Thursday September 22, 2011 : Negotiations have been going on "for weeks"
One of Full Tilt Poker's legal eagles, Jeff Ifrah, claims that the company has been negotiating an acquisition deal with an unidentified French investment group "for weeks." The prospective investors apparently visited the company's Dublin offices on August 24.
The news comes on the heels of fast-developing reports in the Wall Street Journal that there were three investment groups interested, and claims emerging Thursday on the Pocket Fives information site that two of these groups had dropped out amid the adverse publicity generated by the Justice Department on Monday with its amendments to its civil case against Full Tilt Poker which was formerly one of the best online poker websites.
Poker Subject claims that Ifrah revealed that a letter of intent has been executed, due diligence has been done on the investor's funds, and that an agreement would provide funds and the opportunity to pay outstanding balances to Full Tilt players.
The Department of Justice has been kept abreast of developments, and the investor hopes to include in any deal the settlement of pending Justice Department fines, and satisfy the hefty civil complaint from the US government now threatening Full Tilt Poker and associated companies.
Ifrah said that the Alderney Gaming Control Commission, which has suspended FTP's licence, has also been kept in the picture by both FTP and the prospective French investor.
The investor has communicated its desire to remain anonymous until agreement has been fully achieved by all involved parties, a process now firmly underway.
Why Ifrah chose a single online poker information website to exclusively reveal this detailed information is not clear.
Ifrah confirmed earlier reports in the Wall Street Journal that a 30 day extension has been requested from the AGCC to allow negotiations to continue, a request which it seems the AGCC may grant soon.