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Pinnacle Buys Bankrupt FS+G
Last week we wrote about the bankruptcy of Federated Sports + Gaming, and according to our data, Nevada-based casino operator Pinnacle Entertainment bid for and won the assets of FS+G, founder of the defunct Epic Poker League, and Federated Heartland, the parent company of the Heartland Poker Tour.
Bankruptcy documents show that when FS+G went down it owed creditors more than $5 million. The company also managed to earn just $37,052 in income over a 14-month period, while racking up nearly $8 million in total liabilities. A large chunk of FS+G’s debt was to Pinnacle ($2 million) and to All In Production (nearly $2 million), the North Dakota company that once owned the Heartland Poker Tour.
The results of the bidding process have been revealed last week and after submitting a bid of $4.5 million, Pinnacle Entertainment Inc is now the owner of the Heartland Poker Tour and the Epic Poker League. However, the final price tag is likely to be reduced by almost 50% as Pinnacle Entertainment Inc is owed $2.1 million by FS+G. This fee has yet to be paid to Pinnacle on account of FS+G filing for Bankruptcy, so the likely outcome is that Pinnacle will simply offset this debt against the $4.5 million sale price, thus paying a final total of $2.4 million.
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