For the past couple of months customers of Full Tilt Poker have heard many rumours regarding the possibility of investors pumping money into the stricken site so that the former online poker giant could re-open its doors to the non-American public and allow USA based players to withdraw their balances, which are rumoured to total $150m.
However, the management team at Full Tilt Poker have remained absolutely silent which has caused unease within the online poker community, many believing that Full Tilt Poker may sink without a trace leaving hundreds of thousands of poker players out of pocket. But yesterday Full Tilt Poker’s management did speak by releasing an official statement through PokerNews.com that states they are now looking for other possible investors from those who they initially said were in final discusions with. The statement, taken from the PokerNews.com website says:
Dublin, Ireland (August 22, 2011) – On August 16, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker, concluded the exclusivity period of negotiations with their current potential investor.
While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.
Full Tilt Poker apologizes for its lack of communication with its customers over the last month and a half, but it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality.
To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward. Full Tilt Poker’s number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.
This statement, although welcomed by the poker community due to Full Tilt Poker being more open with their customers, will come as a blow as they had been led to believe a deal or survival package was just around the corner. The statement seems to suggest that any hopes of resolution are going to be several months away, which will only anger those affected, especially Daniel “jungleman12” Cates who according to Mike Matusow has around $6m locked up on the site.
