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Fulltilt Poker Sold
Friday July 1,2011 : US newspaper reports beleaguered operator bought by European investors
First it was rumoured that Las Vegas gambling entrepreneur Jack Binion was negotiating the purchase of the troubled Full Tilt Poker group, but now it is being reported that a European investor group has agreed to buy a controlling interest in the company.
The latest information comes from the Los Angeles Times, which claimed late Thursday that a successful deal could see US player refunds of up to $150 million finally being paid.
LA Times reporter Nathaniel Popper confidently asserted in his article: "Attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt's Irish parent company, Pocket Kings."
The article goes on to claim that anonymous attorneys for the investors are currently negotiating with the US Department of Justice regarding the agreement and the indictments against individuals associated with Full Tilt which were announced on April 15.
Details on the alleged agreement to acquire a controlling interest in Pocket Kings remain sketchy, with little information being disclosed at this stage.
Popper also quotes an attorney representing player ace Phil Ivey, who says that the poker star has agreed to withdraw his Nevada litigation against Tiltware LLC now that a payment solution for Full Tilt’s US players may be possible.
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