Pinnacle Buys Bankrupt Epic Poker League

Nevada-based casino operator Pinnacle Entertainment bid for and won the assets of Federated Sports & Gaming, founder of the defunct Epic Poker League, and Federated Heartland, the parent company of the Heartland Poker Tour.

Heartland’s former parent company was outbid to get its tour back after FS+G purchased it but didn’t complete its payments prior to filling for bankruptcy.

Bankruptcy documents show that when FS+G went down it owed creditors more than $5 million. The company also managed to earn just $37,052 in income over a 14-month period, while racking up nearly $8 million in total liabilities.

A large chunk of FS+G’s debt was to Pinnacle ($2 million) and to All In Production (nearly $2 million), the North Dakota company that once owned the Heartland Poker Tour.

FS+G borrowed money to pay part of its $2.95 million debt to All In Production, but then closed its doors the day before the Pinnacle money was due. The Heartland Poker Tour assets were subsequently locked up in court. All In Production had filed legal action against FS+G in October 2011 for not making any payments at the time.

Pinnacle didn’t disclose a purchase price for its former debtor FS+G.

Related Articles

Why Does Mainstream Media Talk To Duke?

Annie Duke Pens New Poker Book, Still Faces Criticism

Epic Poker Racks Up $7.8M In Financial Liabilities

Most Viewed Articles