14 Sep 11
Exclusive: PokerStrategy.com Receives New Full Tilt Poker Statement
Full Tilt Poker has released a statement exclusively to PokerStrategy.com. In it, they comment on the latest financial issues surrounding the company.
"On April 15th 2011 the United States Department of Justice unsealed a federal indictment against a number of individuals employed by major online poker operators. After the issuance of that indictment and a related civil case brought by the United States government, Full Tilt Poker withdrew from the US market. Then in a related action, on June 29th, 2011, Full Tilt Poker had its operating licenses suspended by the Alderney Gambling Control Commission.
As a result, Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in Full Tilt Poker’s markets outside of the U.S.
If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.
Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in Full Tilt Poker’s Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full. To this end, Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of Full Tilt Poker's non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course."
Stay tuned to PokerStrategy.com for further press releases from Full Tilt Poker.
#1
brooksjohn, 14 Sep 11 14:51
This says absolutely nothing whatsoever.#2
hova, 14 Sep 11 14:52
Absolutely true #1, ...#3
BoyRobot777, 14 Sep 11 14:53
haha :DD thats just magical how you can make a "new" statemnt adding just two actual new sentences or nano sizes pieces of information... just amazing!#4
illium, 14 Sep 11 14:55
It's hard to assess the full implications of this statement but Pocket Kings commitment to repaying players is obviously welcome news.#5
luizsilveira, 14 Sep 11 14:58
bla, bla...#6
gambleallin, 14 Sep 11 15:00
loool!! lets just hope we no were we stand after the 19th....... rather then this cod sh@t!!!!!#7
JuiceQuadre, 14 Sep 11 15:17
Thanks for the good news fulltilt, love you, cant wait to be back#8
BOBOsvk, 14 Sep 11 15:20
as always, good news ofc :D#9
boboistina, 14 Sep 11 15:32
how about when releasing a new statement you actually say something new and important instead of repeating which was said more than once already with some irrelevant few sentences added, ha FULLTILT??#10
smile101, 14 Sep 11 15:32
hahahahaha omg lol wtf is this, them guys are friking morons, i mean i didnt have a roll on ft but the statements that they give are political answers lol ! ! !#11
eteris, 14 Sep 11 15:37
maybe stop printing those "new" statements and write something that is actually new?#12
gordy1957, 14 Sep 11 15:48
so no one is interested in buying them out and they think they can carry on with the same managment team.Also they think they can reduce their costs by 12 million euros by sacking 250 people.HOW MUCH WERE THEY PAYING THOSE PEOPLE?
#13
taavi1337, 14 Sep 11 15:58
Oh, cmon. At least we got some kind of sign from them#14
JHTAN, 14 Sep 11 16:06
sick#15
Kalisari, 14 Sep 11 16:07
good news#16
Heffron89, 14 Sep 11 16:08
With what money are they paying their employees???#17
blackaces82, 14 Sep 11 16:38
id rather hear something like that then "sorry guys, we're done."#18
wowadvisor, 14 Sep 11 17:17
pocket kings is located in ireland! GO IRELAND!!#19
janushr, 14 Sep 11 18:36
#16+1...i can say for myself if ever cross roads with FTP somebody,only one man will be standing:)this only shows what is poker market now,they just close and nothing happens,seems that they continue to recive their payments,so i agree with #16,where and from whoes money???you all should better check where you play,cause poker rooms are worrying only for them and their profit...#20
tipper1719, 14 Sep 11 19:26
i've forgotton, but why can't fulltilt keep operating outside of the U.S?#21
Heffron89, 14 Sep 11 19:48
#20 because AGCC have suspended their license.#22
buzzinace, 14 Sep 11 19:50
#20 The Alderney Gambling Control Commission suspended their licence.The "news" here is that there will be at least 250 jobs lost of the 700 in their Dublin subsidiary. This is relatively big news in Ireland today, but not really a surprise given that they haven't been generating revenue since June.
#23
Kokiletz, 14 Sep 11 21:50
They still owe me money!#24
MarcPS, 14 Sep 11 22:45
#12 - salaries of employees are only one part of the 'cost'. you might need, for example, less office space, or pay less money to the cleaning company, pay less in social insurance contributions, etc etc with less staff.#22 - Right now it seems, at least to me, that whilst some redundancies are likely, 250 seems to be the 'max' figure and it's not yet decided. It could be that they find another way/other investment before that time.
#25
DJDoubleD, 14 Sep 11 23:56
Wouldn't they reach the €12m if Ivey just repayed his "loans"?#26
ProlinePoker, 15 Sep 11 00:50
They should STFU and only release a statement announcing that they're either coming back or closing for good (the most likely outcome of this mess). That way we know we can cash out or kiss our bankrolls goodbye, until then I regard all these statements as pure BULL****#27
PocketAcesJohn, 15 Sep 11 01:49
@25: They dont need to make 12million euros, they need to SAVE 12 million.#28
Arthibald1, 15 Sep 11 08:05
12m/250 = 48,000 on average.#29
tammyccc, 15 Sep 11 18:04
rats.#30
tammyccc, 15 Sep 11 18:05
bull again.