It looks as though another online operator is on the outs as reports around the web are swirling of the liquidation of 5050 Poker.com, with a 50/50 chance of players funds being paid out.
Microgaming and the online poker room are in heated disagreement over the released statement Microgaming made in regards to the status of 5050poker.com,
“The Microgaming Poker Network regrets that it has suspended all game play with immediate effect on the poker room of 5050Poker Ltd, for a material breach of its contract. The directors of 5050Poker Ltd have been aware of the breach since 14 June 2012. Game play will be reinstated once the breach is satisfactorily rectified.”
5050 Poker.com, founded in March 2007 claims their vision was,
“To create superior value for our players/customers, employees, communities and investors by offering a plattform for fun, entertainment and conversation, which, coincidentally, also happens to provide a top of the line poker and gaming service.”
On June 15th Microgaming decision to suspend the poker room for breach of contract caused an outrage from 5050poker as they lashed out at the poker network stating,
“This rule affects primarily only a few gaming operators in the poker network and the company believes that the measure is yet another example of several discriminatory measures taken by Microgaming in order to get rid of unwanted gaming operators (whose players mostly belong to the category winning players),” 5050 Poker said in a statement.
“Due to network Microgaming unethical conduct, the players’ confidence in 5050Poker damaged with major negative economic consequences.
“The ability to operate in a businesslike way, in the short term are severely restricted.
“Above put together mean that the company’s assets and liabilities are likely to be in such an imbalance that the Board has decided to delay further payments and to establish a balance sheet for liquidation purposes.
“The Board further decided to investigate the possibility of making financial demands on Microgaming corresponding to the damage caused to the 5050 Poker.”
Reported by Maggie B.