Breaking: PokerStars purchases Full Tilt players to be repaid

Posted by Steve Ruddock on Jul 31, 2012 Posted in Online Poker News, US Poker News | No Comments »

PokerStars versus Full TiltThe news came one day later than expected, but given the official announcements that have been hitting the Internet in the past few minutes it appears that the nightmarish run for Full Tilt poker players in the aftermath of Black Friday is coming to an end. Thed news was broken today by poker blogger DiamondFlush, whose website is apparently down due to all of the traffic: http://diamondflushpoker.com/2012/07/pokerstars-acquires-full-tilt-poker-assets-doj-agreement-complete/

Here is a look at the official announcement sent out by Full Tilt Poker in the past few minutes:

FULL TILT POKER CONCLUDES TRANSACTION WITH POKERSTARS AND UNITED STATES DEPARTMENT OF JUSTICE

Agreement Ends Civil Forfeiture Proceedings and Includes Payment For All Players

Dublin – July 31, 2012 – Full Tilt Poker is very pleased to announce the conclusion of a three-way transaction with PokerStars and the United States Department of Justice which will result in all of FTP’s US players having the opportunity to be paid. The agreement ends the company’s civil forfeiture proceedings with the U.S. Department of Justice.

Under the terms of the agreement, PokerStars will pay a substantial amount of money to the United States, and the government has agreed that all U.S. players will have an opportunity to request that they be compensated out of those funds for their losses. In addition, within ninety days PokerStars will make available for immediate cash withdrawal or play, the account balances for all of Full Tilt Poker’s non-U.S. players.

Full Tilt Poker apologizes to all of its customers who endured a long and difficult period wondering whether this day would ever come.

Full Tilt Poker expresses its appreciation to its loyal employees whose hard work over the last 15 months preserved the value of the Full Tilt Poker assets so a deal like this could be possible, and to PokerStars and the United States Department of Justice for their efforts in bringing about this resolution.

Jeff Ifrah of Ifrah Law PLLC, (Washington, D.C.) Barry Boss and Anne Madonia of Cozen O’Connor (Washington, D.C. and Philadelphia, PA respectively), Tony Coles and Charles Gerada of Jeffrey Green Russell Solicitors (London), and Tony O’Grady of Matheson Ormsby Prentice (Dublin) represented the affiliated companies that owned and operated Full Tilt .

 We will update this story throughout the day…

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