Full Tilt Poker released their official Black Friday statement providing more insight on why USA Poker players have not yet been paid. The latest statement explains that prior to Black Friday the government had seized player funds from American banks amounting to $115 million over the last two years. An online payment processor company have also stolen about $42 million causing even more financial difficulties for the company.
Since Black Friday Full Tilt Poker looks for new Investors to help fiance the company so they may payback their players and restore the company and it’s reputation to it’s former glory. With Full Tilt Poker closed the online poker room have lost their source of income when the AGCC suspended FullTiltPoker gaming license about two months ago forcing a worldwide shutdown.
Full Tilt Poker Black Friday Statement
“The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks. While we believed that offering peer-to-peer online poker did not violate any federal laws – a belief supported by many solid and well-reasoned legal opinions – the DOJ took a different view. In addition, as was widely reported, a key payment processor stole approximately $42M from FullTilt Poker. Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected. Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.”
“Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players. At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation. We have recently engaged an additional financial adviser through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players. While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations.”