Full Tilt Hearing Latest - Part 2

July 26, 2011, Posted by Pokerfarm

They said today would be the day or reckoning for FTP.

They said today may change the landscape of online poker.

What they didn't say was that FTP would lodge an appeal to adjourn this hearing and press to get their case heard in private.

The public would appear to have been shunned out again. Where's our money? No answer....

Is Alderney acting in the interest of the players here, or are they acting to defend themselves from their complacency and shortcomings in avoiding this disaster. Do Alderney just want to get their £250k owed by FTP for their license? If FTP offer to pay this in return for their license being revoked will Alderney be happy?

Still nobody knows.

The rumours, conspiracy theories and speculation are still rife amongst the poker community. The media have no idea. Rival operators such as Pokerstars, 888, Party Poker and PKR all turned up today to try and find out what their next move would be in the market. Do they attack whilst the players are left in limbo? Will player acquisition and sponsorship budgets increase. Or will FTP get there license back and everyone can re evaluate all again.

The forums are still a buzz with questions and grand gestures. Players want to know if their money is safe. Will they re deposit? Will investors come in to rescue Full Tilt? What are their assets; their data, their software, their patents? Certainly not their brand name anymore.

Everyone believes there is an opportunity to pick this business up on the cheap but no one knows what that price is. Who'd want a business where you have to immediately pay out 150mill to players and customers you will never see again? So the rumours continue that investors only want their UK and European business.

So it seems today has come and gone with little changing in the poker landscape. No hearing, no judgment, no ruling. No answers.

The decision and verdict was clear from Alderney. 5.52 pm

In a statement to the hearing Alderney announced that in light of what evidence they heard from the licensee (FTP) they have granted their application to adjourn this hearing on the basis that 'this was the best interest of FTP customers.'

A key factor was allowing FTP further time to pursue advanced negotiations with potential investors that would 'lead to a more beneficial outcome for FTP customers' and the players' interests.

Alderney feel that by giving FTP until the 15th Sept they have plenty of time to pursue a resolution based on the evidence they heard today behind closed doors.

All in all. A complete farce and waste of time. More delays, more nonsense. More time for players to wait anxiously without their money.

Let’s hope the apparent last life line offered to FTP resolves with a happy ending.  No doubt there was an agreement to pay the £250k licence fee owed to Alderney discussed behind closed doors.......