Bankruptcy Documents for the Epic Poker LeaguePublic Records on Massive Debt Left Behind from Company |
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On Thursday, Card Player reported on the massive debt left behind from the recent bankruptcy of the Epic Poker League’s parent company, Federated Sports and Gaming.
Here is a list of the documents related to the Chapter 11 bankruptcy:
1. Federated Sports and Gaming Bankruptcy Filing, which lists creditors and equity security holders. Filing shows more than 100 creditors are owed, in total, more than $5 million.
2. Motion for Emergency Use of Cash Collateral, which, on page 11, details Federated Sports and Gaming request for $458,092 in wages for March-May 2012 and total outflow of $685,312 while in Chapter 11 bankruptcy. Heartland Poker Tour projected inflow during same period listed as $675,000.
3. Objections by All In Productions to Emergency Use of Cash Collateral where Heartland Poker Tour objects to the Federated Sports and Gaming’s use of Heartland’s collateral to fund the business operation and Federated Sports and Gaming. Motion states “Federated SG has little cash, generates no receivables and intends to use Debtor’s cash and the receivables generated by the Debtor.”
4. Cash Collateral Authorization after first Federated Sports and Gaming Motion for Emergency Use of Cash Collateral was not granted. Revised Federated Sports and Gaming budget approved for March 2012 of $45,000 verses $259,460 request on initial motion.
5. Emergency Motion to Pay Wages, Salaries, and other Compensation, filed Mar. 6, 2012, after “the Debtor did not pay employees for the second half of February, 2012.” Federated Sports and Gaming did not pay Heartland Poker Tour employees.
Stay tuned to Card Player for more information as this story unfolds.
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