coolnout
Legend
Silver Level
"On April 15th 2011 the United States Department of Justice unsealed a federal indictment against a number of individuals employed by major online poker operators. After the issuance of that indictment and a related civil case brought by the United States government, fulltiltpoker withdrew from the US market. Then in a related action, on June 29th, 2011, FTP had its operating licenses suspended by the Alderney gambling Control Commission.
As a result, Pocket Kings Ltd. (provider of marketing and technology services to FTP has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in FTP's markets outside of the U.S.
If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.
Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in FTP’s Non-US Markets, and is fully committed to ensuring FTP restores the site and repay players in full. To this end, FTP has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of FTPs non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course."
source:
http://www.pokerstrategy.com/news/w...Receives-New-Full-Tilt-Poker-Statement_51523/
As a result, Pocket Kings Ltd. (provider of marketing and technology services to FTP has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in FTP's markets outside of the U.S.
If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.
Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in FTP’s Non-US Markets, and is fully committed to ensuring FTP restores the site and repay players in full. To this end, FTP has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of FTPs non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course."
source:
http://www.pokerstrategy.com/news/w...Receives-New-Full-Tilt-Poker-Statement_51523/
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