Today, beleaguered BETonSPORTS players were sent an update from the corporate liquidator of the now defunct sportsbook. The process to pay back players who had a balance when the U.S. Department of Justice decided to arrest the CEO of the company has been going on for over three years. Initially players were given good news,
Today, beleaguered BETonSPORTS players were sent an update from the corporate liquidator of the now defunct sportsbook.
The process to pay back players who had a balance when the U.S. Department of Justice decided to arrest the CEO of the company has been going on for over three years. Initially players were given good news, that they would be paid. But then, the employees of the company were let go and the assets were turned over to Vantis, a huge accounting firm in England that handles corporate insolvency and creditor services. Vantis became involved late in the game and they are clearly making sure that Iâ€™s get dotted and tâ€™s get crossed. Every six months or so, they produce an ‘update’ for players who are still waiting to be paid.
The latest update letter from today can be found here.
today’s release addresses the fact that Vantis is still pursuing more funds owed to the defunct organization. An update back in July from the company contained similar rhetoric. This most recent letter shows an alarming fact â€“ vendors (trade creditors) are owed more than respondent players! And, not surprisingly, it also shows, as with any of this type of legal entanglement, the only ones really getting paid are the lawyers and the courts. Legal fees and other disbursements have managed to devour over 30% of the funds available or approximately $75 per player.
The note also addresses the recent plea and forfeiture of mega-millions by founder Gary Kaplan to the U.S. DOJ. Vantis states, “We immediately sought legal advice in the U.S. with a view to laying claim to a portion of these funds on behalf of the Betonsports creditors and after careful consideration of the options open to us we have now lodged a petition with the U.S. Attorney General under U.S. Remission Proceedings. We await the outcome of the Attorney General’s deliberations.”
OSGA contacted the Assistant United States Attorney Charles S. Birmingham almost immediately after the announcement of Kaplan forfeiting $43.6 million and was told that this was not BETonSPORTS money. Hopefully, Vantis has an experienced legal team and solid case logic working on getting a portion of the forfieted cash. Just a portion of these funds would be all that is needed to pay back every player AND creditor every dime owed. And that would be legal money well spent.
So, it does appear that Vantis is doing what is necessary to get the most money back for players. This most recent announcement is loaded with actual facts and appears to be very forthcoming to people who are out money from this entire debacle.
But, what it doesnâ€™t give, and what we hear about daily on our phones lines, chat and email inbox is . . . â€œWhen?â€ As in, when will the money, whatever portion of it, be sent to customers? We certainly cannot even begin to speculate on payout dates after all this time has passed. If nothing revolutionary occurs, expect Vantis to bring us all up to speed in June 2010. In the meantime, check back here or our offshore report regularly for updates.4 comments