Full Tilt Solvency Statement Fails To ImpressMay 31, 2011 6:16 am
Apparently Full Tilt’s recent statement designed to allay the monetary concerns of thousands of its stranded US customers has done little to ease the increasing tide of impatient account holders.
Along with PokerStars, Full Tilt was indicted by the US Department Of Justice on April 15th. However, whereas PokerStars has already returned over $100 million to its US players Full Tilt players have yet to receive a single cent.
At the heart of Full Tilt’s problem is the fact nine of its accounts in Ireland along wth 76 others have been frozen, thus depriving the company of the means by which to return up to the $150m still owed to its US patrons.
In recent good news, however, around $30 million was unfrozen at one of the company’s Irish accounts, although Full Tilt has indicated players will still have to wait a while to get paid.
As well as this worrying approach by Full Tilt, further concerns have been imparted to its beleaguered US customers after the poker room announced it was presently trying to raise $150 million from investors to facilitate cashouts.
Therefore, hoping to ease US customer’s concerns over their frozen accounts, Full Tilt then issued the following statement:
“We acknowledge that our lack of communication reflects poorly on us, and rightfully so. We have been too optimistic in estimating how long it would take to sort through the issues we have faced since Black Friday. And as frustrating as the delays have been for us, we recognize that it cannot compare to the frustration you have been feeling.”
“We further recognize that our lack of communication has led to much speculation and many unsubstantiated rumors, which have often been contradictory. With this message, we hope to clear up as much confusion as we can, while at the same time keeping in mind the constraints imposed on us as a result of the cases brought in the Southern District of New York.”
Understandably, the reactions from the poker community have been far from impressed at the recent statement, The present message seems to be indicating it could be quite some time before US customers are reunited with their cash.
In the meantime, many others seem even more concerned whether they will ever see their money at all.