It appears that the wait for refunds from Full Tilt Poker will continue. According to a press release issued by the former second largest online poker room in the world to news outlet Pokernews.com, talks with the mystery European investors have come to a close.
In the press release, Full Tilt stated that it is starting negotiations with other possible investors now that the exclusivity period with the previous potential partner is over. While the end of those negotiations obviously means that no deal was reached, it does not mean that a deal won’t eventually be reached. Of course, it is not good for Full Tilt customers that the poker room must now enter talks with other investors, as that just means that repayments are not likely to be coming any time soon, but as long as there are some sort of talks, that is at least a positive step.
The entire press release, as published by Pokernews.com, is as follows:
“On August 16, Irish based Pocket Kings Ltd., brand executor for the 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 apologizes for its lack of communication with its customers over the last month and a half, but it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality.
To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward. Full Tilt Poker’s number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.”
In July, we wrote about a Los Angeles Times report that Full Tilt Poker had actually reached an agreement with a group of European investors. The investors would receive a majority stake in Full Tilt’s parent company, Pocket Kings, while providing as much as $150 million to pay back customers with funds stuck on Full Tilt. It is apparent that, based on the press release, a deal was never formally struck.
There is no indication as to what the sticking points may have been. Those associated with the rumored deal have said that the investors wanted a guarantee that Full Tilt’s troubles with the United States Department of Justice could be settled before any deal was completed.
Full Tilt had been one of two dominant players in the online poker industry, along with PokerStars, even after the events of Black Friday. But when its gaming license was suspended by the Alderney Gambling Control Commission (AGCC) in late June, it was forced to stop offering games completely. It has yet to reopen.
