Possible Buyer for Full Tilt Poker
Full Tilt Poker may finally be regaining its footing. A potential buyer for the company was announced on Tuesday, and although the name of the company has not been revealed, it is known to be a French investment firm. This may give Full Tilt the opportunity it needs to pay back the $300 million it owes to players.
Full Tilt continues to deny allegations it is a Ponzi scheme, despite allegations that arose last week. The company insists it is committed to repaying the players the money they are owed. Players are hopeful they will get paid, provided this buyout goes through.
The potential deal could be the salvation players—and FTP executives— are looking for. There is one thing that might hold everything up, though: the buyer’s only term is that it won’t purchase Full Tilt if the poker site loses its Alderney gaming license.
Jeff Ifrah is the official lawyer for Full Tilt, and he says the investor won’t go through with the deal if Full Tilt’s license is revoked. This unnamed sutior feels it will make things too complicated. Otherwise, the investor is fully committed to the purchase.
Ifrah is confident the Alderney Gaming Control Commission (AGCC) will come to a fair decision regarding FTP’s license. They clearly want to make sure players can get their money back.
The French investor has even hired a lawyer to speak to the United States Department of Justice (DOJ) and the AGCC. Ifrah says the company is determined to work through all the legal problems Full Tilt is experiencing in both jurisdictions. Both the DOJ and the AGCC originally postponed hearings against the company so it could find a potential buyer. Neither wants to deny players a chance to get their debts repaid.
Is this anonymous investor the white knight Full Tilt needs to evade bankruptcy? They may not only save Full Tilt, but also reassure the players who are waiting for hundreds of millions of dollars in back payments.
Do you think this investor will save Full Tilt? Share your thoughts in the comments below.