24Jun
CEREUS Network Denies Bankruptcy

Those who gave UB.com and Absolute Poker a second chance after the Superuser Scandal are probably getting pretty scared right now, what with MSNBC announcing that the CEREUS Network is about to file for bankruptcy. It’s not a very farfetched possibility, really, especially with the whole “Black Friday” incident. But the CEREUS Network has made an announcement of its own, and that it is not going bankrupt. They admitted to ‘downsizing’ but insisted that they were not going bankrupt.

There’s Still Hope

If you’ve been living under a rock and have no idea about the incident that changed the face of the poker industry forever, then here’s a little recap of what happened. Everything was going pretty honky dory for the online poker industries, with the biggest sites forging partnerships with land-based casinos in preparation for a possible welcome into US soil. But then suddenly the Department of Justice decided to exercise its legal arm and bring forth some punishment towards the “Big Three” of the online poker industry, namely PokerStars, Full Tilt, and the CEREUS Network. Aside from filing a lawsuit against the top executives in these companies, the US also froze several bank accounts being used by these sites. As such, there was chaos everywhere in terms of payouts and such. PokerStars has just recently solved this issue by cutting a deal with the government, so payouts are now proceeding quite smoothly there. Full Tilt is still experiencing problems, but they too have cut a deal with the government so it shouldn’t take them too long.

They’ve also updated their FAQ post on the TwoPlusTwo forums explaining what is happening and why. On the other hand, things at the CEREUS Network have been getting pretty scary. The customer call center has shut down and there are rumors of bankruptcy circulating all over the place. People have been getting pretty scared about the prospect of never getting their money back. But then, thankfully, the CEREUS network released a statement clarifying a few issues – which does not remove the fear, really, but at least lessens it a bit.

The Statement

Basically, what the CEREUS Network said was that they were ‘downsizing’. They’re restructuring, removing about 20% of their workforce to cope with the crisis. They also rebutted the rumors of bankruptcy, and has even said that they’re going to increase the weekly withdrawal limit from $500 to $1,000. They also clarified that they are working with the Department of Justice with regards to the frozen accounts. Indeed, it’s nice of CEREUS to try to clarify these points. But what’s important is that they follow through in the end.

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