Full Tilt Poker to be Sold, Player Funds to be ReturnedL.A. Times Reports European Investors Will Obtain Stake in the Company |
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On Thursday evening, the L.A. Times reported that attorneys close with Full Tilt Poker said that the company has signed an agreement with a group of European investors who will put up enough money to cash out players. Full Tilt has, up until this point, failed to pay back an estimated $150 million in outstanding player funds since April’s Black Friday.
As part of the deal, the investors would obtain a majority stake in Pocket Kings, Full Tilt’s parent company. The money would also help Full Tilt settle its civil case with the United States Department of Justice. The agreement comes just one day after the company had its entire online operation suspended by the Alderney Gambling Control Commission.
Phil Ivey, who sued Full Tilt and has been absent so far at the 2011 World Series of Poker, will withdraw his lawsuit in Nevada, according to his attorney David Chesnoff. “Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid,” Chesnoff told the L.A. Times.
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