Is Cereus Done For?

The Cereus network was created from UB and Absolute, who both had suffered from superuser scandals. In the post Black Friday several weeks, many have been worried about their response.

They are the only site of the three not to negotiate a deal with the DOJ to regain their domain and work to return funds to customers.

They haven't articulated a clear defense strategy, the last to hire legal representation.

They allowed US players to play on the site but not transfer or withdraw.

They restricted non US players to only withdraw $250 a week, with many of those withdrawals not being honored.

There was a damning investigative news piece that showed many unhappy investors.

Today came word of several leaked internal Cereus memorandum....

Their Norwegian subsidiary is insolvent. Their parent company Blanca isn't going to make payments on long term debt. The company is drastically downsizing, letting go 95% of their staff, around 300 people in Costa Rica.

The last insider news to be leaked shows a massive power struggle as $2.75 million is owed to employees that hasn't been paid by company executives, and the employee's manager is threatening to go to the FBI and US Embassy to reveal sensitive inside company information if employees aren't paid.

Rumors are spreading that UB/AP will try to reform for non US players in Panama with whatever absconded funds they can escape with.

It's a big mess, with more bad news coming out every day.  U.S. Players are fearing that they are unlikely to see any of their funds back.

 


1 Response

Sort Responses by [ Oldest First - Newest First - Most Popular ]

Got something to say? Click here to Add a Response!

mothersquatch

Caveat emptor...let the buyer beware!

 After all the problems Cereus has had over the years, why anyone would stay & risk their BR there amazes me! Repeated frauds + a 60 Minute expose wasn't enough to

teach them that it wasn't a "safe" network to play on? I have very little sympathy for them & if anyone joins them if they try to restart in Panama...well IMO you need your

head read!

Protect yourself & don't expect someone else to do it for you (you might not like how they do it)!

 As for the US govt & it's regulations, here's a couple of quotes for ya (& all the other govts boxing in their people)!

"A corollary is that, when laws are out of touch with the people, those laws can and should be changed

- from the most simple local regulations to the highest law of the

land, our federal Constitution. "

Adrian Cronauer

"If you have ten thousand regulations you destroy all respect for the law."

Winston Churchill

And lastly one of my favs...

"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety."

Benjamin Franklin

 

Last updated: 05/05/2011 11:15AM
PF_pitboss