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AGCC FULL TILT HEARING TO BE HELD IN PRIVATE

Thursday September 15,2011 : “Tribunal conducting a difficult balancing exercise of the interests of the various parties”
 
It has been an eventful day for industry observers following the ongoing Full Tilt Poker saga with the release of a Full Tilt Statement and the Alderney Gambling Control Commission announcing a private hearing on September 19 2011.
 
The Full Tilt Poker statement released exclusively to Poker Strategy.com reads as follows:
 
"On April 15th 2011 the United States Department of Justice unsealed a federal indictment against a number of individuals employed by major online poker operators. After the issuance of that indictment and a related civil case brought by the United States government, Full Tilt Poker withdrew from the US market. Then in a related action, on June 29th, 2011, Full Tilt Poker had its operating licenses suspended by the Alderney Gambling Control Commission.
 
As a result, Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company's operations in order to better position itself for future growth and profitability in Full Tilt Poker’s markets outside of the U.S.
 
If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.
 
Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in Full Tilt Poker’s Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full. To this end, Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of Full Tilt Poker's non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course."
 
Sea Port Group Securities, LLC is a credit focused Investment Bank founded by Michael Meagher and Stephen Smith and is described as "a firm unique in its ability to connect clients with diverse credit opportunities and create value."
 
The Alderney Gambling Control Commission (AGCC) released its latest statement with regard to Full Tilt Poker's much anticipated hearing scheduled for September 19, 2011 in London.  The Commission has notified interested parties that the tribunal has ruled that the hearing will not be open to the public but will commence in private "in camera", to the disappointment of the AGCC's Executive Director, André Wilsenach.
 
The AGCC's statement reads:
 
"The Commissioners of AGCC forming the tribunal dealing with the regulatory hearing into the affairs of FTP have decided that the hearing will continue on Monday 19th September 2011 but that it be held 'in camera'.
 
This determination was reached following a pre-hearing application by FTP to further adjourn the hearing.
 
André Wilsenach, Executive Director, stated:  "I am pleased that the FTP hearing will continue as scheduled, as was argued on my behalf. However, I am disappointed with the tribunal's decision that, notwithstanding my arguments to the contrary, the hearing will be held in private. I believe the public has a right to know the reasoning behind the decisions to suspend FTP's licences and call a hearing, and to hear the evidence that will be put forward on my behalf.
 
It is my understanding that the tribunal conducted a difficult balancing exercise of the interests of the various parties, taking into account the legal arguments for and against further postponing the hearing, and for and against allowing the public to attend the proceedings."
 
As a consequence of the tribunal's decision members of the public will not be able to attend the hearing. A further statement will be made at the earliest possible opportunity.
 
Issued by: Andre Wilsenach (Executive Director, AGCC)"
 



Gambling News :

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.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

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.

New MPN Poker Rooms Tower Torneos - Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<

NY Rangers vs. Devils on 12/21 - When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.

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