European Investors to Buy Full Tilt Poker

About 2 months ago Full Tilt Poker was dealing cards as one the top three internet poker sites. How quickly things can turn. April 15th brought down FBI indictments and a loss of their domain along with Pokerstars, Absolute Poker and Ultimate Bet. Shortly after they reached a deal with prosecutors to get their domain back only to process withdrawals along with Pokerstars, since then Pokerstars has paid back over $120 million to players and the other sites…zero.

All the sites continue to operate overseas, until this week when Alderney Gambling Control Commission canceled Full Tilts license. With no license in place it leaves the roughly $150 million owed to U.S. players in limbo. They are also facing a lawsuit filed by Phil Ivey as well as the U.S. government seeking to recover $3 billion from the big three online poker sites.

According to the LA Times, attorneys from Full Tilt announced an agreement yesterday that will allow a European group to put up enough money to pay back U.S. players and settle a civil lawsuit brought by U.S. attorneys. In doing so this group will get a major stake in Pocket Kings, Full Tilt Pokers Irish parent company the attorney said but so far all parties remain anonymous.

According to Phil Ivey’s attorney David Chesnoff “Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid,” which he was ready to do on Thursday.

A U.S. attorney’s spokesperson declined comment on the situation but hopefully this is good news to U.S. poker players with money still in limbo with Full Tilt Poker. There has been no word when the agreement will be official or when withdrawals can be processed.