The AGCC to the press his refusal to a new suspension, but agrees that Monday’s hearing was held behind closed doors.
Alderney commission, through its executive director André Wilsenach, has issued a press release announcing that the hearing on 19 will remain closed. The decision was taken following a request from FTP to postpone Monday’s hearing, which was rejected.
Alderney commissioners as part of the court handling the regulatory hearing on the issues of Ful Tilt Poker has decided that the hearing will continue on Monday, September 19, 2011, but will be held in camera. This determination was reached after a pre-hearing request by new FTP requesting postponement of the hearing.
André Wilsenach, chief executive, said:
I’m glad we kept the date of the hearing, as I requested. However, I am disappointed by the decision of the court that, despite my arguments against, the hearing takes place in private. I think the public has a right to know the reasoning behind the suspension of the license of FTP and request a hearing, and hearing the evidence in favor of it. I understand that the court has undertaken a difficult balancing act between the interests of all parties, taking into account legal arguments for and against a new suspension of the hearing, and for and against allowing the public to attend to procedures.
A consequence of the decision of the board members not be allowed to attend the public hearing. A new statement will be published as soon as possible.
Also yesterday there was a new official statement from Full Tilt Poker on measures being taken to try to restore and strengthen the operations of the company in the world, after leaving the U.S. market.
The April 15, 2011 the Department of Justice United States opened a federal indictment against a number of individuals employed by major online poker operators. Following the issuance of this charge and a related civil case opened by the U.S. goobierno, Full Tilt Poker U.S. withdrew from the market. In an action as a result of the foregoing, the Commission for the Alderney Gambling Control suspended the licenses of Full Tilt Poker on June 29.
As a result, Pocket Kings Ltd. (provider of technology and marketing services for Full Tilt Poker) has adopted a cost optimization program and estimates that must reduce their costs of around 12 million euros. The program’s goal is to outline the company’s operations to better position themselves ahead of future growth and profitability in the markets that Full Tilt has outside the United States.
If all the required savings in costs achieved through cuts required, some about 250 jobs could be affected, but the exact number can not be known until the end of a consultation process with the staff of the company.
Despite the above, Pocket Kings firmly believes it has a very important future markets Full Tilt outside the United States, and is fully committed to ensuring the reopening of the site and the return of all funds to players. To this end, Full Tilt Poker held as financial advisor to Sea Port Group Securities, LLC in order to raise capital and / or help achieve a strategic partner in order to finance the continuing operations in business Full Tilt Full Tilt the rest of the world. The company maintains active discussions with various groups and a new statement will be issued in due time.
The relationship between the two statements seem clear. Full Tilt appears as a fully functioning company that considers its players from around the world, excluding the Americans from their markets. Insurer intends to seek financial support to restore the site and take over the funding of non-US players for the first time seems to distance himself somewhat from his debt to American players.
To do this ask the cooperation of the AGCC, through a new postponement of the hearing in order to meet the new economic requirements and get your license. The AGCC has denied that request but has wavered in his first intention that the hearing be public.
It is to be seen whether the denial of a continuance without going through the motions of Monday’s hearing means that the postponement is far from the AGCC plans or simply a measure of strength in the face of public opinion and it is still possible the outcome of Monday’s hearing is a new suspension.
On Monday we will know if the outcome is close to or, by contrast, this is another chapter of what already appears to be a Gordian knot.
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