Most Full Tilt players will 'get nothing'
Full Tilt Poker players will be left empty-handed by rescue deal
| by Alligator Blood |  October, 11th 2011 |
Overall: 3
|
|
Above: Some Full Tilt Poker players may be left empty-handed
THE vast majority of Full Tilt Poker players owed cash will get nothing when the company is rescued, it was claimed today.
A French investment company is on the verge of an ambitious takeover of the site, which has been shut to both American and European players for months.
But although Groupe Bernard Tapie is considering handing some players equity in the new-look group, that offer may only extend to those owed huge sums by the firm - and not the majority of ordinary players.
A gaming industry source based in London told Pokerjolt: "Several bigger players left this deal alone precisely because of Full Tilt's liabilities.
"Any rescue bid would have to recognise that and place an upper-limit on potential payments, or it simply isn't a viable business.
"It's impossible to minimise fines, but it may be possible to put a cap on how many players you compensate.
"Our belief is that's exactly what the Tapie family will do. It's exactly what any sensible business would do - reduce liabilites."
Full Tilt faces a U.S. government law suit seeking up to $1 billion for alleged bank fraud and money laundering.
It has been shut to US players since 'Black Friday' - April 15 - when PokerStars And Absolute Poker were also shut down in the US, and to those in the UK since June 29, when the AGCC suspended all its licenses.
It is thought that nearly $300million is currently frozen in Full Tilt player accounts around the world.
By giving equity only to players owed a certain sum - $10,000 has been touted as a minimum by some observers - the new group could effectively write-off a considerable portion of the group's enormous debt.
The proposed takeover is being managed by Laurent Tapie, the son of colourful French businessman Bernard Tapie, who has previously owned both Adidas and football club Olympique Marseille.
Last month it emerged that Full Tilt paid board members more than $440 million from funds that were supposed to be available for withdrawal by players at any time.
* Get all the latest Full Tilt News here...
