Five years ago the internet was buzzing with outrage as the Tusk online poker and casino group folded and went into liquidation, leaving many players unpaid after software provider Microgaming pulled its licence (see previous reports). It is widely believed that millions of dollars were involved, and the scandal reverberated throughout the industry and into the mainstream press.
The disappointment and bitterness felt by those players impacted by the failure of the Tusk group and its multiple websites will probably surface again this week following a statement from the liquidator that around A$0.13 to A$0.16 on the dollar is all they are likely to receive.
The liquidator has given creditors until June 5 this year to submit any claims that may still be outstanding, using the email address tusk@ppbadvisory.com and furnishing their personal information and proof of the debt.
The required Proof of Debt form may be found on page 8 of the release made by PPB Advisory, Tusk Investment’s liquidator here:
Report to Creditors http://www.ppbadvisory.com/uploads/i257-Tusk-report-to-creditors.pdf
Such proof can include screenshots of balance screens or other documentation supporting the claim for a refund. The plan is to start processing payments around July 21 2013, sending successful reimbursements to creditors by wire or cheque.
The liquidator has revealed that 358 Proof of Debt forms have so far been successfully submitted, and that there are 3,158 known creditors.
Liquidators have been able to recover A$1.74 million in cash from Tusk bank accounts and the sale of operations. Legal and liquidator fees were $441,000, according to the poker information site Legal Poker Sites, which leaves about A$1.3 million in cash that will be distributed to creditors.
During the wind-up and recovery process, the liquidator reported in late 2010 that an estimated A$800,000 could not be recovered. These funds were mainly held by e-wallets or were in transit at the time operations ceased.
Posters at the twoplustwo poker forum detail the processors identified in the report here:
http://forumserver.twoplustwo.com/showpost.php?p=38578712&postcount=930
It is not clear if some of these funds were eventually recovered, though the same difficulty with compelling some asset holders to pay was mentioned in this week’s statement from the liquidator, Poker Legal Sites reports.
Tusk Investment shut down its casino and poker operations on February 27, 2008 and entered liquidation on March 6, 2008.