The deadline for filing a remission claim with Full Tilt Poker passed quietly on Friday with just a fraction of eligible players lining up for account refunds.
So when can those folks expect to see their payout cash? And what happens to all the leftover cash?
According to a report published on PokerNewsDaily.com, only about 41,000 former FTP players have filed claims with the claims administrator the Garden City Group (GCG) since the process opened up back in September. GCG says those folks should be receiving a check some time in March, 2014.
Even the most wild-eyed estimates suggest that paying off the claims would cost less than $41 million. That’s just a fraction of the nearly half billion dollar payout made by Rational Group to the US Government to settle outstanding claims against FTP. Considering nearly 1.4 million players were eligible for refunds, that leaves a lot of money sitting on the table.
So what happens to all that extra loot if it doesn’t wind up in the hands of its rightful owners? In the absence of player claims, any remaining cash goes back to the coffers of the US Government, which can use the money as it sees fit.
(NOTE: FTP affiliates and Red Pros have an additional 30 days to file claims with GCG.)