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Fulltilt Bank Account Unfrozen By DOJ
Posted on 5/27/11 :
But still no guaranteed pay back to players
Industry observers report that a Full Tilt Poker bank account at the Bank of Ireland has been released by the US Department of Justice (DoJ).
Monies held in the account allegedly amount to over a third of the estimated $100 million to $150 million owed to players revealed an unidentified Full Tilt Poker source to industry publication egr magazine.
Full Tilt Poker co-founder Raymond Bitar has reportedly been seeking investors outside of the financial services sector to cover the amount owing in return for a stake in the company but with little success.
The unidentified source added that numerous factors are involved with refunding players' funds including a $60 million backlog referenced in the Franzen case, banks that voluntarily restrained funds and the status of negotiations with the US Attorney's Office for the Southern District of New York.
Full Tilt Poker is reportedly in discussion with the Federal authorities on the release of further accounts across Europe.
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