Since Full Tilt’s operations ceased when the Alderney Gambling Control Commission (AGCC) lifted the site’s operating license on June 29 (see article on that here), players worldwide have been anxiously awaiting news about the status of funds they have stuck on the site, previously only second in worldwide player traffic to then (and now) industry leader PokerStars.
While Full Tilt account holders fretted and vented in threads on 2+2, pokertfives.com and other website worldwide, their concerns were met by mostly deafening silence from both Full Tilt and its sponsored pros. Left in limbo, many are wondering if the funds they have on the site, which for some exceeds six figures, will ever be returned to them.
Finally, on August 22 came a statement from Full Tilt, as first reported exclusively on pokernews.com:
“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.”
While the statement represented at least some communication, it obviously provides very little in terms of movement toward player refunds or really anything else. It is clear, however, that prospective buyer #1 has left the building, which is not really a good sign.
It remains to be seen if there will be any further developements coming. A curious thread on 2+2 features someone named Jeff Ifrah, who says he is an attorney representing Full Tilt interests in a portion of its lawsuit defenses.
Ifrah says that another statement will be coming from Full Tilt within days. He actually says that a statement is set to arrive today, the day this article was posted. That statement has not yet appeared. According to Ifrah. the failure of a new statement to arrive as promised would not be positive, as he mysteriously puts it: “I am fully aware of the consequences if this does not happen.”
We’ll continue to follow and analyze the Full Tilt story.