Alderney suspends Full Tilt's operating license

OzExorcist · Jun 30, 2011

Poker Orifice said:
was funny reading the stuff on their site > 'in the players best interest' Huge LOL at that one. yah... ok.. it's in the player's best interest to give zero warning & have all of their bankrolls frozen on the f'n site. They're watchin' out for us I suppose... not coverin' their own azzes/reputation... no doubt it's all about the 'players' for them.

Think about it for a moment though, would giving say a 24 hour warning period where withdrawls were still allowed be fair to all players? Probably not. Those who follow issues closely might have had time to get some money out but others (particularly casual players) might not have heard about it in time and would have been disadvantaged. There's a lot of things that can be said about just shutting off the service with no warning but at least everybody's in the same boat.

Giving a warning period would be particularly unfair if there's a chance that the site doesn't have the funds to pay all the players out in full, in which case those who had warning might get to cash out in full immediately while others would have to wait longer to get a partial payout.

The more you think about it, the more an immediate shutdown with no warning seems like the right thing to do (or at least the lesser of two evils).

SavagePenguin · Jun 30, 2011

Full Tilt Poker to be sold to European investors

Deal could allow U.S. players to recover as much as $150 million from the online poker company, which was shut down by U.S. prosecutors in April

Attorneys associated with Full Tilt said the company signed an agreement Thursday with a group of investors who would put up enough money to pay back players and in doing so attain a majority stake in Full Tilt's Irish parent company, Pocket Kings. The attorneys spoke anonymously because of the sensitivity of ongoing negotiations with the federal prosecutors in Manhattan who brought the charges.
The money is also intended to allow the company to settle a civil lawsuit brought against it by the U.S. attorney's office at the same time as the criminal indictment, the attorneys said.

"Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid," Chesnoff said.

Durrr tweeted about this article, so I looked it up.

cardriverx · Jun 30, 2011

this makes me happy. but still skeptical. but very hopeful now.

WVHillbilly · Jun 30, 2011

SavagePenguin said:
Full Tilt Poker to be sold to European investors
Durrr tweeted about this article, so I looked it up.

You could also have looked it up about 6 posts up (brank).

cardriverx · Jun 30, 2011

many more people are confirming that they will definately be sold.

SavagePenguin · Jun 30, 2011

WVHillbilly said:
You could also have looked it up about 6 posts up (brank).

Brank beat me, but I announced it with style!

Pothole · Jun 30, 2011

Amazing how the US tentacle grips the World we all live on by the testicles. Makes you wonder if the 'cold war' wasn't a good thing, at least a balance of power kept the others arse from crappin on everyone else. Now there's just one rectum in force, and it does express it's force. When the AG of the US ( an appointed position ) has the power to threaten freindly countries to do it's bidding, we are all living in a bubble.

cardriverx · Jun 30, 2011

Even if these investors buy FTP and have the money to pay the US, will then they be able to keep running (outside the USA)?

WVHillbilly · Jun 30, 2011

cardriverx said:
Even if these investors buy FTP and have the money to pay the US, will then they be able to keep running (outside the USA)?

Ask yourself why they would invest and pay back US players if they couldn't continue operating outside the US???

OzExorcist · Jun 30, 2011

cardriverx said:
Even if these investors buy FTP and have the money to pay the US, will then they be able to keep running (outside the USA)?

Surely they wouldn't be buying unless they believed they could and that it would be profitable.

(Edit: WVH beats me to it obv...)

cardriverx · Jun 30, 2011

WVHillbilly said:
Ask yourself why they would invest and pay back US players if they couldn't continue operating outside the US???

Like would the hearing occur next month? Would Alderny just drop their case? Can these investors just tell Alderny "hey we have money now let us keep playing."

OzExorcist · Jun 30, 2011

cardriverx said:
Like would the hearing occur next month? Would Alderny just drop their case? Can these investors just tell Alderny "hey we have money now let us keep playing."

I doubt anyone here can give a reliable answer to that. I expect it would depend very much on the particular grounds that lead to the licence suspension in the first place, which haven't been released AFAIK.

Pothole · Jun 30, 2011

OzExorcist said:
I doubt anyone here can give a reliable answer to that. I expect it would depend very much on the particular grounds that lead to the licence suspension in the first place, which haven't been released AFAIK.

The only possible reason for revoking the license, is the that the companies assets couldn't cover their liabilities.eg. Bankrupt.

WVHillbilly · Jun 30, 2011

Pothole said:
The only possible reason for revoking the license, is the that the companies assets couldn't cover their liabilities.eg. Bankrupt.

Not really. Could be that they didn't like the actions of top management (Bitar) in the handling of the BF fiasco. Perhaps just replacing him with new investors will be enough to regain their license.

Fact is that we don't know and speculating like we know that it HAS to be one thing or the other is pointless.

Pothole · Jul 1, 2011

Shareholders decide the fate of company officials, not Governments. If FT was a viable company, there was no reason to pull it's license. If it's board members and company officials were useless, and the govenment had the power to remove them, at least 50% of US bank officials would have had their asses fired prior to them screwing the planet, and sending us into the worst econominc times since the 20's. My mistake,,,,the dirty 30's.

WVHillbilly · Jul 1, 2011

Pothole said:
Shareholders decide the fate of company officials, not Governments.

So let's say government says "we'll no longer grant your licsense as long as your current CEO is in charge." Shareholders look at CEO and say gtfo. Who was actually responsible for removing the CEO in that scenario?

Pothole · Jul 1, 2011

The only scenario you describe would be a company who was dependant on govenment for it's day to day survival. Do you really believe if Obama said to GM, fire your CEO or else. If you do, you place too much power in a single individual.

Pothole · Jul 1, 2011

The day China flexes it's muscles, is the day you should be afraid of. If they pulled out and cashed in all their US investments, the US would be bankrupt.As the adage goes, "the pen is mightier than the sword".

WVHillbilly · Jul 1, 2011

Pothole said:
The only scenario you describe would be a company who was dependant on govenment for it's day to day survival. Do you really believe if Obama said to GM, fire your CEO or else. If you do, you place too much power in a single individual.

You mean like a company who depends on a government license to stay in operation?

Pothole · Jul 1, 2011

( bangs head against wall ). Company must have broken terms & conditions of license, the fact that the CEO may well be a dik head is irrelavent.

WVHillbilly · Jul 1, 2011

Keep banging. You'll get it.

Pothole · Jul 1, 2011

DITTO

Tammy · Jul 1, 2011

Pothole said:
Do you really believe if Obama said to GM, fire your CEO or else. If you do, you place too much power in a single individual.

Yeah, that actually already happened.

http://www.politico.com/news/stories/0309/20625.html

OzExorcist · Jul 1, 2011

Pothole said:
( bangs head against wall ). Company must have broken terms & conditions of license, the fact that the CEO may well be a dik head is irrelavent.

This is a yes or no question: are you privy to all of the terms and conditions of Full Tilt's licence with the AGCC?

WVHillbilly · Jul 1, 2011

juiceeQ said:
Yeah, that actually already happened.

http://www.politico.com/news/stories/0309/20625.html

Lol. But what about the shareholders????

:banghead:

Alderney suspends Full Tilt's operating license

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