New rumors in PokerStars bid to purchase Full Tilt Poker

Posted by Steve Ruddock on May 11, 2012 Posted in Poker News | No Comments »

Based on some new rumors (where is 2+2 when you need them!) it seems that there was some movement on the potential sale of Full Tilt Poker to PokerStars. According to the website, representatives from Full Tilt Poker, PokerStars, and possibly UB/AP Poker were in the US to discuss potential settlements with the Department of Justice.

According to the article, “representatives of Full Tilt Poker and Poker Stars are in the USA today to come to settlements about the ‘purchase’ and agreements between both companies and the Department of Justice… This news is positive re-enforcement that Full Tilt players will be getting their money soon (less than 90 days) and that the deal is still going to happen.”

Later in the day another quote on the matter was discovered, this time on the website, where Todd “DanDruff” Witteles posted the original article, along with this non-cited quote:

Update from a 2nd hand source about major ex-US sites: “Heard that PStars/Tilt/UB/AP went in front of judge in New York….had all their shit sorted out…but then the District Attorney from Kentucky showed up and had their hand open asking 125 million from each site and if they don’t fork it over, they are going after domains to seize them…..“

This is the first hint of any progress in the potential deal, which first started circulating toward the tail-end of April after an anonymous post on the 2+2 poker forum, followed by several other individuals in the poker community coming forward to verify the initial claim.

Based on the reports, PokerStars would purchase Full Tilt Poker and at the same time send the US Department of Justice a total of $750 million –$330 million to cover all player funds on Full Tilt poker along with the additional $420 million to purchase the Full Tilt Poker assets and most likely come to a monetary settlement with the US DOJ.

Should the deal be completed it would end a 13-month and counting process that has seen over $300 million of player funds frozen on the Full Tilt poker site. The site has been offline since June 29, 2011, when the Aldernay Gambling Control Commission (AGCC) suspended the license of Full Tilt poker over discrepancies in their financial statements. Since that time the site’s license has been revoked, and through investigative reporting at the now-defunct Subject: Poker website we learned that Full Tilt poker had only $6 million in hand, owing players over 50-times that amount.

With Groupe Bernard Tapie out of the running (thought to be the players’ final hope) and evidently looking at starting their own online poker room now that the Full Tilt deal is off the table, the poker community is once again turning to PokerStars to come in and save the day.

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