Over the weekend, Jeff Ifrah, the attorney retained by Full Tilt Poker CEO Ray Bitar after the U.S. Department of Justice online poker indictments on Black Friday, fielded questions on the Two Plus Two poker forum about the state of Full Tilt, its efforts to find investors, and the status of player funds. While what he could legally discuss was limited, Mr. Ifrah did provide some answers that at least shed a small bit of light on the situation.
One of the biggest questions people had was the relationship between the search for an investor (read: savior) for the company and the eventual return of player deposits. There has been much talk in the poker community about rumored deals that have fallen through and people fear that Full Tilt Poker (FTP) may have actually rejected a possible deal with an investor that would have allowed it to pay players back. Ifrah denied that this was the case, saying, “Since FTP started the process of speaking with outside investors that [paying players back] has been their entire focus 24/7. They have made crystal clear to every investor that the US players and European players must be paid.”
Note: He later corrected himself, substituting, “European players” with “the rest of the world.”
In response to someone who asked whether it would be possible for Full Tilt to ever return all player funds without an investor, Ifrah said, “…it will be very difficult for the company to meet all obligations without the help of an investor.”
That said, he reiterated multiple times that the ability to get customers their money back is the number one most important aspect of any deal. Potential investors are told this and no deal will be made without a payment plan in place. “Every deal requires the players to be paid,” Ifrah said. “A deal has not closed yet but that is not because of the existence of such a requirement.”
Ifrah also responded to questions about Ray Bitar’s involvement, saying that he is still the CEO and is involved in discussions with investors, but once a buyer is found, he will be out and a new management team will be put in place, the composition of which will “be driven by the investor and also by the regulator.”
Of course, many believe that Full Tilt Poker is doomed regardless of whether or not they can find an investor, that the poker site will never be able to resurrect itself. To that, Ifrah simply commented, “I believe they are doing everything possible to make it operational again.”
Throughout his time answering questions, Ifrah mentioned a series of statements that Full Tilt would soon be making. The first is supposed to be on its way this week, with two subsequent statements to be released shortly thereafter. The statement delay was actually the driving force behind Ifrah posting on Two Plus Two:
“I promised a company response today and instead had to report it has been delayed until early next week. In the interim, I felt you were owed whatever answers I could provide now. I cannot do so officially but hope I can nevertheless be somewhat helpful.”
As for the Full Tilt statement, it “will cover the efforts undertaken to obtain an investor and the current status of the investor.”
“The hearing [with the Alderney Gambling Control Commission on September 15th regarding its suspended license] may have a chance of being resolved or delayed if progress regarding the investor can be demonstrated,” he added. “This is merely my personal opinion. I am not involved in this proceeding.”