Joined: Apr '11
Location: Romania
Age: 58 (M)
Posts: 2432
The Atlantic Club Casino has hit back at PokerStars' parent company, the Rational Group, following the latter's recent lawsuit against them. Earlier this week the casino stated that they were unaware of the "serious criminal activities" Isai Scheinberg was accused of. In a court document they claimed not to know about the extent of Rational's battle with the US government. Moreover, the ACC claimed that Rational aren't the "innocent victims" they've portrayed themselves as. While many of the ACC's claims are attacks on Rational's integrity, their main legal argument hinges on a cancellation clause they say was built into the original contract. In their opinion, this means that they could terminate the deal by a specific date regardless of Rational's interim casino licence application. Rational refute this claim and will have a chance to respond later this week when the first legal hearing takes place on Friday.
Joined: Apr '11
Location: Romania
Age: 58 (M)
Posts: 2432
PokerStars' bid the purchase the Atlantic Club Casino appears to be over following a recent court ruling. Lawyers for PokerStars parent company, the Rational Group, attended a court hearing yesterday to determine whether the ACC had the right to cancel the deal. After agreeing to purchase the ACC and its assets, Rational paid around $11 million to keep the casino afloat whilst they waited for their interim casino licence to be approved. However, because the interim casino licence hadn't been granted before April 26, the deal was declared dead by the ACC. Rational disputed this and successfully imposed a court injunction to prevent the ACC selling to someone else, but were unable to sway the judge in yesterday's hearing. With ACC officials claiming they couldn't afford to wait for Rational to get state approval, the judge decided that they could legally walk away from the sale. Commenting after the hearing, PokerStars' Eric Hollreiser tweeted: "RE TODAY'S NJ HEARING: We are reviewing today's ruling. We remain committed to New Jersey and to contributing to its economy."
