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First $82 Million Dollars in Payments Out To Fulltilt Poker Players
Wednesday February 19,2014 : PATIENT POKER FANS IN LINE FOR $82 MILLION
And that's just the first tranche of Full Tilt Poker pay-outs.
The Garden City Group - the independent financial administration company selected by the US Department of Justice to dish out legitimate Full Tilt Poker payments - has announced that the first tranche of pay-outs will involve $82 million dollars and will go to 30,000 former Full Tilt players who have no dispute with the amount in their FTP accounts as assessed by the administrator.
The payments are expected to go out at the end of this (February) month, and will be financed from the hundreds of millions of dollars paid to the DoJ by Pokerstars in settlement of its Black Friday shutdown three years ago and its subsequent acquisition of Full Tilt Poker
Unconfirmed reports suggest that as much as $300 million may have been involved in the official seizure and shutdown of Full Tilt Poker in April 2011.
The following year, Pokerstars inked a deal with the DoJ, agreeing to repay FTP's international players and hand over another $547 million for the DoJ to disburse to owed FTP players in the USA, clearing the way for its takeover of Full Tilt Poker.
Although Pokerstars complied with its undertaking to pay the international players, doling out another $184 million, the DoJ spent an inordinate amount of time finding the right administrator and putting an assessment and payment system in place.
In the next phase, GCG will deal with players who dispute the amounts it claims they are owed, along with the cases of affiliate marketers with FTP accounts and professional players engaged by the old management.
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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