Full Tilt Poker Hearing Updates
We are going to bring you any news, gossip, and statements we can find from the Full Tilt Poker hearing in London. Updated 19/09/2011 1645 GMT
The Full Tilt Poker hearing by the AGCC (Alderney Gambling Control Commission) is under way at the Plaza Suite at the Riverbank Park Plaza Hotel in London. The hearing, which was originally adjourned on July 26 to allow Full Tilt to pursue a new investor, is to take place ‘in camera’, which means the public will not be able to attend.
What is likely to happen this week? Full Tilt Poker could lose their AGCC license, or have it reinstated, but the most likely scenario is that they will be given a second extension to further pursue a new investor, as that is in the best interests of Full Tilt, the players, and the AGCC.
Given that the hearing is behind closed doors, news from the hearing will be limited to say the least. We will, however, be providing any updates, rumours, or statements right here. Please lower your expectations, as news will be sparing, there could be long delays between updates, or there could be no news at all.
But, we will endeavor to bring you everything we can, and if you are aware of any updates yourself, please make us aware of them in the comments box or by tweeting to @HQPokerStrategy.
Update 19/09/2011 1700 GMT+2:
The only significant new development involving Full Tilt so far today, is the news that the Hendon Mob have ceased their exclusive relationship with Full Tilt Poker. As players the Mob (Barny Boatman, Ross Boatman, Joe Beevers, and Ram Vaswani) were the first European players sponsored by Full Tilt Poker.
Their popular UK forum was also one of the biggest Full Tilt affiliates. In a statement released on their website today, this revealed that as a company they are running at a substantial loss, and as a result, have chosen to end their exclusive deal as both players and affiliates.
Update 19/09/2011 1844 GMT+2:
According to the Quadjacks.com twitter feed, the Park Plaza hotel has been booked for 48 hours (until Wednesday) and that the hearing is due to finish at 5pm local time (in 15 minutes) today and recommence tomorrow. The hearing room was booked for 48 hours at the first hearing in July, and we were told at the time that, should the hearing go on beyond 48 hours, they would have to reconvene at a later date. Also, apparently two security guards are patrolling the hearing premises.
Update 20/09/2011 1024 GMT+2:
Although a lot of people were expecting an update at the AGCC at the end of the first day, that has not happened. Over on the Poker King Blog they have claimed that "a source (that wishes to remain anonymous) who is close to the situation said that "nothing happened of substance today" and that the hearing will continue on Tuesday".
Update 20/09/2011 1932 GMT +2:
Although this is not directly related to the hearing, some massive Full Tilt news has broken. Nathan Vardi of Forbes has released an article stating that Manhattan’s U.S. Attorney Preet Bharara has called Full Tilt Poker and its board “a massive Ponzi scheme against its own players.”
The DOJ’s civil complaint has been amended, and now alleges that the company has stolen player funds. The new complaint alleges that Howard Lederer, Chris Ferguson, Ray Bitar, and Rafe Furst committed money laundering. Subject Poker has released full details of the complaint, which includes the complaint in full.
The new complaint also gives more details on Full Tilt’s debt, stating that it is currently over $300 million, with approximately $150 million owed to US players. Meanwhile another sum mentioned was the amount of $443,860,529.89, which was paid to Ray Bitar, Howard Lederer, Chris Ferguson, and Rafe Furst between April 2007 and April 2011.
This story has now been blown wide open. Stay tuned to PokerStrategy.com for more details.
