The Board issued a news release stating again that his priority is to pay the players.
Despite being the full wording of Poker-Red submerged in the maelstrom that is being EPT Barcelona, where they are defending our colors with nails, teeth and 3 barrells, we echo through Subject: Poker, a new official statement from Full Tilt Poker in which the room is intended to explain in more detail its financial situation, their battle against the American government and how the facts have been developed from the famous Black Friday until today, in little more than a couple of paragraphs.
This is the statement that had to be translated.
As is apparent from the acontencimientos that have been coming out since April 15, Full Tilt Poker was not prepared for the magnitude of actions by the U.S. Government referring to Black Friday.
The events of Black Friday came after earlier government action and theft significant legal imperative. During the two years prior to Black Friday, the U.S. government had seized approximately $ 115 million fund player in American banks. While we believed to offer online poker P2P violated no federal law – a firmly held belief by many legal opinions – the Department of Justice took a different view. Moreover, as has been widely reported, a key payment processor stole approximately $ 42 million Full Tilt Poker. Until April 15, Full Tilt Poker had always covered these losses so that no player was affected in any case. Finally, in late 2010 and early 2011, Full Tilt Poker saw an unprecedented number of problems with some third party payment processors, which contributed greatly to their financial problems. While the company was in the process of solving such problems caused by these payment processors, Full Tilt Poker could never anticipate that the Justice Department would act as he did, confiscating our global dominance and closing access to our room and around the world.
During the last four months, Full Tilt Poker has been actively seeking opportunities with foreign investors in order to stabilize the company and pay our players. At least six of these groups, including hedge funds (hedge funds), Internet operators and individual investors have visited Dublin to inspect the operation. We recently hired an additional financial advisor through a investment banking group to help us in our pursuit of a monetary injection and a new steering group to restore our room and return the money to the players. Despite any agreement of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is absolutely committed to refund your money in full and restore confidence in our operations.
After having broken his silence for a little over a week in this press release room adds no new information concerning the status of their negotiations with potential investors, leaving the community on edge waiting for an agreement is realized prior to September 15, date of hearing will be held with the regulator of Alderney.
However, there are three important aspects to highlight in this new release, which exudes a certain victimhood on the part of the room about the persecution they have received from the U.S. government.
First, explain that, since 2009, the U.S. government would have seized about $ 115 million from the funds of the players. The money would be on several accounts of the company, located in American banks, which, although not clear in the statement itself, seems to include the frozen funds on 15 April by the Department of Justice. Apparently, most of these funds have been seized as a penalty for the crimes charged, so hopefully not be unlocked.
Then listed six different groups of investors have traveled to Dublin, Pocket Kings Ltd location as part of the negotiation process for a future investment in the company. From Subject: Poker claim to know any four of these six groups, so consider this information is correct. The pessimistic note is that since the June 29 date on which Alderney gaming license suspended for Full Tilt and the room closed to the public. no evidence that any of these groups has returned to Dublin.
Finally, the statement appears to confirm rumors that, to reopen, Full Tilt would operate under a new management group. This seems to confirm the trend shown by the latest developments in the leadership of the company, which includes the waiver issued just ten days ago the director of marketing, Lothar Rentschler, and speculation leaving as CEO Ray Bitar, despite it has been denied by some sources.
In addition to this, in the statement referred to two important economic losses, complementing the company’s financial status: $ 42 million stolen by Daniel Tzvetkoff, head of the process of illegal payments to online gambling sites in the U.S.. UU., arrested in April last year and listed in the same case as the charges collected on Black Friday, and an undetermined amount relating to the income effect could not make through third parties (but who had appeared in the balance accounts of the players) Subject: Poker estimated at about $ 128 million, representing a considerable hole for Full Tilt, which confirms that it intends to cover these losses directly. The statement itself indicates that Full Tilt was in the process of recovering these funds from payment processors (without much success, it seems) until April 15, when the Justice Department blocked these actions.
Although the community is waiting for an apology or an admission of liability by Full Tilt your current situation, given the state of tension and unrest, it is unlikely that we read in the coming days such statements by the room, since any statement on that line could be used against them by the charges against them. All this is further evidence of the delicate situation in which the company is involved and how complex it can be an investment by a third party.
However, it seems we will see more releases of this style in the coming days.
After the event which took place in Caribbean lands, now becomes the European Poker Tour , this time moving the action to the French town of Deauville where the Casino Barriere