Home / Poker News July 2011 / Fresh Full Tilt Poker Rumors
Fresh Full Tilt Poker Rumors
Posted by: Randy Williams - Fri, 2011-07-01 09:42
Full Tilt Poker has been offline for two days now as the online poker community grows ever worried about where and how this fiasco will end. In such periods of tension, rumors surface with an amazing regularity as people try to make heads and tails of every tiny information-crumb they can pick up.
After speculations that Jack Binion was in the process of acquiring Raymond Bitar’s share of the poker room, new rumors surfaced about Full Tilt looking to obtain a license under a different jurisdiction. The Mohawk Territory of Kahnawake was seen as a potential target for the site, but the abundance of technical issues associated with such a move quickly got those rumors filed in the “highly unlikely” category.
Now, there’s a new story afloat. Supposedly, a group of European investors are squaring off to buy the operation. Supposedly, this deal would also allow US-based Full Tilt Poker players to recover $150 million in funds currently locked in the poker site’s coffers, funds that may not even exist by some accounts.
Full Tilt Poker has been in hot water ever since the April 15 DoJ indictments handed out, among others to some of its top executives. It hasn’t been able to pay back US players’ funds that remained stuck on the site once its US operation has abruptly ended. The latest predicament came when Channel Islands authorities decided to suspend the license under which the site had operated.
PokerStars – the other major online poker operator affected by the April 15 indictments – have since returned around $120 million to US customers. Phil Ivey, one of
Full Tilt Poker’s top representatives had sued the site too, but he has since withdrawn the lawsuit.
According to Full Tilt attorneys, the company signed an agreement on Tuesday with the above mentioned group of European investors. The money injected by the group would be used to settle the April 15 legal issues. The US is seeking $3 billion in damages from the sites targeted by the April 15 indictments. Full Tilt representatives had no comments on that issue for now.
