More details are emerging from the Federated Sports+Gaming bankruptcy filing.
According to court records (and credit 2+2 poster pacecar86 for the link), All In Production, LLP, the parent company of Heartland Poker Tour, sued Federated Sports+Gaming, the parent company of Epic Poker, in a North Dakota District Court on October 24, 2011 for non-payment of their acquisition.
This would likely explain why All In Production was listed as a creditor to the tune of nearly $2M in FS+G’s filing.
Apparently, FS+G was either unable or unwilling to finalize the required payments to complete the HPT acquisition. The case is still pending in North Dakota courts.
See the filing here. More details after the paywall.
According to court papers, FS+G borrowed $2.96M from All In Production on June 10, 2011 as part of its acquisition of HPT. FS+G was required to pay $1M of this amount by September 30th 2011, and the remainder by December 15, 2011.
Neither of these payment dates were met.
What this means for HPT (and specifically, who owns them) moving forward in light of FS+G’s bankruptcy remains to be seen.