Tag Archives: poker crisis

French Investor Could Save Full Tilt

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Full Tilt has said it has received an offer to buy it from French investment company Bernard Tapie. The deal could mean more than $300 million currently owed to players could be paid back.

However the deal will only happen if the company can resolve its legal problems with the US government.

The investor Bernard Tapie is best well-known for owning German sportswear company Adidas for a few years in the 1990s
In June the poker world was stunned when Full Tilt was shutdown worldwide after it had its channel island gambling licence suspended. Federal prosecutors accused Full Tilt of being a giant Ponzi scheme.

This was especially shocking as the site is predominantly owned by some of the most famous poker players in the world including Chris Ferguson and Howard Lederer.

The site is alleged to have paid $444 million in players money to board members leaving it owing far more money than it has.

Full Tilt was first sued by the US government in April. Although initially Full Tilt argued that players accounts were segregated from operating activities. It has subsequently been discovered that they were drained regularly.

POKER SHUT DOWN – UPDATE

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On Wednesday there was some good news for online poker players following the shutdown last Friday. The two biggest sites in the US, Full Tilt Poker and PokerStars, came to an agreement with the United States Attorney Office for the Southern District of New York. The deal means the sites get there domains back but US players will still not be allowed to play. However the agreement means that the sites are once again open for all non-US players.

Although unable to play, many US players believe this is an important first step to getting their money back. This was affirmed by FullTilt.

‘The agreement represents an important first step towards returning funds to U.S. players because it allows Full Tilt Poker to utilize its domain to facilitate the withdrawal of player funds. But, unfortunately, there remain significant practical and legal impediments to returning funds to players in the immediate future.’

Since the shutdown, poker players have exerted a substantial amount of pressure on US politicians and many believe this is the reason for the swift agreement. Well known player Andrew Robl tweeted, ‘Part of the reason for swift return of the domains is the huge public outcry. call/email your senators etc’

We can now be hopeful that US account holders will receive their money back in the future at some point.

In a statement the US attorney for the Southern District of New York stated, ‘this Office expects the companies to return the money that U.S. players entrusted to them, and we will work with the poker companies to facilitate the return of funds to players, as today’s agreements with PokerStars and Full Tilt Poker as today’s agreement demonstrates.’

See the 2+2 thread below for the poker communities reaction to the shutdown in MS Paint form!

http://forumserver.twoplustwo.com/29/news-views-gossip/mspaint-online-poker-players-before-after-1023686/