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Cereus debt reported to be $54M, liquidity $5M-$6M
Sources working within Absolute Poker management have told the Subject: Poker Blog that Cereus' total debt to players is $54 million. The company, however, only has $5-$6 million liquid.
The Subject: Poker Blog on Tuesday published an article which revealed that the Cereus-run sites Absolute Poker and UB Poker share a total outstanding debt to players of $53.7 million, while only having up to $6 million in cash.

The site is citing a "reliable sources" inside of AP management, who have explained that $24.2 million of this liability is to U.S players, and that this number has been artificially lowered by U.S. players "systematically moving money to non-U.S. accounts in an attempt to get their money off of the site sooner."

Both sources cited have wished to remain anonymous.

The sources have further revealed that Absolute Poker and UB Poker may have big difficulties in returning the missing players' funds, as the company currently only have $5-$6 million liquid.

The number is not believed to be exact, and takes into account around $3 million in severance pay to Cereus' Costa Rican employees.

It does not include money that was frozen when some of Cereus' bank accounts were seized on April 15th, and the company could as such still have funds tied up at the time being.

However, these funds may be impossible for Cereus to access, as there are currently no signs of the money to be unfrozen anytime soon.

The reports published by the blog correspond well with the withdrawal issues described by players in a lengthy thread on Two Plus Two.

Some non-U.S. players here explain how they have been able to cash out in some instances, however, only after long delays and in most cases only up to $2,000.
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By David Michael Barnwell
Poker.org News Editor
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Groupe Bernard Tapie lawyer Benham Dayanim has denied allegations that the investor group was hesitant in finalizing the takeover of Full Tilt Poker. The group was prepared to move ahead but was obstructed by the DoJ, Dayanim claims.
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Comments
2642
12233
11 months ago
And where are the rest of the money?
It's kinda weird they can't cover the holes at the profit they used to have
888
33
11 months ago
As I said before, good luck getting any money out of these guys. I have a friend that worked there. Player's won't be seeing their money anytime soon, if ever.
3122
2112211
11 months ago
Iif they numbers are anywhere near true thats frightening.
554
2131
11 months ago
Never trust this kind of poker web sites because many players can not makes withdrawls frm there.
607
11 months ago
Looks like i should forget about getting my money back from absolute
446
2
11 months ago
Yep, unfortunately I never going to see my money on UB, good that was only a few dollars.
2552
112332
11 months ago
How the heck can they they in debt so much? Their badbeat jackpot was hit so often weekly.
717
2221
11 months ago
54milions w
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