Easiest Poker Sites Poker News Full Tilt Poker Deal Still Alive

Full Tilt Poker Deal Still Alive

Posted by dwayne on October 21, 2011 at 1:07 GMT+0000

Full Tilt Poker LogoDespite rumors that a deal for Full Tilt Poker had been mucked, negotiations between Group Bernard Tapie and the floundering online poker site continue.

An attorney representing Full Tilt was tight-lipped about the deal, saying that “it’s really important that the negotiations remain confidential.” But the FTP lawyer did confirm that Full Tilt is involved in ongoing negotiations with both GBT and with U.S Department of Justice officials.

Recent Wall Street Journal news reports have stated that part of the sale may include current owners in addition to allowing players who are owed a great deal of money to have the option to become shareholders. But, it was stressed, the existing owners would have no part in the day-to-day management of the company.

Many industry observers have a hard time fathoming that Howard Lederer, Chris Ferguson and Rafael Furst could have any part in retaining ownership in the company in light of the amended civil action accusing the poker pros of fraud and money laundering, allegedly pocketing millions of dollars in shareholder dividends while Full Tilt players have yet to be paid. Full Tilt’s image has been severely tarnished by the government’s accusations, as well as the revelation that Full Tilt’s board of directors mismanaged funds by crediting players’ accounts without having the abiltity to obtain those monies from its third-party payment processors.

AGCC to Review Full Tilt Fiasco

The Alderney Gambling Control Commission is planning a review of the Full Tilt Poker scandal in an effort to learn from its mistakes and to prevent a similar situation from happening in the future.

We will certainly review our processes in the light of this particular experience and we might introduce changes if we find that there’s things that we could do better from our side,” said Andre Wilsenach, AGCC’s executive director.

The AGCC trusted Full Tilt’s own accounting reports that funds were available without actually auditing the poker site. In reality, Full Tilt’s funds were not available due to mismanagement and several issues with payment processors.

For sure we will be back soon with more news on Full Tilt Poker, come back to EasiestPokerSites.com.