Dama NV bankruptcy

[L&L-Jan]

Not sure if this pdf can be translated. But it appears the court of curacao has declared Dama NV bankrupt. As a result of two gamblers from Austria and the Emirates who claimed their money back.

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Not sure what this means for players but i thought its important to share.

 

[dunover]

Yep. Don't be fooled, it's a paperwork exercise to avoid paying up. The capital will be safely esconced elsewhere and a new name subsequently registered.

 

[maxd]

Um, not to be a sceptic or anything but hasn't Curaçao done something like this before? The 1x... guys I think it was. Declared bankrupt on Monday, declared NOT bankrupt on Wednesday (or whatever it was). Might this be a way that the Curaçao courts are extorting money and/or cooperation from casino companies?

FWIW I am in fairly regular contact with the Dama/Softswiss guys and I would be gobsmacked if there was any real truth to this.

- Max

 

[L&L-Jan]

@maxd it is the 2nd operator: Rabidi NV was the one of early May:

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[justdoit]

is that mean rich arab did cash back ?

 

[bamberfishcake]

Yep. Don't be fooled, it's a paperwork exercise to avoid paying up. The capital will be safely esconced elsewhere and a new name subsequently registered.

Yes, us peasants need not concern ourselves with this. There won't be any debt collectors knocking on doors.

Brave group taking on players from The Emirates. Would restrict that max bet all day long

 

[Avernite]

Um, not to be a sceptic or anything but hasn't Curaçao done something like this before? The 1x... guys I think it was. Declared bankrupt on Monday, declared NOT bankrupt on Wednesday (or whatever it was). Might this be a way that the Curaçao courts are extorting money and/or cooperation from casino companies?

FWIW I am in fairly regular contact with the Dama/Softswiss guys and I would be gobsmacked if there was any real truth to this.

- Max

Would it be possible for you to look into this a little further? DAMA NV going bankrupt would be a huge deal for a lot of players.

Secondly, do you happen to know why they went from Direx NV to DAMA NV a few years back?

 

[Elgoog]

september 2020?

 

[justdoit]

Would it be possible for you to look into this a little further? DAMA NV going bankrupt would be a huge deal for a lot of players.

Secondly, do you happen to know why they went from Direx NV to DAMA NV a few years back?

you can use translate google app on you phone

​

 

[maxd]

Would it be possible for you to look into this a little further? DAMA NV going bankrupt would be a huge deal for a lot of players.

As it happens I've already pinged some senior people in the company to ask. Of course they're under no obligation to respond -- internal corporate stuff and all that -- but if I'm given anything publishable and the permission to do so I'll post it here.

Secondly, do you happen to know why they went from Direx NV to DAMA NV a few years back?

I don't know the internal reasons but I do know that Direx took a hell of a beating back in its day -- some of which Casinomeister dished out -- and the name change was a fairly effective rebranding that (rightly) underscored their vast improvements here on the forums and elsewhere. Check out the old posts and discussions with homerbert for further insights on this.

- Max

 

[maxd]

OK, I have an official response:

"Dear customers of Dama N.V brands,​

​

This message is aimed to address the recent news about Dama N.V.'s bankruptcy in Curacao, which has caused concerns about our operations.​

​

Unequivocally clear: Dama N.V. is a financially solid organization, that is fully capable of delivering services to our customers. ​

​

Сertain players have attempted to recover lost funds through disputable claims, and we refused to succumb to those unethical demands. This stance, however, has unfortunately led to a legal procedure that Dama N.V. is vigorously contesting.​

In the best interest of our business and its continuity, we intend to settle these claims as soon as reasonably possible.​

​

While this tenacious battle for truth continues, be assured that any of our operations continue uninterrupted. Our dedication to maintaining the highest standards of services and reliability will not be put under question even during those dire times.​

Our commitment remains steadfast and unwavering.​

​

Sincerely,​

​

Dama N.V Management"​

​

Please note that I have posted this on Dama's behalf. For the time being they do not have a presence on these forums so I wouldn't expect this to be an opportunity for Q&A on this.

- Max

 

[Avernite]

OK, I have an official response:

"Dear customers of Dama N.V brands,​

​

This message is aimed to address the recent news about Dama N.V.'s bankruptcy in Curacao, which has caused concerns about our operations.​

​

Unequivocally clear: Dama N.V. is a financially solid organization, that is fully capable of delivering services to our customers. ​

​

Сertain players have attempted to recover lost funds through disputable claims, and we refused to succumb to those unethical demands. This stance, however, has unfortunately led to a legal procedure that Dama N.V. is vigorously contesting.​

In the best interest of our business and its continuity, we intend to settle these claims as soon as reasonably possible.​

​

While this tenacious battle for truth continues, be assured that any of our operations continue uninterrupted. Our dedication to maintaining the highest standards of services and reliability will not be put under question even during those dire times.​

Our commitment remains steadfast and unwavering.​

​

Sincerely,​

​

Dama N.V Management"​

​

Please note that I have posted this on Dama's behalf. For the time being they do not have a presence on these forums so I wouldn't expect this to be an opportunity for Q&A on this.

- Max

Thank you for sharing this Maxd, is there the potential for them to have a presence on the forum in the future?

 

[maxd]

Thank you for sharing this Maxd, is there the potential for them to have a presence on the forum in the future?

That's an excellent question. Unfortunately all I can say at this point is that the subject has come up in the past and, of course, they'd be more than welcome.

- Max

 

[lockinlove]

OK, I have an official response:

"Dear customers of Dama N.V brands,​

​

This message is aimed to address the recent news about Dama N.V.'s bankruptcy in Curacao, which has caused concerns about our operations.​

​

Unequivocally clear: Dama N.V. is a financially solid organization, that is fully capable of delivering services to our customers. ​

​

Сertain players have attempted to recover lost funds through disputable claims, and we refused to succumb to those unethical demands. This stance, however, has unfortunately led to a legal procedure that Dama N.V. is vigorously contesting.​

In the best interest of our business and its continuity, we intend to settle these claims as soon as reasonably possible.​

​

While this tenacious battle for truth continues, be assured that any of our operations continue uninterrupted. Our dedication to maintaining the highest standards of services and reliability will not be put under question even during those dire times.​

Our commitment remains steadfast and unwavering.​

​

Sincerely,​

​

Dama N.V Management"​

​

Please note that I have posted this on Dama's behalf. For the time being they do not have a presence on these forums so I wouldn't expect this to be an opportunity for Q&A on this.

- Max

Im sort of surprised by the lack of conversation about these guys. Maybe forum members no longer play there or something but I thought this was pretty big news.

I know this is over a year old but I had a few friends in the industry tell me how this went down as they know the company and what happened. (But dont take my word for it. Everything im stating can be cross referenced by some research)

A few DAMA NV casinos refused to pay players winnings. It was not players recovering losses.

Instead of paying them, they claimed bankruptcy after numerous appeals to the court decision. It was rejected numerous times and the courts expressed more than enough evidence to confirm DAMA NV must pay the players.

So instead of following the laws and judgement, they decided to declare bankruptcy but then reversed their decision.

Why did they reverse their decision? Once you declare bankruptcy and then reverse it, it allows the public records of the lawsuit to be hidden from the public.

They were found guilty by two courts. The Austrian courts and the Curacao courts.

They were also warned numerous times by the Australian government to stop inviting and allowing their citizens to play on their website after the government made it illegal for Aussies to gamble on offshore websites.

They continually refused to follow the IGA until the ACMA sent them an official warning to cease. (The warning can be viewed on the Australian government website)

The tried to go around the judgements and change the ownership name and renamed some of the casinos under Just Entertainment B.V. but the owners were still DAMA NV. They have also hidden themselves under Hollycorn NV for years but refuse to admit to players they are the same.

I once apologized to this company due to my aggressive behavior of stalled payments. I hereby rescind that apology and stand firm on DAMA NV is no longer acting ethical.

If DAMA NV would like to refute these claims, I invite them to post on the forum and provide the legal documents of the cases above. I will not get in a back and forth spat. The onus is on them to refute the evidence, with evidence. If they dont care to bother? Well ok then.


I know you are just posting what they told you so this isnt to get into an argument or anything. I just figured I would post the actual facts since they are trying to mask it as something else.

 

[lockinlove]

Yep. Don't be fooled, it's a paperwork exercise to avoid paying up. The capital will be safely esconced elsewhere and a new name subsequently registered.

This is true. Also, to have it hidden from the public.

Plus Dama attempted to claim bankruptcy so they didnt have to pay the players what was owed.

However, DAMA NV creditors proved they were no where near insolvant and the evidence allowed the courts to overturn their bankruptcy. So the courts should be given some credit here. If they didnt come to this judgement, the players would never have been paid and Dama NV would have just opened up casinos under a different brand.

So moving forward they had two options. To fight it (impossible because 2 courts found them libel and all their appeals were refused) or come to an agreement and pay the players.

Since there has been no new news of the ongoing court case, I would find it safe to assume they came to an agreement and had everyone sign an NDA.

 

[maxd]

From my perspective it’s important to keep in mind that individual operators and Dama NV are not the same thing. I know this from my dealings with them — and sometimes with misbehaved casino management — for some years now: sometimes Dama has the leverage to bring the operators into line, sometimes they don’t and have to clean things up themselves. Either way I’ve seen nothing but professional attitude and behaviour from them for close on a decade. YMMV.

- Max