Full Tilt Poker Investors Back out Of Deal
Full Tilt Poker players were wondering what to make of a statement by the brand owners of the site to the effect that a team of anonymous European investors have apparently stepped away from the negotiation tables.
This means that there is no acquisition deal in sight, leading players to believe that their funds which are currently frozen in the site are still far from being paid out.
Full Tilt Poker has continuously reassured its players that the return of their funds is of its highest priority, even though this has been the tune since Black Friday in April 2011. Some $100 million is owed to online poker players by the site, which has led to at least two collective lawsuits brought against Full Tilt Poker - the most recent announced this week.
A statement issued by Pocket Kings read; "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."
No more details were given about the identity of the investors and whether there was any hope of them getting back on track.
It was reported this week that the investors had set up a meeting with the Department of Justice in the US to see just what was in store for Full Tilt Poker in terms of lawsuits. They may not have liked what the DOJ had to say, explaining the conclusion of the negotiations.
Will the AGCC Delay the Hearing Again?
To add insult to injury, Jeff Ifrah, the attorney working for Full Tilt Poker said that FTP would be requesting that the Alderney Gambling Control Commission reschedule a hearing that was already postponed in July to a later date in mid September.
The AGCC granted FTP an extension in July because the group claimed that the hearing may affect their chances of finalizing a deal with the investors. However, now that there is little hope of a deal being reached, the AGCC may not grant another extension.
"Nobody wants to come to September 15th and not have a deal which is either finalized or close to finalization to the point that it can be shared with Alderney and result in the extension of that date," said Ifrah.
