Full Tilt Poker Saga Continues As Investors WithdrawAugust 23, 2011 8:24 am
Any hope that beleaguered online gambling site Full Tilt Poker was near to closing a deal with a group of European investors, has been well and truly dispelled after brand owner Pocket Kings released a statement on Monday, August 22, 2011, which read:
“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 even had their crucial hearing with the Alderney Gambling Control Commission (AGCC) on July 26th rescheduled to 15th September in order not to prejudice any ongoing negotiations with the company’s potential investors. However, it now appears it was all to no avail as its pretty fair to conclude that the ‘so-called’ investors, who apparently discussed the company’s outstanding US lawsuit with the Department of Justice this week, were evidently put off with what they were told.
One of Full Tilt’s attorneys, Jeff Ifrah, also indicated that the company is now planning on applying for a further extension on their hearing with the AGCC, with his statement which read:
“Nobody wants to come to September 15th and not have a deal which is either finalised or close to finalisation to the point that it can be shared with Alderney and result in the extension of that date.”
The upshot of the latest press release by Full Tilt basically adds up to more bad news for the site’s army of disenchanted customers who have had their funds frozen by Full Tilt for several months now.
Full Tilt’s troubles began after Black Friday on April 15th, followed by the revelation that the online poker room had been mixing its players deposits with its operating funds. In the meantime, Full Tilt’s apology for a lack of communication due to “complex legal and financial issues,” and its insistence that repaying customers still remains its number one priority will be little comfort for those thousands of players who continue to remain in limbo indefinitely.