POKER

Full Tilt Poker investor exclusivity period expires

TAGs: full tilt poker, Pocket Kings Ltd.

Full Tilt Poker in search with new investorsFull Tilt Poker parent company Pocket Kings has followed up a number of job losses by releasing a statement that suggests the proposed investors have fallen by the wayside. The press release states, “On August 16, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker, concluded the exclusivity period of negotiations with their current potential investor.”
Before adding, “While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.”

What Pocket Kings is now saying is that the company who were once smitten for the company, or certain parts of it, has lost interest on won’t be taking the business of their hands. Makes the delay given to them by the Alderney Gambling Control Commission (AGCC) look all the more unnecessary. It does also present the opportunity that the new investors they are looking for will mean a further extension to the date of the hearing – past the current scheduled date of September 15th.

In terms of their customers, the release includes an apology for the “lack of communication” over the past few months. The excuse… “it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality.”

From the sounds of things if there are any new negotiations it will be very unlikely that they tell anyone about it. Lets just hope for a leak! The more worrying fact to come out of this press release is that it doesn’t look as if players will be getting their money any time soon. It comes after yet another class action was filed against the online poker business and this one’s going to roll on for some time yet.

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