Full Tilt Apologizes
AGCC will hold its next Full Tilt Poker hearing on the 15th September, which means that the poker room only has 3 weeks left to find a new investor. From the statement issued by Full Tilt for PokerNews, however, it looks like negotiations with the 'potential investor' have stopped and they will have to start looking after new ones very quickly.
Below you can read the statement issued by Full Tilt on the 22nd August:
'Dublin, Ireland (August 22, 2011) - On August 16, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker, concluded the exclusivity period of negotiations with their current potential investor.
While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.
Full Tilt Poker apologizes for its lack of communication with its customers over the last month and a half, but it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality.
To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward. Full Tilt Poker's number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.'
From the statement, these conclusions can be drawn:
1. Full Tilt could not agree with its current negotiator, which means they will have to look after another one.
2. Jack Binion's name arises again when talking about possible investors. Also, American companies and casinos taking the future legalization of online poker granted can join.
3. Until now, Full Tilt Poker has not informed its clients about the hearings and negotiations because they had to sign a confidentiality agreement. However, they will also have to do this in the case of possible future investors, so we will not know anything about these anyway.
4. All in all, FTP is desperately trying to find another investor until the due date, 15th September.
Newer Lawsuits
It makes FTP's situation even more difficult, that two lawasuits have been filed against them.
The first one was initiated a month ago by four US players, including professional player and former lawyer Todd Terry. In the lawsuit, Raymond Bitar and Nelson Burtnick (the two co-founders of FTP) are named together with smaller companies cooperating with FTP and 13 Full Tilt pros.
Out of these, Phil Gordon has managed to get his name off the list, as (according to him) he did not take part in any financial or economic decision. Seeing this, all the other pros and even the companies (namely Allen Cunningham, Andrew Bloch, Chris Ferguson, Erick Lindgren, Erik Seidel, Howard Lederer, Jennifer Harman, Mike Matusow and five companies: Filco, Tiltware, Pocket Kings Ltd, Pocket Kings Consulting Ltd and Vantage) expressed their wishes to be deleted from the list.
The second group lawsuit was started by two Canadians a few days ago. Zayn Jetha and Donald Whelan were the ones to hand it in, and they named Howard Lederer, Orinic, Oxalic, Tiltware and Vantage besides Ray Bitar and Nelson Butrnick.
What to Be Expected in the Near Future?
It looks like the situation is getting hotter and hotter at FT. The poker room started firing its employees (especially in the US), and we have already seen the birth of the first leader's resignation.
Full Tilt Poker Marketing leader Lothar Rentschler has already handed in his resignation, which will step into effect two days before September 15, the day of a possible outcome. A few days after this, one of FT's lawyers Jeff Ifrah spoke up, and shared two important details about the hearing, which can actually justify the resignation of the marketing leader.
1. Besides the players, the investors would also like to see a completely new set of people running the company, so if FT and the investors somehow get to make a deal, the whole board of directors will have to be replaced.
2. According to Ifrah, problems relating to the lawsuits would instantly be solved if they had a buyer. From Ifrah's statement it becomes clear, that all the leaders of FT can lose their jobs in the case of a new deal, so Rentchler probably resigned beforehand to avoid this.
It is interesting enough, that so far no one has commented on the news concerning the leaders losing their positions, not even co-founder Raymond Bitar, who, in fact, has already turned down one deal (!!!) right after Black Friday. He is said to be a very stubborn man (see photo below).
AGCC will hold its next Full Tilt Poker hearing on the 15th September, which means that the poker room only has 3 weeks left to find a new investor. From the statement issued by Full Tilt for PokerNews, however, it looks like negotiations with the 'potential investor' have stopped and they will have to start looking after new ones very quickly.
Below you can read the statement issued by Full Tilt on the 22nd August:
'Dublin, Ireland (August 22, 2011) - On August 16, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker, concluded the exclusivity period of negotiations with their current potential investor.
While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.
Full Tilt Poker apologizes for its lack of communication with its customers over the last month and a half, but it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality.
To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward. Full Tilt Poker's number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.'
From the statement, these conclusions can be drawn:
1. Full Tilt could not agree with its current negotiator, which means they will have to look after another one.
2. Jack Binion's name arises again when talking about possible investors. Also, American companies and casinos taking the future legalization of online poker granted can join.
3. Until now, Full Tilt Poker has not informed its clients about the hearings and negotiations because they had to sign a confidentiality agreement. However, they will also have to do this in the case of possible future investors, so we will not know anything about these anyway.
4. All in all, FTP is desperately trying to find another investor until the due date, 15th September.
Newer Lawsuits
It makes FTP's situation even more difficult, that two lawasuits have been filed against them.
The first one was initiated a month ago by four US players, including professional player and former lawyer Todd Terry. In the lawsuit, Raymond Bitar and Nelson Burtnick (the two co-founders of FTP) are named together with smaller companies cooperating with FTP and 13 Full Tilt pros.
Out of these, Phil Gordon has managed to get his name off the list, as (according to him) he did not take part in any financial or economic decision. Seeing this, all the other pros and even the companies (namely Allen Cunningham, Andrew Bloch, Chris Ferguson, Erick Lindgren, Erik Seidel, Howard Lederer, Jennifer Harman, Mike Matusow and five companies: Filco, Tiltware, Pocket Kings Ltd, Pocket Kings Consulting Ltd and Vantage) expressed their wishes to be deleted from the list.
The second group lawsuit was started by two Canadians a few days ago. Zayn Jetha and Donald Whelan were the ones to hand it in, and they named Howard Lederer, Orinic, Oxalic, Tiltware and Vantage besides Ray Bitar and Nelson Butrnick.
What to Be Expected in the Near Future?
It looks like the situation is getting hotter and hotter at FT. The poker room started firing its employees (especially in the US), and we have already seen the birth of the first leader's resignation.
Full Tilt Poker Marketing leader Lothar Rentschler has already handed in his resignation, which will step into effect two days before September 15, the day of a possible outcome. A few days after this, one of FT's lawyers Jeff Ifrah spoke up, and shared two important details about the hearing, which can actually justify the resignation of the marketing leader.
1. Besides the players, the investors would also like to see a completely new set of people running the company, so if FT and the investors somehow get to make a deal, the whole board of directors will have to be replaced.
2. According to Ifrah, problems relating to the lawsuits would instantly be solved if they had a buyer. From Ifrah's statement it becomes clear, that all the leaders of FT can lose their jobs in the case of a new deal, so Rentchler probably resigned beforehand to avoid this.
It is interesting enough, that so far no one has commented on the news concerning the leaders losing their positions, not even co-founder Raymond Bitar, who, in fact, has already turned down one deal (!!!) right after Black Friday. He is said to be a very stubborn man (see photo below).
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