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Full Tilt Poker Acquisition Right Now Just a Prelude Stresses Attorney

Written by:
C Costigan
Published on:
Sep/30/2011
Full Tilt Poker Acquisition

An attorney for the embattled online poker company Full Tilt Poker stressed to the New York Times Friday afternoon that a potential sale of the company was still in the initial stages.

It was “merely a prelude to a formal acquisition, pending resolution of the civil suit”.  Players waiting since April 15 to see their funds will likely still have to endure a long wait and there are no guarantees this deal will not ultimately fall through.

Still, affected customers have more to grasp onto than they did yesterday.

Full Tilt Poker attorney Barry Boss told the Times “It’s a significant development and one that definitely gives a renewed sense of optimism that the players will get paid.”

Two executives of Full Tilt Poker were charged on April 15 with money laundering and bank fraud by the US Justice Department.  Last week, three professional poker players and stakeholders in the company were named as defendants in a civil action.  US Feds accused those individuals of taking part in an elaborate ponzi scheme. 

The white knight in question is Adidas head Bernard Tapie, though many reports have his son Laurent taking over.

In an interview with iGaming France, the younger Tapie said he intends to have Full Tilt Poker back up and running by January.  He also suggested the Full Tilt Poker name will remain.

Likewise, Tapie suggested a deal could be forged with the US Justice Department to get all players paid back, at least a portion of what they are owed. 

From iGaming France

A potential solution could therefore see the DOJ agreeing to return as much of that money as possible to players, while pursuing its civil and criminal cases against Full Tilt’s management. Tapie would then be able to finance any outstanding debts (which would be considerably less) and reopen the site.

While all of this appears to be good news, it is important to note that nothing is concrete just yet and the Alderney Gambling Control Commission's decision to revoke Full Tilt Poker's license does not instill a whole lot of confidence in the Internet poker community. 

- Chris Costigan, Gambling911.com Publisher

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