Full Tilt Poker Hearing

[deucem]

Full Tilt did NOT pay their $410,000 licence fees until it was suggested they do by the Alderney gambling Control Commission...


full tilt poker at the hearings on 26th July explained that the reason the fee’s weren’t paid in full related to Full Tilt’s expectation that the AGCC did not have any intention of reinstating it’s licence.


Full Tilt Poker

On 15th April 2011, the US Attorney for the Southern District of New York and the Assistant-Director-in-Charge of the New York Field Office of the FBI announced the unsealing of an indictment against 11 individuals, including some connected to Full Tilt Poker (“FTP”), alleging bank fraud, money laundering and illegal gambling offences. The AGCC, which licenses FTP, began immediate discussions with FTP’s management in order to protect the interests of players.

As a result of the AGCC’s investigations the decision was taken on 29th June 2011 to suspend the licences of the companies collectively trading as FTP. The AGCC has also imposed a condition that requires the licensees comprising FTP to arrange for the ring-fencing of identified players’ funds under their control.

On the 26th July 2011, the AGCC held a public hearing to consider allegations arising from the investigation. At the hearing the Commissioners of the AGCC, acting as a tribunal, decided to adjourn the hearing to a date no later than 15th September, as they felt that this was in the best interest of the players using FTP’s services.

The recent payment of overdue licence fees by FTP is also in players’ best interests since it allows commercial negotiations to take place that might result in a successful refinancing deal.

Further details regarding the exact date and venue of the next hearing will be announced as soon as possible.



http://www.gamblingcontrol.org/

 

[the lab man]

Reported yesterday that Full Tilt laid off it's American Employers, Not a good sign that Tilt will be back in USA and seems to go along with the Euro Investors looking for that market only
See link

 

[coolnout]

Full Tilt poker forums are back up. No idea what this means if anything.

 

[NiNjA BUS]

Full tilt and PS won't be back in US. I'ma stick to carbon anyway.

 

[OzExorcist]

Reported yesterday that Full Tilt laid off it's American Employers, Not a good sign that Tilt will be back in USA and seems to go along with the Euro Investors looking for that market only

That's pretty obvious though - of course it's the rest of the world market (don't forget, there are other places in the world aside from the USA and Europe and online poker is legal in pretty much all of them) the investors are interested in, nobody has any reasonable expectation that Full Tilt will be back in the US market in the short to medium term.

That has nothing whatsoever to do with US players getting paid though.

 

[bigphatmike]

fingers crossed*** i still got ten bones on there

 

[deucem]

[/quote]That has nothing whatsoever to do with US players getting paid though.[/quote]

If Full Tilt didn't expect to get their licence back after the investigation then no one in the world should hold their breath waiting for any cash.:banghead:

 

[coolnout]

I have no idea if there's any credibility to this story:

http://www.businesswire.com/news/ho...-poker.ca-Full-Tilt-Poker-Close-Reaching-Deal

August 12, 2011 11:16 AM Eastern Daylight Time
Canadian-poker.ca: Full Tilt Poker May Be Close to Reaching a Deal with Investors; pokerstars Absent from Online Poker Negotiations

Online poker room PokerStars is back online in canada, but Full Tilt Poker is yet to close a deal with potential investors, Canadian-poker.ca reports.

MONTREAL--(BUSINESS WIRE)--Canadian-poker.ca (http://www.canadian-poker.ca) reports that Full Tilt Poker, the online poker room notoriously shut down in America and worldwide, has taken its first step toward repaying players by finally paying off a $250,000 debt to its licensors. The source for this money is unknown, though Canadian-poker.ca spokesman Leon Daniels predicts that it may mean potential investors in Full Tilt, including 888 Poker, Bwin.Party and Playtech, could be closer than ever to reaching a deal.

“With Full Tilt Poker’s finances finally looking better, it doesn’t mean the site will be back online soon, and we at Canadian-poker.ca will continue to recommend our players choose 888 Poker as the preferred online poker room.”

“I’ve mentioned before why companies like 888 would be interested in purchasing Full Tilt Poker. 888 has one of the biggest online poker rooms in the world, and they lost many players to the illegally operated Full Tilt. Now that Full Tilt is no longer active in the Canadian market, it makes sense that 888, a stable and reliable company, would take the opportunity to win back players in Canada, even if it means having to take responsibility for Full Tilt’s infamous debts. This shows just how stable 888 is. It is yet to be confirmed if 888 will invest in Full Tilt, but I certainly hope so.” For updates on 888 Poker, continue reading here: http://www.canadian-poker.ca/888-poker.

”I don’t believe PokerStars, formerly a huge presence in the online poker world, is a potential investor. Black Friday and subsequent investigations seem to have PokerStars’ hands full at the moment,” Daniels explained. ”While they’re faring better than Full Tilt by far, they still have to deal with the authorities,” he said.

Daniels continued to say that party poker, another potential Full Tilt investor, is also in the same league in terms of appealing to Canadian online poker players. “However,” he said, “Party Poker, who recently merged with Bwin Poker, already has a substantial share of the Canadian market, so it might be of less interest to them.”

Daniels added, “With Full Tilt Poker’s finances finally looking better, it doesn’t mean the site will be back online soon, and we at Canadian-poker.ca will continue to recommend our players choose 888 Poker as the preferred online poker room.”

 

[OzExorcist]

FWIW multiple seemingly-credible sources (certainly ones that sound far more credible than that shillfest) have reported that the investor Full Tilt is in exclusive negotiations with has no prior involvement in online gaming. So it's almost certainly NOT 888.

 

[konawajim]

I've taken some time off playing poker and was REALLY hoping that Full Tilt was going to pay it's U.S players by the time I came back ready to play. Looks like I will probably hit the Lotto before they pay.

 

[konawajim]

.

 

[coolnout]

Full tilt issues a press release:

http://www.pokernews.com/news/2011/...usive-statement-regarding-investors-10893.htm

For well over a month, poker fans have heard rumors that a group of European investors had expressed interest in acquiring Full Tilt Poker, which gave credence to the possibility that players may actually see refunds. However, that enthusiasm dwindled as news regarding a possible takeover grew stagnate.
In a press release issued exclusively to PokerNews by Full Tilt Poker, it seems the company is now seeking other possible investors. Here is the press release which we received Monday, August 22, 2011, in its entirety:

Dublin, Ireland (August 22, 2011) - On August 16, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker, concluded the exclusivity period of negotiations with their current potential investor.

While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.
Full Tilt Poker apologizes for its lack of communication with its customers over the last month and a half, but it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality.

To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward. Full Tilt Poker's number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.

 

[Poker Orifice]

In regards to the FTP press release statement posted above ^
I would've assumed that everyone/anyone would've realized this but what I don't understand is > why didn't FTP just say this to it's customer base a month (or more) ago?

 

[Poker Orifice]

Couple articles on latest developments (or lack of them)

Chief Marketing Officer of Pocket Kings agrees to step down
http://www.egrmagazine.com/news/1689122/pocket-kings-cmo-resigns.thtml

Management overhaul likely to follow FTP takeover

http://www.egrmagazine.com/news/1689182/management-overhaul-likely-to-follow-ftp-takeover.thtml

 

[coolnout]

It seems like FTP is headed to bankruptcy. We'll be lucky to see pennies on our dollars.

 

[Charade You Are]

Alderney hearing was suppose to be open - now closed to the public.

http://www.parttimepoker.com/full-tilt-license-hearing-closed-to-public-ftp-issues-statement

 

[PotluckXXI]

No Play money either

tried to download the US version a couple of times and could never establish a connection, it seems there isn't any site for US players even for play money. I guess the Poker After Dark are old because they are still advertising FullTilt

 

[KerouacsDog]

tried to download the US version a couple of times and could never establish a connection, it seems there isn't any site for US players even for play money. I guess the Poker After Dark are old because they are still advertising FullTilt

lots of US players are still playing for real money bud.

 

[PotluckXXI]

correction

was just talking about full tilt, not all sites in general

 

[coolnout]

AGCC hearing was today. They booked the conference for 2 days apparently. So it may continue tomorrow. No info coming from the hearing. We'll have to wait for FTP or AGCC to make a statement about it. Which who knows how long that could take.

 

[bobsay225]

tried to download the US version a couple of times and could never establish a connection, it seems there isn't any site for US players even for play money. I guess the Poker After Dark are old because they are still advertising FullTilt

site has been shut down for months play at carbon bud

 

[Exit141RTe1]

BBC Article:

http://www.bbc.co.uk/news/business-14997069

 

[woody19]

i have give up hope of seeing fulltilt back soon lol......time to face reality good bye fulltilt

 

[Dreams of Tragedy]

i have give up hope of seeing fulltilt back soon lol......time to face reality good bye fulltilt

I think it more in the lines of goodbye online poker, cause after this i think that the U.S Gov might look at this saying this is why we do not pass the bill.

 

[OzExorcist]

I think it more in the lines of goodbye online poker, cause after this i think that the U.S Gov might look at this saying this is why we do not pass the bill.

...or they could say "this is why we need to pass a bill". The reality is that there is still tax revenue there for the taking and they'd be stupid to pass up on it.