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Full Tilt Poker to be Sold, Player Funds to be Returned

L.A. Times Reports European Investors Will Obtain Stake in the Company

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On Thursday evening, the L.A. Times reported that attorneys close with Full Tilt Poker said that the company has signed an agreement with a group of European investors who will put up enough money to cash out players. Full Tilt has, up until this point, failed to pay back an estimated $150 million in outstanding player funds since April’s Black Friday.

As part of the deal, the investors would obtain a majority stake in Pocket Kings, Full Tilt’s parent company. The money would also help Full Tilt settle its civil case with the United States Department of Justice. The agreement comes just one day after the company had its entire online operation suspended by the Alderney Gambling Control Commission.

Phil Ivey, who sued Full Tilt and has been absent so far at the 2011 World Series of Poker, will withdraw his lawsuit in Nevada, according to his attorney David Chesnoff. “Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid,” Chesnoff told the L.A. Times.

 
 
 
 

Comments

Wolfed
10 years ago

If it happens and I get my money, great.

PocketKings is a marketing and consulting firm based in Ireland, whose only real client was FullTilt. I seriously doubt they have the wherewithal to come up with the funds to purchase FTP, let alone then hand out the $150M owed players.

Howard Letterer and the rest of the scam artists should be in prison...

 
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Arturo_Fuente
10 years ago

Phew!!! I was one of very few who supported FTP all the way. I am glad they found the way to pay back US players. I always knew they tried to do that. And now as soon as online poker is legalized rather sooner than later FTP will be back. And if they need to establish a partnership with US based casino with proper US gambling license (Wynn? Caesars? Any other Las Vegas monster?), I will feel even better. I will be sure my $$ is safe and game will be fair.

 
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_Desperado
10 years ago

FTP can NEVER operate in the US again. Gaming license regulations specify no entity can be involved in a criminal enterprise and still be eligible for a gaming license issued by any convening authority. How any investor can purchase a company and make good on $150M bad debt is beyond me. It looks like a corporate shell game to me and I seriously doubt anyone will be seeing a refund anytime soon, or at all.

 
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notCIA
10 years ago

Where did the money go, that other investors need to be brought in to make the players whole?
Arturo, you are either a shill for FTP or delusional. Millions of dollars have disappeared.

 
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Arturo_Fuente
10 years ago

I am nit working for FTP. I am one of those whose money is still not paid back. I honestly believe that online monsters like FTP and Stars do not need to defraud their clients and it is more profitable for them to have crystal clear reputation. FTP wants to pay back what they owe to US clients. Why? Because they want to be back on US market. If they are back "UNDER NEW MANAGEMENT" I will give them a chance. Their "wrong doings" are not related to fair game, but to money processing. And as an answer to notCIA - millions did not disappear but seized by US Government since it wants approx. 1 Billion (with the "B") dollars from FTP as fines/penalties/restitution.

 
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msg8
10 years ago

Arturo, I will give them a chance too. GIVE US BACK THAT SMOOTH PLAYABLE FTP SOFTWARE. That's all. Somehow.. If I've lost my $400 in cash, points,tickets etc then so be it. BUT THE SOFTWARE, THE RUSH, STEPS, WHAT A WASTE IF NOT TO RETURN.

 
 

stupymutt80
10 years ago

the real problem is that they have to have sumone buy the company in order to raise the cash needed to pay players???? where is the money then??????

 
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lpro1111
10 years ago

Anyone who actually believes that somebody or even a group of people are going to buy this company and assume 150mm dollars worht of debt with no guarantee the site will ever be able to conduct business again is dilusional. Oh yeah there is also that little civil law suit from the US attorny to contend with. Anyone who is savy enough to be able to raise that kind of money certainly isn't investing in a loser like FTP.

Time to write that money off, if you see one penny consider yourself very lucky

 
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lpro1111
10 years ago

Anyone who actually believes that somebody or even a group of people are going to buy this company and assume 150mm dollars worht of debt with no guarantee the site will ever be able to conduct business again is dilusional. Oh yeah there is also that little civil law suit from the US attorny to contend with. Anyone who is savy enough to be able to raise that kind of money certainly isn't investing in a loser like FTP.

Time to write that money off, if you see one penny consider yourself very lucky

 
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notCIA
10 years ago

@ Arturo:
You honestly don't wonder where your money went? FTP was collecting rake on every hand in ring games and an entry fee on every tournament 24/7 but they needed your $50 too?
The money was not seized, accounts were initially frozen. Then, the Dept of Justice told FTP, as they did PokerStars, they expected them to return our money. FTP was still operating and making money everywhere but the US, and they couldn't do it. For 2 months they would not tell you why.
What was absolutely amazing was that their non-US business did not totally collapse. I guess the world is full of guys like you.
FTP will never operate in the US again as they will never get a license.

 
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mikeyb111
10 years ago

Raise a candle to the memory of what was once Full Tit Poker. They fought hard for the common player such as me but now they are not to be. They were the soldiers on the poker field but it is up to us to continue the battle.

 
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mbarnett56
10 years ago

Yeah. They fought for 2 months to keep my money while they were scraping it in off of morons too stupid to see what was really happening. Soldiers like that usually end up getting shot in the back by their own men.

 
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takedown
10 years ago

Anyone hear anything about UB lately? Are they still governed by the Kannawaki (please excuse spelling) gaming commission?

Anyway, it's almost election time and our President,(also a poker player),needs to show his hand and let us know who's side he's on. The petition I have on signon.org is designed to do just that.
The link is below.
Thanks

http://signon.org/sign/president-obama-stop?source=c.fwd.in&r_by=161170

 
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clunker
10 years ago

You are really into wasting your time and energy with this foolishness. Find a cause worth all this effort. If whether you can play poker online is anywhere on the President's radar at this moment in history his priorities are more screwed up then yours and he is not fit to be President.

 
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takedown
10 years ago

I can respect your opinion but would you mind telling me who you think would be fit to be President?

 
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clunker
10 years ago

If you read my post I did not say he was unfit to be President. I said that at this time of all the problems in America if he is paying attention to online poker and not the more urge problems facing us he should considered be unfit.

 
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takedown
10 years ago

Good point. So my question to him would be: With all the terrorest in the middle east and here for that matter and the real theives on Wall St, why is he allowing his DOJ to go after poker players?

 
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Maddy36
10 years ago

Well the going is good for some and not so good for the others. There are gains in the WSOP for the expected and the un-expected, while all at Fulltilt poker have been made losers who were good at their bets on the table but not so on choosing the best sites. Well now most have realized, where to bet their money on? While it is said that Fulltilt would repay player’s dues and will come alive again with new licensing, there is not much chance of most of the loyals returning to Fulltilt. European online poker sites like 888poker and party have been witnessing mass migration from American sites with the big three names caught in disrepute. 888poker seems to be the clear winner turning in exiled poker players from FTP and other illegal and untrustworthy US online poker sites in large numbers.

 
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clunker
10 years ago

Do you think the President tells the DOJ what cases to prosecute. And the sites were shut down for money laundering and bribery. These are not trival matters.

 
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clunker
10 years ago

FTP has no money to pay it's players. UB has no money to pay it's players. Most of these sites were just scams and it was time to shut them down. Maybe at some future point we will get a fair shake and honest sites instead of sites that just fleece their patrons.

 
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