On Friday, the Alderney Gambling Control Commission (AGCC) released a statement regarding Full Tilt Poker’s overdue licensing fees that were disclosed during the hearing in London last month. The AGCC said that Full Tilt has paid the fees, which were reported to be around $410,000.
The statement reads: “As a result of the AGCC’s investigations the decision was taken on June 29th, 2011 to suspend the licenses of the companies collectively trading as FTP. The AGCC has also imposed a condition that requires the licensees comprising FTP to arrange for the ring-fencing of identified players’ funds under their control.
“On July 26th, 2011, the AGCC held a public hearing to consider allegations arising from the investigation. At the hearing the Commissioners of the AGCC, acting as a tribunal, decided to adjourn the hearing to a date no later than September 15th, as they felt that this was in the best interest of the players using FTP’s services.
“The recent payment of overdue license fees by FTP is also in players’ best interests since it allows commercial negotiations to take place that might result in a successful refinancing deal. Further details regarding the exact date and venue of the next hearing will be announced as soon as possible.”
Martin Heslop, an attorney representing Full Tilt Poker at the London hearing, said that the fees weren’t paid in full because Full Tilt didn’t expect to have its license reinstated, meaning it would be paying for nothing. Heslop then added Full Tilt could pay the fees within seven days if there was a reasonable chance that the license could be reinstated. It appears the company has followed through with that pledge.
The AGCC adjourned its hearing with Full Tilt until September 15th at the latest in order to allow Full Tilt Poker to try and close a deal with an investor. A proposed deal between the company and a group of European investors has been rumored for well over a month, but nothing has been finalized.
All future hearings between the AGCC and Full Tilt will be held in private.
Full Tilt’s license held by the AGCC is still suspended pending the outcome of a hearing, but the Commission has confirmed that the license is considered valid until the hearing takes place.
Meanwhile, the Kahnawake Gaming Commission (KGC) has granted Full Tilt Poker a renewal of its Secondary gaming license. KGC regulations stipulate that if the online site were to no longer possess a valid license with the AGCC, it would lose its renewed KGC license. However, after determining that Full Tilt’s license with the AGCC was still valid, the KGC granted the online site a two-year renewal.
There’s no indication that Full Tilt Poker will attempt to re-open its doors before the next hearing with the AGCC, but a Secondary license renewal could go a long way toward finding an investor. Such a transaction could result in the return of funds to the thousands of Full Tilt customers who had their accounts frozen in recent months.