Full Tilt Poker Ship Keeps Sinking: Talks With Potential Investors Fall Through
The now defunct online poker company Full Tilt Poker announced on Monday that discussions with potential investors regarding the purchase of assets have fallen through.
FTP released a statement exclusively to PokerNews.com:
Dublin, Ireland (August 22, 2011) - On August 16, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker, concluded the exclusivity period of negotiations with their current potential investor.
While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.
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. 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.
To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward. Full Tilt Poker's number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.
The Los Angeles Times first announced that a group of European investors were in the process of taking over the company, whose executives were indicted on April 15 by the US Justice Department, charged with money laundering and bank fraud.
Since that initial report, it became abundantly clear that that these “investors” were unwilling to pay for a company mired in scandal and delinquency. Full Tilt Poker has failed to pay US players since April and stopped paying customers around the world last month after its license was yanked.
- Chris Costigan, Gambling911.com Publisher
