Full Tilt Procures Investment
Full Tilt has decided to sell a large percentage of its stake to anonymous European investors just two days after its operating licenses were suspended by the Alderney Gambling Control Commission (AGCC).
Based on the feedback received from the Los Angeles Times the mega poker site concluded a deal with “European-based investors” and the deal “would permit U.S players to recover more than US$150m.”
Internet casinos reported on May the 27th that the indicted operator is seeking the sum of $150m and that they were locked in discussions with various investors outside the financial services sector at the time. The LA Times mentioned that any cash raised would be utilized to resolve the civil suit that has been looming since April over Full Tilt since the indictment of Bitar and co-founder Nelson Burtnick.
Full Tilt recently notified its players via its customer support section that it is negotiating a deal with the AGCC aiming to resolve the situation quickly.
Full Tilt will know on the 26th of July whether its license has been suspended or not, affiliate site Pokerstrategy.com said it would be in the best interest of the poker site if it moved its primary license to Canada’s Kahnawake jurisdiction, it holds a ‘Secondary Client Provider Authorization’ (CPA) in this district.
Yesterday the Kahnawake Gaming Commission released a press statement stating that the licensing body is “scrutinizing the information it has on hand in order to ascertain whether the Secondary CPA held by Kolyma (trading as Full Tilt Poker) will carry on,” it said that it will release another statement soon.”
In accordance with the Kahnawake Gaming Commission’s licensing regulations, which also licenses Absolute Poker and Bodog.eu-it stipulates that “Should the license from the primary jurisdiction be suspended, revoked or allowed to lapse, the holder of a Secondary Client Provider Authorization must within 30 days apply for a Client Provider Authorization under these regulations, if they fail to do so the onus is on the Commission to suspend or revoke the Secondary Client Provider Authorization.”
On July the 30th the 30-day period mentioned will lapse, just three days after the AGCC hearing in London.