Full Tilt Rescued By Investors As Ivey Drops LawsuitJuly 1, 2011 6:08 am
According to a news report released by the Los Angeles Times yesterday, the fortune of beleaguered online poker room Full Tilt could be on the rise once again after it was reported that a group of European investors were in the process of purchasing the online operation.
Full Tilt Poker currently owes its former US customers around $150 million, not to mention the money now frozen following Wednesday’s suspension of its licence by the Alderney Gambling Control Commission.
However, it is believed the latest deal and money injection would grant the investors a majority stake in Full Tilt’s parent company, Pocket Kings, with funds then being used to repay outstanding player funds.
Adding extra weight to the story is the fact Phil Ivey’s attorney, David Chesnoff, said the poker celebrity is now set to withdraw his $150 million plus lawsuit against Full Tilt following the breaking news. As David Chesnoff explains:
“Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid.”
In addition, the funds invested by European businessmen would also be used to help tackle and settle Full Tilt’s outstanding legal problems. These include the $1 billion civil lawsuit brought against the company by the U.S. Attorney’s Office, as well as its legal problems with the Alderney Gambling Control Commission.
According to the Los Angeles Times the deal between Full Tilt Poker and the European Investors was signed on Thursday, although ‘PokerNews’ said their source still had a few remaining obstacles to be overcome first before the deal is confirmed.
Until then details of the deal are being kept quiet, but was still enough to strike an optimistic tone with interested parties who have just seen their chances of getting repaid and playing back on the site one day greatly increase.