FULL TILT POKER DEAL CLOSE TO COMPLETION

Sunday July 10,2011 : And those rumours about Ray Bitar and Alderney are just not true
 
Lawyers on the inside of takeover negotiations between a group of as yet unidentified European investors and the beleaguered online poker operator Full Tilt Poker have been leaking information this week, disclosing Thursday that the talks are going well and an agreement is in sight.
 
And it has been confirmed that wild rumours published by some information sites recently that Ray Bitar had been unseated as CEO at Full Tilt, and that the Alderney Gambling Control Commission was about to lift its suspension of FTP's licence have been described as "nonsense" and "tosh" (incorrect).
 
Those involved in the discussions are apparently hopeful that a much needed and very substantial injection of capital into the company will enable it to meet US Department of Justice requirements that American players be refunded, and that accomplishing this may relieve the enforcement pressure on the company and its executives, who would presumably then agree to stay out of the US market in a settlement with the authorities.
 
This may also serve to defang other legal initiatives against Full Tilt such as the recently launched class action by players (see previous InfoPowa reports).
 
Discussions have apparently also been held with the regulators in Alderney and France, where ARJEL recently suspended FTP's French activities.
 
The identity of the investors talking to Full Tilt has still not been disclosed, although insiders have hinted that they are from the financial sector and have not previously been involved in the online gambling business.  Clearly they have deep pockets, with player refunds unofficially estimated at around $150 million.