In a breaking news story appearing in this morning’s LA Times, Nathaniel Popper is reporting that the beleaguered online poker room, Full Tilt Poker, has reached an agreement with a group of European Investors that will see a cash infusion large enough to repay an estimated $150 million owed to US players, as well settle the civil lawsuit filed by the US government as Black Friday unfolded on April 15th.

According to the article, “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 article also cited Phil Ivey’s attorney David Chesnoff who told the Times, “Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid,”

The deal apparently took place despite the Aldernay Gambling Control Commission suspending Full Tilt Poker’s license on Wednesday, which put poker players’ confidence in Full Tilt’s ability to repay their players at an all-time low. However, if the Times story is correct it seems players may be paid much sooner than was originally expected. There is also the possibility of the AGCC reinstating Full Tilt Poker’s license in the coming days.

Tags: Agcc, Black Friday, Cash Infusion, Civil Lawsuit, David Chesnoff, Enough Money, European Investors, Full tilt Poker, Gambling Control, La Times, Majority Stake, News Story, Online Poker, Parent Company, Phil Ivey, poker players, Poker Room, Popper, Taking Steps, Us Government

This entry was posted on Friday, July 1st, 2011 at 7:49 am and is filed under Poker News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Full Tilt to be sold, US players WILL receive money”

1. Midas says:

   July 2, 2011 at 12:13 am

   It is a matter of refund now that is primary in the mind of all players whose money is frozen at Fulltilt. How the government or the judiciary intervenes and works it out is still unknown though promises of refund have been made by Fulltilt, it remains to be seen. A better option as we are witnessing now after the FTP bubble burst is switching over to legalized poker sites like Partypoker and 888poker, where there is almost no chance of you encountering another FTP, as here, it is all regulated and structured towards total transparency in dealings. The 888poker site is even listed on the London Stock Exchange, and in a remote case of shutdown, players will be repaid in full as per stipulations. FTP might be a loss to some but it made a looser out of many.