The Federated Sports + Gaming submitted a request for "chapter 11" (action that allows companies that have financial difficulties to suspend payments to creditors, while going through a restructuring), this means they declared bankruptcy! The restructuring must go through the partnership with another company in the business. Its still open tournaments have been postponed and no one knows for sure what dates will be made. The Federated Sports + Gaming left the following message to the poker community:
"Our company needs a new beginning.
This document reorganization is an important first step in this direction and our goal is to keep the epic Poker tournament and all of our major initiatives - including the Global Index Poker, epicpoker.com, the epic game of poker on Facebook, and the Heartland Poker Tour - forward with a spirit of continuous innovation. We will probably achieve this by entering into an agreement with another company that shares our passion and vision - a process that was working for prior to submission.
Everyone in our talented team - employees, suppliers and partners alike - have put their hearts into this business and has worked tirelessly to help bring to life the epic Poker. The effort to reorganize under Chapter 11 is in part about honoring their work, honoring the generous support and participation of members of our league, and fulfilling our collective vision to help raise and still celebrate the game of poker.
As Annie said in a letter she sent to members of our league today is our full intention to complete, as planned, Season One League Poker Epic. However, we still do not know when and Event Season 4 One Championship will be held.
When we have specific details about the event schedule - and what's next for Epic and poker Federated Sports + Gaming - let's share what we can as soon as we can.
In the meantime, please know that we appreciate the support that many of you have shown us, and we thank you in advance for your patience as we work through this process of reorganization.
