Interesting rumor – Binion to buy in to Full Tilt? [Update: FT loses gaming license]

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The latest from pokernews.com:



Full Tilt Poker Statement

On Wednesday, Full Tilt Poker released its latest statement to PokerStrategy.com. The statement touches on the the financial issues the company is facing and how it is positioning itself to deal with them. According to the press release, approximately 250 positions at Pocket Kings Ltd. could be affected by the new cost optimization program.

Here is the statement in its entirety:

"On April 15th 2011 the United States Department of Justice unsealed a federal indictment against a number of individuals employed by major online poker operators. After the issuance of that indictment and a related civil case brought by the United States government, Full Tilt Poker withdrew from the US market. Then in a related action, on June 29th, 2011, Full Tilt Poker had its operating licenses suspended by the Alderney Gambling Control Commission."

"As a result, Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in Full Tilt Poker’s markets outside of the U.S."

"If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce."

"Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in Full Tilt Poker’s Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full. To this end, Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of Full Tilt Poker's non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course."


Read more:

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New article from ESPN.com:

[Kurn]

I read a few articles on it today. None mentions Ivey. Tony G has been tweeting that Ivey's the "inside man" for the Feds.

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Wow, amazing if true.

[melioris]

it has been a long time, but on a day like today, I had to come back.

Dwan is answering questions on the .

[GTDawg]

[Talking Poker]

A quick summary of the latest news, in case anyone missed it and wonders WTF is going on:

-$443 million total has been distributed to the owners of Full Tilt Poker. Howard Lederer received $41 million, Chris Ferguson $25 million, and Rafe Furst $12 million.
-An unnamed player which is likely to be Phil Ivey received $40 million in distributions and millions in loans including $4.4 million which has yet to be repaid.
-There are 19 owners of Full Tilt Poker, but aside from Lederer, Ferguson, Furst, and Bitar no others are named.
-Full Tilt’s debt to players on March 31st 2011 was $390 million. The total is $300 million today with roughly half owed to US players. Full Tilt only had $60 million in April 2011
-$130 million of deposits from US players were credited to player accounts however were never removed from the players’ bank accounts.
-Preet Bharara, SDNY Attorny General commented, “Full Tilt was not a legitimate poker company, but a global Ponzi scheme”.

The amended civil complaint (for RD's enjoyment):

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Who let this noob in???