3rd of August 2011 Author: Glo Wood
Reports of new developments with the troubled operator
In light of recent blows that struck the much troubled Full Tilt Poker group, on July 1 emerged reports that a European investor group has agreed to buy a controlling interest in the company. It has been speculated that such a development could see up to $150 million of US player refunds finally being paid.
In an article published in LA Times, a reporter Nathaniel Popper wrote: "Attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt's Irish parent company, Pocket Kings."
In addition, he says that 'anonymous attorneys for the investors are currently negotiating with the US Department of Justice regarding the agreement and the indictments against individuals associated with Full Tilt which were announced on April 15.' As for details on the supposed agreement, there's still too little information being disclosed at this stage.
Another more favorable development was reported by Popper, as he quotes an attorney representing player ace Phil Ivey, who apparently agreed to withdraw his Nevada litigation against Tiltware LLC now that a payment solution for Full Tilt's US players may be possible.
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