Saturday August 11, 2012 : POKERSTARS PAYS UP AND CEMENTS U.S JUSTICE DEAL (Update)
Full Tilt Poker could be back up and running by November
The complicated – and expensive – Full Tilt Poker acquisition deal between Pokerstars and the US Department of Justice was cemented Thursday when the Isle of Man company paid over the first $225 million required within six days of the agreement.
The payment is part of a massive $547 million deal with payment staggered over three years.
“We’re delighted to announce that we have officially closed our deal with the U.S. DoJ as of today, August 9th,” company spokesman Lee Jones said, adding that Full Tilt Poker will be up and running again by November.
Full Tilt Poker legal counsel Cozen O'Connor confirmed the news, posting: "The asset transfer to PokerStars was consummated immediately following the United States Government's receipt of PokerStars' first payment of $225 million due under PokerStars' settlement agreement with the U.S. DOJ, which payment was confirmed this morning, August 9, 2012."
Pokerstars will have an additional layout of $184 million in prospect to pay out all legitimate FTP online poker account balances for non-US players, a process that must be completed within the next ninety days.
Although no schedule or plan for this has yet been published, there is speculation that restitution will be achieved through a revitalised FTP.
FTP's long-patient US players will be paid out on application to the US government under a scheme, the details of which have yet to be announced.