Full Tilt Poker finally releases a (not so useful) statement
Aug 27, 2011 at 6:09 pm in Latest Poker News by George
Full Tilt Poker Releases Statement
The entire press release, as published by Pokernews.com, is as follows:
“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.”
If a company were to put up the up to $150 million dollars to pay out the players owed by Full Tilt Poker, they would receive a majority stake in Pocket Kings which is the parent company of Full Tilt Poker.
In our opinion, this entire backlog of payments should have been paid out long ago. Full Tilt Poker should have had the money to cover ever penny on every table at anytime, no, they should have double that much at all times. Just in case something goes terribly wrong and all players withdraw money at the same time. Full Tilt Poker obviously needs to get their act together. We understand that these are hard times due to the recent US legislation, but a company of their size should have covered all their bases from the start. Hopefully the $150 million dollar investor will see that if Full Tilt Poker does return, they may have already lost the trust and faith of the average online american poker player.
Not just americans are waiting their cash, i am in australia – . They have 4k of mine i need back!! C##nts!
Absolutely ridiculous. Regardless of what country they are based out of, the government there should lock down accounts of the owners and repay what is owed. Imagine if this happened in a casino. Even if the casino is robbed, they have enough to cover the bets. Hopefully they will get their act together soon.
While this was clearly a case of mismanagement on the part of FTP, blame the U.S. government for putting them in this predicament. The shortfall from all of the payments that couldn’t be processed alone was a lot more than $150 million. Then when you add in the money that was seized as a result of Black Friday, that put them way over the edge.
I hope online poker gets regulated soon. I’ll take my FTP cashout and instant-deposit it to Pokerstars or Lock Poker and know that when I cash-out, i’ll actually get something. Pokerstars cemented themselves at the top of the worldwide leaderboard for poker rooms. They’ve done the exact opposite thing FTP has, and it’s shown in their traffic stats, even without US players.