Although earlier news reports had revealed that Epic Poker had declared bankruptcy since it was facing debt amounting to the tune of 5 million USD, recent reports have the amount nearing 8 million.
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The bankruptcy filings made by Federated Sports and Gaming, the company that runs and manages Epic Poker, brought the poker room’s real financial condition into the light. It also gave people in the poker community a perspective on how Federated Sports and Gaming had got into this mess in the first place.
Epic Poker had initially filed for Chapter 11 bankruptcy and stated debts to the tune of 5 million with over a 100 creditors waiting to be paid. Their recent Statement of Financial Affairs which was filed in April, revealed that the company had somehow managed to get further into debt to accrue $3 million more worth of creditors and monies owed. What’s more, in a surprising comparison, it was noted that Epic Poker and Federated Sports and Gaming had only earned about $37k in a month, while having piled up debts worth $7,892,242. This latter number is the total sum of liabilities and monies owed by the company.
The financial report also revealed that in the 4 months between November 29th in 2011 to February 29th in 2012, Epic Poker and Federated Sports and Gaming had spent as much as $2.4 million in funds paying up vendors.
Some of the big vendors that the company had taken on to support them include the CBS Corporation. Epic Poker had signed up with CBS because it wanted to broadcast its poker tournaments of which it ran 3. The 4th and 5th tournaments were canceled, since the company could not pay CBS.
Other revelations from the report reveal that 5 officials in the Federated Sports and Gaming and Epic Poker company were taking in about a million or so in pay. This includes the likes of Annie Duke who had a take in of $299,784 and Michael Brodsky who took in much less from Epic Poker at $166,666. Jeffery Pollack earned $226,652 while Daniel Goldberg took in less than ($190k and Jeffrey Grosman walked away happy with $216,666.
Despite these sums paid to these players, the report revealed that Epic Poker had pending wages owed to these players to the tune of $662,801. All players with the exception of Duke and Grosman were owed around $150k.

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