News has emerged from the camp of XMT Liquidations Inc. (the court-appointed company trying to wrap up the affairs of Excapsa Software) suggesting a possible resolution to the seemingly never ending saga of who owes whom what from the sale of Ultimate Bet in 2006 and the fallout from the subsequent ‘hole card’ cheating scandal. (In case anyone can’t tell the players without a program, start here.)
An XMT document dated Nov. 23 states that in the light of the “time, costs and uncertainty” involved in pursuing further legal proceedings, XMT “has reached an agreement with the Tokwiro Group and its successor in interest, Blanca Games Inc.” Pending court approval and some dotting of I’s and crossing of T’s, “Blanca will acquire Excapsa’s interest in the debt and related security for a total payment of US $2 million, of which US $1 million will be paid on closing and the balance will be paid on March 31, 2011.”
In the event that Blanca sells or merges the business and assets it acquired from Tokwiro on or before March 31, 2013, Excapsa will receive 8-20% of the net proceeds attributable to the ub.com brand assets. (The parties have agreed that 50% of the proceeds of such a transaction will be considered attributable to the ub.com brand.) Excapsa will also acquire the remaining interest in the gaming software (which Tokwiro had retained to use for internal business purposes). XMT claims it is confident that the majority of of Excapsa’s shareholders will sign off on the deal.
So there you have it. The circle is now (almost) complete. And it only took half a decade or so. While we have no reason to doubt XMT’s assertion as to the ‘uncertainty’ of continuing to pursue action via the legal system, given the tone of the recriminations hurled by all parties involved in this mess, perhaps the decision to settle was made because someone threatened to air out some really dirty laundry. For that, we guess we’ll have to wait until someone leaks the transcript of the whispered conversations in the hallway outside the conference room.