Haley's Poker Blog

No bad beats, but still a poker blog... hence the anguish.

Tuesday, May 03, 2011

Just Conjecturin', Volume 33: Down Goes Frazier... err, Cereus

An internal memo sent out at Absolute's Costa Rican offices early this morning:

From: The Executive Management Team
Date: Monday, May 2, 2011
Re: Restructuring

As all of you are aware, action was taken by the U.S. Department of Justice on April 15th and we have closed our US-facing operations. We now have to focus our resources on developing our non-US operations and software business. Unfortunately, this also means we must immediately restructure our organization and significantly downsize our operations.

It is a very sad day for all of us, as we have worked so hard to create a truly amazing company that is filled with extraordinary people. We have always been and remain fully committed to the employees and consultants of this business.

TBT employees will be paid full liquidations in accordance with Costa Rican labor laws. Consultants will be paid severance based on length of service. IDS liquidations have been previously funded in full to Olman Rimola.

Some of you will be approached by the business for a new role with a much smaller company that is focused on continuing our non-US operations and software businesses.


Now, the worse news. This comes to me second-hand, but I believe it, even if it must be labeled "conjecture" until we know for sure: There isn't going to be any new company; the letter itself is a ruse to buy time in which the bosses are going to get the remaining funds out of Costa Rica... along with themselves. Next destination is probably Panama, where a duplicate server farm was set up years ago.

I expect that non-US players will be allowed some sort of play-through option for their bankroll balances when the remnants of Cereus emerge under a new name, perhaps late this year or in 2012, and we'll probably all be subjected to some "assets sold to XYZ Company" garbage release down the road, which is likely to be untrue. The US players? I think the plan is to let them go whistle to the DoJ for their money, and that this move also represents Absolute waving a certain middle finger in the DoJ's direction.

1 Comments:

Anonymous Anonymous said...

Time to start writing a book,about it all good luck,Haley.

12:34 AM  

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