4 Cents on the Dollar
I guess it's better than the expected Zero cents on the dollar. Looks like Some Screwed BetOnSports players are about to be paid.
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Your BetonSports Claim
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Peter Wastell and Nigel Hamilton-Smith of FRP Advisory have been appointed liquidators of Betonsports (Antigua) Ltd, a subsidiary of BetOnSports PLC.
Betonsports (Antigua) Ltd is a company registered in Antigua and Barbuda, and was the operating company within the BETonSPORTS group responsible for the individual gaming contracts and betting transactions with the players/customers primarily in the United States of America. Our appointment as Receiver-Managers was made by the Financial Services Regulatory Commission of Antigua and Barbuda ("FSRC"), under the International Business Corporations Act in that jurisdiction.
Betonsports (Antigua) Ltd T/a BetonSports – in Liquidation a company registered in Antigua & Barbuda
News
18 March 2011
Further to our last reports to creditors we write to provide a further UPDATE with regard to Liquidation matters. This report is to be read in the context of those previous reports.
Assets
In our last report we advised that we had been able to reconstruct sufficient company records to instruct lawyers to commence recovery of a CC payment processor debt. After lengthy negotiations a settlement of $900,000 was agreed and has been received.
In respect of the U.S debtor despite receiving full judgment it was not possible to realize any funds due to the lack of traceable assets.
Gary Kaplan Forfeiture
Our Petition for Remission to the Attorney General in the U.S.A for a claim to the seized funds of Gary Kaplan of over $40 million has been denied.
Distribution
We are now taking steps to conclude the liquidation and issue a first and final dividend to creditors, which we anticipate being made no later than 30 June 2011.
Based on claims received to date we estimate that a distribution will be made to creditors of circa 4 cents to the dollar.
We have had difficulty in identifying a financial institution that will allow us to distribute gaming funds due to gaming restrictions imposed by the U.S.A government. We approached several Banks in Antigua who advised that they were unable to assist. The UK banks, although not subject to these gaming restrictions, would have levied a charge in excess of $20 to each customer to clear checks through the UK clearing system. We are currently in dialogue with a financial institution in Missouri in the U.S.A who have indicated they will be able to process the distribution as we have clearance from the local Department of Justice in Missouri.
However the mailing and banking costs associated with issuing a distribution to over 6000 creditors makes it uneconomic to issue checks for under $5. We are therefore seeking court approval that a distribution cannot be made in respect of claims that result in a distribution of less than $5. This is likely to affect claims of $100 and under.
General
We now have an agreed schedule and timeline with the High Court in Antigua to deal with remaining liquidation matters, including the quantum of liquidation costs for the recovery of assets and the extensive investigations carried out. BetonSports generated over $1.1billion of gaming turnover per annum in various jurisdictions around the world. Unwinding the affairs of such a company has been a highly complex exercise.
In view of the fact that there are many thousands of individual creditors, it was not cost effective to pay interim distributions to creditors. However as stated above we now estimate that we should be in a position to distribute funds by the end of June 2011.
Please therefore login into your claim and ensure we have the correct mailing address for you.
Yours sincerely
Joint Liquidators
For and on behalf of BetonSports (Antigua) Limited -In Liquidation
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Your BetonSports Claim
It is incumbent upon us to agree the claims of the company’s creditors and accordingly you are invited to login below and confirm your claim.
Login
Creditor Ref: (Required)
Email Address: (Required)
Forgot your creditor reference?
If you have been unable to login and wish to register a claim, please complete the new claim form.
Peter Wastell and Nigel Hamilton-Smith of FRP Advisory have been appointed liquidators of Betonsports (Antigua) Ltd, a subsidiary of BetOnSports PLC.
Betonsports (Antigua) Ltd is a company registered in Antigua and Barbuda, and was the operating company within the BETonSPORTS group responsible for the individual gaming contracts and betting transactions with the players/customers primarily in the United States of America. Our appointment as Receiver-Managers was made by the Financial Services Regulatory Commission of Antigua and Barbuda ("FSRC"), under the International Business Corporations Act in that jurisdiction.
Betonsports (Antigua) Ltd T/a BetonSports – in Liquidation a company registered in Antigua & Barbuda
News
18 March 2011
Further to our last reports to creditors we write to provide a further UPDATE with regard to Liquidation matters. This report is to be read in the context of those previous reports.
Assets
In our last report we advised that we had been able to reconstruct sufficient company records to instruct lawyers to commence recovery of a CC payment processor debt. After lengthy negotiations a settlement of $900,000 was agreed and has been received.
In respect of the U.S debtor despite receiving full judgment it was not possible to realize any funds due to the lack of traceable assets.
Gary Kaplan Forfeiture
Our Petition for Remission to the Attorney General in the U.S.A for a claim to the seized funds of Gary Kaplan of over $40 million has been denied.
Distribution
We are now taking steps to conclude the liquidation and issue a first and final dividend to creditors, which we anticipate being made no later than 30 June 2011.
Based on claims received to date we estimate that a distribution will be made to creditors of circa 4 cents to the dollar.
We have had difficulty in identifying a financial institution that will allow us to distribute gaming funds due to gaming restrictions imposed by the U.S.A government. We approached several Banks in Antigua who advised that they were unable to assist. The UK banks, although not subject to these gaming restrictions, would have levied a charge in excess of $20 to each customer to clear checks through the UK clearing system. We are currently in dialogue with a financial institution in Missouri in the U.S.A who have indicated they will be able to process the distribution as we have clearance from the local Department of Justice in Missouri.
However the mailing and banking costs associated with issuing a distribution to over 6000 creditors makes it uneconomic to issue checks for under $5. We are therefore seeking court approval that a distribution cannot be made in respect of claims that result in a distribution of less than $5. This is likely to affect claims of $100 and under.
General
We now have an agreed schedule and timeline with the High Court in Antigua to deal with remaining liquidation matters, including the quantum of liquidation costs for the recovery of assets and the extensive investigations carried out. BetonSports generated over $1.1billion of gaming turnover per annum in various jurisdictions around the world. Unwinding the affairs of such a company has been a highly complex exercise.
In view of the fact that there are many thousands of individual creditors, it was not cost effective to pay interim distributions to creditors. However as stated above we now estimate that we should be in a position to distribute funds by the end of June 2011.
Please therefore login into your claim and ensure we have the correct mailing address for you.
Yours sincerely
Joint Liquidators
For and on behalf of BetonSports (Antigua) Limited -In Liquidation
