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sep
15

New statements from AGCC and Full Tilt Poker

Tags: agcc, black friday, full tilt poker, statement.
Posted on 15 September 2011 by "T".

Yesterday, new statements were released by Full Tilt Poker and AGCC (Alderney Gambling Control Commission). AGCC tells in their statement, for example, that the planned hearing of Full Tilt Poker in London on September 19th won't be held in public. Full Tilt Poker writes about the finical issues the company is dealing with and how they will deal with them.

AGGC statement:

"The Commissioners of AGCC forming the tribunal dealing with the regulatory hearing into the affairs of FTP have decided that the hearing will continue on Monday 19th September 2011 but that it be held ‘in camera'. This determination was reached following a pre-hearing application by FTP to further adjourn the hearing.
André Wilsenach, Executive Director, stated:
"I am pleased that the FTP hearing will continue as scheduled, as was argued on my behalf. However, I am disappointed with the tribunal's decision that, notwithstanding my arguments to the contrary, the hearing will be held in private. I believe the public has a right to know the reasoning behind the decisions to suspend FTP's licences and call a hearing, and to hear the evidence that will be put forward on my behalf. It is my understanding that the tribunal conducted a difficult balancing exercise of the interests of the various parties, taking into account the legal arguments for and against further postponing the hearing, and for and against allowing the public to attend the proceedings."
As a consequence of the tribunal's decision members of the public will not be able to attend the hearing. A further statement will be made at the earliest possible opportunity.
Issued by: Andre Wilsenach (Executive Director, AGCC) Date: 14th September 2011."

Full Tilt's statement:

"On April 15th 2011 the United States Department of Justice unsealed a federal indictment against a number of individuals employed by major online poker operators. After the issuance of that indictment and a related civil case brought by the United States government, Full Tilt Poker withdrew from the US market. Then in a related action, on June 29th, 2011, Full Tilt Poker had its operating licenses suspended by the Alderney Gambling Control Commission.

As a result, Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company's operations in order to better position itself for future growth and profitability in Full Tilt Poker's markets outside of the U.S.  

If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.

Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in Full Tilt Poker's Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full. To this end, Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of Full Tilt Poker's non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course"

 


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16 comments on "New statements from AGCC and Full Tilt Poker"


 rogan1100015/09/2011 09:36:18 GMT
it will be white friday like 100 years from now
 Davoodoo15/09/2011 11:58:19 GMT
Could someone explain to me what "that the planned hearing of Full Tilt Poker in London on September 19th won't be held in PUBLIC" means ?

And how does this affect the trial of full tilt poker ?

 jbrooksie15/09/2011 12:28:23 GMT
A private hearing means that details of the evidence given by both parties will be a matter of record for the authorities only and not availalbe to the public.

FT have pressed for this so we can only assume that they consider the evidence that they give may prejudice their future plans, if made public. Therefore they must have something to hide that they do not wish potential investors to learn.

I would have thought that the very fact that FT have requested this would be off-putting to potential investors.
 MIGO1415/09/2011 13:02:46 GMT
Hmm, why am I not surprised that this will be bedind closed doors.
I personally don´t expect very much from this, especially no good news.
 Fakiry15/09/2011 14:22:05 GMT
This case will probably end with an agreement between both parts. Perhaps US Government will say FT can re-open activity in the country if they agree to pay a monthly fee/tax, or if they agree to have some new identity of US Gov supervising their activity, to garantee they maintain their activity in legal terms. And, taking in consideration what US market means in terms of value to this poker room, i think they should accept, even if their future profits are lower than they use to be. At least they can continue to act in US, and users will be enchanted with that.

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This case will probably end with an agreement between both parts. Perhaps US Government will say FT can re-open activity in the country if they agree to pay a monthly fee/tax, or if they agree to have some new identity of US Gov supervising their activity, to garantee they maintain their activity in legal terms. And, taking in consideration what US market means in terms of value to this poker room, i think they should accept, even if their future profits are lower than they use to be. At least they can continue to act in US, and users will be enchanted with that.
 dozn0115/09/2011 15:05:29 GMT
bla blabla same fooking shitt dirrent day just payout every players money and we are not botherd if its up and running,,,,,,,,,,,
 SuperNoob15/09/2011 19:45:34 GMT
fulltilt is continuing with its nonsense as usual, they need to find investors soon to pay off the players. and regarding the market, they have already lost big part of it.
 phaxaq15/09/2011 19:50:50 GMT
I don't think it will solve the "problem". They are stupid to even try to fight with it. I believe criminals are those who are trying to sue poker platforms.
 Macubaas15/09/2011 19:52:50 GMT
Maybe some people are interested about this hearing but frankly the only thing that matters in this problem is that full tilt poker needs to find some investors asap!

Only this way they can reopen the site once again and produce money to continue...

Until then all these hearings are nonsense really, even if this comission says that it's okay to open the site i don't think they'll do it.
 lukasb15/09/2011 20:23:33 GMT
so the new statement adds nothing of relevance to the old statement... they can do statements as much as they want but if they're trying to get a bit of a clean face from this i thing they should make a statement to state they're firing their statement writer Big Smile
 MIGO1416/09/2011 07:23:32 GMT
I think Supernoob and Macubas are right. The only chance they have is to find new investors to get fresh money and in addition replaces the management.

 AntEgo16/09/2011 13:09:23 GMT
Boo!!
 Funope16/09/2011 16:22:20 GMT
I wish that they would be so strickly to all the banks.
 Gertex17/09/2011 18:48:17 GMT
So...U guys think ill get my $400 bucks soon? LOL
 Calmplay17/09/2011 20:19:30 GMT
Posted by Gertex:
So...U guys think ill get my $400 bucks soon? LOL


The answer is simply YES if you really have this amount of money there, for me it's just a matter of time... be patient. I have a friend with a big amount also there waiting patiently so don't be obsessed with it at the moment.
 $k18/09/2011 10:05:37 GMT
gg FTP IMO wait till the zombie apocolipse and rise back from the dead

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