Full Tilt Poker is Sold, Los Angeles Times Claims

Poker Rooms | estimated reading time
2011. July 01. |
The dust doesn't seem to settle around Full Tilt Poker these days; today's breaking news is that the company has been bought by European investors. As a consequence, Phil Ivey dropped the lawsuit against Full Tilt.
As we reported yesterday, the situation at Full Tilt Poker is rather hopeless; the room cannot operate without a license, and even though they are negotiating with AGCC (Alderney Gaming Control Commission) and KWG (Kahnawake Gaming Commission) about their license, the players are highly upset and disappointed.

Full Tilt Poker

The situation changed however, according to an article in the Los Angeles Times, Full Tilt Poker has been bought by European investors, who are willing to pay the nearly $150 million debt towards U.S. players, which Full Tilt was unable to pay to this day, which, in the end caused their license to be suspended by the AGCC.

As Full Tilt Poker's attorneys stated, the agreement was reached on Thursday. The identity of the investor groups is yet to be revealed, who, according to the article, attained majority stake in Full Tilt Poker's parent company, Pocket Kings.

This made Phil Ivey comfortable enough to withdraw his lawsuit against the company. According to the attorney of Mr. Ivey, David Chesnoff:

"Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid,"

And when Ivey thinks it's going to be all right, that gives the poker community a feel for how good the situation might be turning. It was about time.

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