On July 31, 2012 PokerStars announced the acquisition of Full Tilt Poker and that they had taken it upon themselves to reimburse all players for their funds stuck on the FTP bank accounts. Last November, FTP did re-launch and all non-US players got refunded, while US players got taken care of by the United States Department of Justice (DoJ), using the money provided by PokerStars.
This March, the DoJ stroke an agreement with the Garden City Group (GCG) to administer the compensation of the US players of FTP. Planned details of the process, however, have not surfaced ever since, nor have any visible results been presented. To find out the current state of things, CardPlayer’s Bob Pajich contacted GCG. The group’s answers are less than promising for the US players.
According to Pajich’s anonymous source, GCG is currently in the middle of the first step of the reimbursement procedure, processing the necessary data. The amount of information to be processed is enormous, which means the step is expected to last even longer. In addition, the $184 million available will likely be insufficient for a full refund, which means a pattern must be created, according to which players will be repaid a certain percentage.
The news is all the more surprising as non-US players have been reimbursed in 100%, not to mention the fact that the Tapie Group’s purchase offer had been declined by the DoJ for not being able to pay a full refund.
Pajich’s source has also claimed that processing the data and developing the pattern may take another year or so, or even more, which means US FTP players may not get refunded before 2015. GCG is currently cooperating with two government agencies to speed up the procedure.
This March, the DoJ stroke an agreement with the Garden City Group (GCG) to administer the compensation of the US players of FTP. Planned details of the process, however, have not surfaced ever since, nor have any visible results been presented. To find out the current state of things, CardPlayer’s Bob Pajich contacted GCG. The group’s answers are less than promising for the US players.
According to Pajich’s anonymous source, GCG is currently in the middle of the first step of the reimbursement procedure, processing the necessary data. The amount of information to be processed is enormous, which means the step is expected to last even longer. In addition, the $184 million available will likely be insufficient for a full refund, which means a pattern must be created, according to which players will be repaid a certain percentage.
The news is all the more surprising as non-US players have been reimbursed in 100%, not to mention the fact that the Tapie Group’s purchase offer had been declined by the DoJ for not being able to pay a full refund.
Pajich’s source has also claimed that processing the data and developing the pattern may take another year or so, or even more, which means US FTP players may not get refunded before 2015. GCG is currently cooperating with two government agencies to speed up the procedure.
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