.

[Bootsy Collins]

I really want to know more about ticklemedanny.com

[Steve-O]

I really want to know more about ticklemedanny.com

Maybe they were going to try to create a catch-phrase and make it go viral??? What were the announcers names again?

[Jasep]

I really want to know more about ticklemedanny.com

Maybe they were going to try to create a catch-phrase and make it go viral??? What were the announcers names again?

Pat O'Brien

[Bootsy Collins]

I really want to know more about ticklemedanny.com

Maybe they were going to try to create a catch-phrase and make it go viral??? What were the announcers names again?

One of them was Pat O'Brien who should not be involved with tickle me anything. He was involved with leaving sexually graphic voicemails which almost killed his career.

[Bootsy Collins]

I am going to take a shot in the dark and say that ticklemedanny could have been a website to bury and embarrass Daniel Negreanu given the history between Annie and him. But again that sounds kind of far fetched.

[Steve-O]

I am going to take a shot in the dark and say that ticklemedanny could have been a website to bury and embarrass Daniel Negreanu given the history between Annie and him. But again that sounds kind of far fetched.

I thought about that as well, but its just as likely they bought sites for say the Top 50 pros (picking some random part of their name) thinking they could use tag-lines or something --I might go look at the entire list and see if there is HugMeHoward.com, iLikeLaak.com and other offshoots

EDIT***

LMAO, FuckEpicPoker.com is on the list! Also TheBrunsonCup.com, and it looks like they toyed with the ideas of the Federal Poker League and Wicked Poker League

[Bootsy Collins]

I am going to take a shot in the dark and say that ticklemedanny could have been a website to bury and embarrass Daniel Negreanu given the history between Annie and him. But again that sounds kind of far fetched.

I thought about that as well, but its just as likely they bought sites for say the Top 50 pros (picking some random part of their name) thinking they could use tag-lines or something --I might go look at the entire list and see if there is HugMeHoward.com, iLikeLaak.com and other offshoots

EDIT***

LMAO, FuckEpicPoker.com is on the list! Also TheBrunsonCup.com, and it looks like they toyed with the ideas of the Federal Poker League and Wicked Poker League

HugMeHoward = DoNotWant

[Shizzmoney]

Wait....someone paid Annie Duke $300K to do something?

[Bootsy Collins]

Come to think of it, having Pat O'Brien in the booth was a pretty awful idea IMO. His voice is terrible and he has no humor whatsoever. Marv Albert on the other hand would be classic: Siedel hits the ace on the river YES!!!

[Belly Buster]

Some guy named Todd Anderson was paid $500,000.

He was the guy that headed up the Epic ethics committee.

[djnicky07]

Shes no longer relevant.