Thread Starter: Is UB done?

Date Joined: April 13, 2011

Experience: Advanced

Age: 32

Posts: 78

I recently saw this email on another forum...

Originally Posted by ElevenGrover View Post
Costa Rica Termination Memo (cannot vouch for its authenticity as it was sent anonymously). Supposedly laying off 95% of staff.

To: All Staff
From: The Executive Management Team
Date: Monday, May 2, 2011
Re: Restructuring
As all of you are aware, action was taken by the U.S. Department of Justice on April 15th and we have closed our US-facing operations. We now have to focus our resources on developing our non-US operations and software business. Unfortunately, this also means we must immediately restructure our organization and significantly downsize our operations.

It is a very sad day for all of us, as we have worked so hard to create a truly amazing company that is filled with extraordinary people. We have always been and remain fully committed to the employees and consultants of this business.

TBT employees will be paid full liquidations in accordance with Costa Rican labor laws. Consultants will be paid severance based on length of service. IDS liquidations have been previously funded in full to Olman Rimola.

Some of you will be approached by the business for a new role with a much smaller company that is focused on continuing our non-US operations and software businesses.

HR or direct managers will initiate individual meetings with everyone to provide full details, and we hope to get through all of these over the next few days.

Today’s decision has not been made lightly, or in haste. It comes after considerable review from all angles of the impact Black Friday has had on the business as a whole. We are disappointed that events of the past two weeks have effectively forced us to take this action, with downsizing of the business now unavoidable.

We ask that all of you work from home tomorrow and you will be updated with new work arrangements soon.

It truly has been a pleasure working with all of you. We thank you for the significant time and dedication you've all shared with us over the years and wish you all the best in your future endeavors.

reply #1

Date Joined: Dec. 20, 2010

Experience: Advanced

Age: 24

Posts: 128

certainly looks like bad news for all those with funds on UB. It is interesting to view the sense of justice felt by those who were cheated in the original cheating scandal. On 2+2 there are people saying 'good, they deserve to lose their money for playing and therefore condoning a sight that cheated its players out of millions of dollars'


I do feel sympathy for those who have money tied up in UB accounts that they will probably never see, except John Hewitt obv