Purple Lounge Casino Closing down!!

Shocking news here. Purple Lounge are shutting their doors. Their website is also stating this > It is with great regret that we have to inform you that Purple Lounge has suspended its casino and poker services. We will be contacting individual players within the next 7 days.

The reason for the litigation is unknown.

Media Corp said it had loaned Purple Lounge £900,000 in the last few months and had never received cash or dividend from Purple Lounge.

Also several of cases of unpaid players and slow pay most part as well.

Will keep you updated here when more news comes in. We do hope you have not got lot of funds outstanding or withdrawals. If any problems you are welcome to post in this thread and we will try help you. As we have contacts within Purple Lounge, but can not promise we will receive any answers

Also news here from http://uk.advfn.com/news/UKREG/2012/article/52183568


Purple Lounge Trading Update
Share this article
Print

TIDMMDC


Media Corporation Plc


("Media Corp" or the "Company")


Purple Lounge Trading Update


Further to the trading update of 11 April the Company provides the following trading update ahead of the publication of the interim financial results for the six months ended 31 March 2012.


In preparing the interim results it has become clear that the Purple Lounge is trading materially behind the same period of the previous financial year which will result in increased losses for the division and, as a result, the Company as a whole. The directors believe that Purple Lounge has suffered as a result of negative trade press (much of which the directors consider totally unfounded) particularly surrounding the litigation brought against one of the Company's subsidiaries by CD Casino.com Limited.


As a result of the recent losses, and resulting impact on the Company's cash position having continually funded the losses, the directors are in the process of considering a number of options for Purple Lounge as a means to control the losses and, in doing so, preserve the Company's cash and value in its other divisions. Media Corp has not received dividends or cash payments from Purple Lounge during its ownership and has loaned over GBP900k in the last few months. The options under consideration may be directly impacted by the outcome of the Company's stated intention of undertaking an acquisition or acquisitions. In the meantime the Company has temporarily suspended the site www.purplelounge.com.


As at 31 March the Company had cash balances of GBP400k with an additional GBP250k received on 4th April 2012 from the disposal of loss making publishing assets.


The directors hope to publish the full interim results by 31st May 2012.


Further announcements will be made as and when appropriate.


--ENDS--

Hey that is sad news I got email today from them. Lucky me did not have any cash in account anyway. Had account from couple years back. But not really played so much there.