Federated Sports+Gaming Bankruptcy Details Emerge

UPDATED: 03/05/12

Details are emerging from Federated Sports+Gaming bankruptcy filing.

Wicked Chops Insider has obtained information from court records that indicate the company is in an even more dire financial position than first indicated.

FS+G listed 118 creditors in its filing (some of the listed are duplicates, bringing the real number closer to 100). Among those listed include a number of employees, 441 Productions (their production team), Rogers & Cowan (their PR agency), creativeputty (branding firm responsible for Epic), Disabled Veterans of America, and IAC.

According to court records, along with the $2M loan from Pinnacle Entertainment and $1.97M still owed to All In Production (Heartland Poker Tour) for the remainder of their not-fully-executed acquisition, FS+G also owes:

  • 441 Productions: Approximately $550,000
  • Rogers & Cowan: Approximately $70,000
  • creativeputty: Approximately $39,000
  • Kirkland & Ellis law firm: Approximately $250,000
  • Disabled American Veterans: Approximately $10-25,000

FS+G had $15,000 in cash on hand when it filed for bankruptcy on Tuesday, February 28th.

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In total, FS+G raised approximately $10M in financing and are currently around $7M in debt. FS+G revenues (not including HPT) total approximately $5,000 per month and mostly come from their social media gaming app on Facebook.

The $2M bank note owed to Pinnacle Entertainment was set to mature on February 29th, 2012, the day after FS+G filed bankruptcy.

More details to come. However, given the current financial state of the company, the likelihood that any further overlays and $1M freerolls seems high unlikely–as do the chances that FS+G will be able to dig out of this mess.

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1 comment on this postSubmit yours
  1. That “pingback” is a cut-and-paste of original work written by me for Betfair poker, originally posted at http://betting.betfair.com/poker/poker-news/skipping-steps-in-poker-like-the-underpants-gnomes-090312.html. Unfortunate to see it earning hits here.

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