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burrfoot
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Posted: Fri Jul 01, 2011 11:47 am Post subject:
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The Los Angeles Time reports that it has insider information that FTP in on course to getting European investors willing to fork out:
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| Attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt's Irish parent company, Pocket Kings. The attorneys spoke anonymously because of the sensitivity of ongoing negotiations with the federal prosecutors in Manhattan who brought the charges. |
Also Phil Ivey has confirmed via his solicitor that he has dropped his ambitious lawsuit:
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| Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid. |
Theres obviously a lot of frantic negotiations ongoing...
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burrfoot
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burrfoot
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Burgeo
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Posted: Wed Jul 06, 2011 9:13 pm Post subject:
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Whats that about Burr?
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burrfoot
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Posted: Thu Jul 07, 2011 1:41 am Post subject:
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It seems to be speculation stemming from the Irish investors story... There is growing opinion that Ivey is spearheading a group to buy out a majority share at FTP...
To tie in with this rumour, it has also been suggested that Ray Bitar is already gone to pave the way for a relaunch...
Further to that there is emerging a train of thought that FTP will be back sooner rather than later...
However, its still very early days. Even if they do get up and running both they and Stars have some very difficult times ahead. US govt is seeking millions if not billions, which if settled has to be paid from somewhere!
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burrfoot
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Posted: Fri Jul 08, 2011 3:34 pm Post subject:
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With the AGCC's hearing with FTP looming on 26th July, FTP's lawyer, Jeff Ifrah has informed pocketfives that:
"..within the next two weeks, this deal will close, and the number one feature of it is for players to get paid back. The investor is aware of that and everyone knows that’s the critical material term. Without that term, the deal won’t happen.”
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burrfoot
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Posted: Thu Jul 14, 2011 10:13 am Post subject:
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Here's a media release statement from Alderney Gambling Control Commission:
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Alderney Gambling Control Commission (AGCC) will hold a public hearing regarding the future of Full Tilt Poker at 10am on 26 July at the Park Plaza Victoria Hotel in London.
The purpose of the hearing will be to make public evidence from both AGCC and Full Tilt regarding the suspension of Full Tilt’s licence and to adjudicate the findings transparently.
Full Tilt’s licence was suspended last month by AGCC following an indictment by the US government and its subsequent failure to satisfy AGCC that its activities inside and outside the US were in order.
Executive Director of AGCC, André Wilsenach, said: “AGCC’s choice to hold a public hearing in to the future of Full Tilt Poker demonstrates our willingness to act transparently and we will welcome members of the public and the media. As ever at all times, our primary concern is the protection of the player.”
It will assist the process if members of the public or the media wishing to attend the hearing would first contact AGCC on +44 (0)1481 825500.
Issued by: André Wilsenach, Executive Director
Alderney Gambling Control Commission
Alderney
Channel Islands
Contact: Julia Fea
julia.fea@grayling.com
+44 (0)7970 731001 |
Pity it couldnt be televised like the ongoing NOTW hacking debaucle
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burrfoot
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Posted: Tue Jul 26, 2011 11:50 am Post subject:
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As thought this has turned out to be a bit of a damp squid... FTP have basically asked for a private adjournment to request a longer adjournment to allow them to build their case and find their investor... its hardly a surprise they have also promised to pay AGCC their 250k in fees within 7 days... sweetener?
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MauricefromHolland
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Joined: 17 Feb 2010
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Posted: Wed Jul 27, 2011 1:27 pm Post subject:
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Full Tilt Poker Players left Fuming at Alderney Gaming Commission Circus
By: David /July 26, 2011
Poker players from all over the world swamped poker forums this evening with condemnation for the Alderney Gaming Control Commission (AGCC) and the way in which it had been given the run-around by representatives of Full Tilt Poker at a hearing scheduled to resolve issues connected with the suspension of Full Tilt Poker´s operating licence on June 29th.
The hearing at London´s Park Plaza Victoria Hotel had been organised by the AGCC “to make public evidence from both AGCC and Full Tilt regarding the suspension of Full Tilt’s licence and to adjudicate the findings transparently.” Executive Director of AGCC, André Wilsenach, had added “AGCC’s choice to hold a public hearing in to the future of Full Tilt Poker demonstrates our willingness to act transparently and we will welcome members of the public and the media. As ever at all times, our primary concern is the protection of the player.”
However, one of the first manoeuvres by Full Tilt Poker (FTP) lawyer Martin Heslop was to request that the hearing was adjourned in order not to jeopardise ongoing negotiations for the partial sale of FTP to a European investor. Although being widely anticipated by many industry professionals, it appeared that the AGCC did not know how to respond to this and, despite the transaction being rumoured for many weeks, had to go into private conference to consider the application.
On first review, the AGCC decided to continue, but after lawyers from FTP refused to co-operate with proceedings, a private meeting was organised between the two sides to discuss if the hearing was to continue and, if so, on what terms. It transpired during the meeting that FTP owed the AGCC £250.000 in unpaid licence fees and had no intention of paying this amount if it was not going to get its licence back.
The commission then agreed to FTPs request for a private hearing on the matter of an adjournment and ordered the press and the players from the room. “What about the players?” screamed UK poker player Harry Demetriou as he was shepherded out. But the promises of André Wilsenach (above) were completely put aside and the hearing continued behind closed doors.
Throughout the private hearing, speculation on the poker forums and social media grew about what was going on in the Park Plaza Victoria Hotel, with many saying that the private hearing was a good thing should it bring a resolution to the money tied up in Full Tilt Poker´s bank accounts. However, when the announcement came at 17.45 GMT that the hearing was indeed going to be adjourned (until 15th September) tempers flared on the Internet – accusing the AGCC of being a joke and taking more interest in the £¼ million owed to them than the hundreds of millions owed to players around the world.
No doubt their rage will continue long into the night. |
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burrfoot
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Posted: Fri Jul 29, 2011 9:42 am Post subject:
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The Alderney Gambling Control Commission has issued the following media statement:
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At a hearing yesterday the Commissioners of Alderney Gambling Control Commission (AGCC), acting as a tribunal, decided that the application for an adjournment of the hearing into the future of the licences issued to Full Tilt Poker (FTP) be conducted in camera. Following the hearing of this application, the Commissioners decided to adjourn the substantive hearing of the allegations against FTP. As part of their ruling the Commissioners emphasised that the substantive hearing into the future of these licences still needs to take place.
As a result of the arguments on behalf of FTP during the pre-hearing application the Commissioners decided to adjourn the hearing as they felt it was in the best interests of FTP’s customers. A key consideration in their decision was to allow FTP licensees ‘to further pursue advanced commercial negotiations which could lead to a more beneficial outcome for player interests’.
The Commissioners adjourned the substantive hearing to commence as soon as possible and in any event not later than 15th September. Further details regarding the exact date and venue of the substantive hearing will be announced as soon as practical. |
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burrfoot
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Posted: Tue Aug 23, 2011 7:57 am Post subject:
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FTP has issued a small statement to Pokernews.com, stating that on 16th August, the FTP brand executor, Pocket Kings Ltd, ended its 'exclusivity period of negotiations with their current potential investor.'
They say that these negotiations continue, but they are also now talking to other parties....
They also kind of apologise for not keeping their players informed, and 'will strive' to do better from now on. However their caveat remains that they require confidentiality during negotiations, so I wouldnt be expecting any big interviews or clarifications in the pipeline.
Sounds more like a strategic ploy to boost their negotiations rather than any real effort to speak to us!
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burrfoot
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Posted: Wed Aug 31, 2011 8:22 am Post subject:
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FTP have decided to issue frequent statements to their 'customers'. Here the latest from overnight:
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As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday.
The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks. While we believed that offering peer-to-peer online poker did not violate any federal laws—a belief supported by many solid and well-reasoned legal opinions—the DOJ took a different view. In addition, as was widely reported, a key payment processor stole approximately $42M from Full Tilt Poker. Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected. Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.
Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players. At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation. We have recently engaged an additional financial advisor through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players. While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations.
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Some weirdly worded phrases there and if you're a 'glass half full' type, then maybe a little hope this may get sorted... On the other hand, its not much further forward and now it seems to be the Governments fault?!
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