Investors Not Buying What Full Tilt Poker Is Selling
American online poker players have been devastated since Black Friday with the realization that they will be unable to enjoy the game they love from their home computers until the federal government or their local government changes the online gambling prohibition that exists. At the least, the players were hoping to get their funds back after Black Friday.
The latest developments out of the talks between Full Tilt and European investors is not good news for the players. The investors are apparently balking at Full Tilt’s asking price, and the groups are now negotiating to find common ground on a price.
The only way at this point that US players will get the funds from their Full Tilt accounts is if there is an infusion of cash into the company. Full Tilt has already paid money they were behind on their gaming licensing in Alderney, and they are hoping to have their license reinstated by the Gaming Commission. That is no lock after a hearing was held on Tuesday.
meanwhile, the company continues to negotiate, and after months of silence, Full Tilt finally released a statement. The statement did not offer hope for gamblers who were hoping to get paid before the end of the year.
“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,” read the statement. “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.”
What that means for US players is that the company is buying time with the statement. The stall tactic may not be good enough, as the company has been hit with yet another lawsuit in recent weeks. Full Tilt is already facing a couple lawsuits, and a pair of Canadian players filed the latest lawsuit this past week.
In June, Full Tilt stopped operating their online poker site altogether, after keeping the site live to non-US players after Black Friday. With no income from the live games and tournaments, former players can now only hope that the investors see enough potential in the company to infuse cash that would be used to pay off existing balances.