Full Tilt’s Euro Backers Yet To Commit As Hearing Approaches

by , Jul 24, 2011 | 11:40 am

LONDON–There’s nothing more exciting than mysterious European investors. The kind of people who turn up in blurry photographs, wearing sunglasses while looking into the middle distance.

At least that’s how I imagine the potential saviours of Full Tilt Poker must look. The beleaguered online poker provider is currently locked in negotiations with a secretive group of moneymen, who have designs on a portion of Full Tilt’s Euro operation. Ahead of next week’s landmark hearing in London, these briefcase wielding millionaires could be the last hope for the ‘Home of the Pros’.

An official announcement on the deal was expected late last week. No such missive emerged, but the news hounds at EGR Magazine did manage to rustle up a ‘source connected to the suspended poker company.’

Most important, the insider indicates that the buyout will have “nothing to do with [Full Tilt’s] stateside activities.” That would leave thousands of U.S. players waiting for Howard Lederer to refund their frozen bankrolls weeping on the sidelines.

The linchpin of the sale could be Pocket Kings, the company responsible for Full Tilt Poker’s software and marketing. The value of the actual Full Tilt brand is amorphous at best and will depend heavily on the outcome of Tuesday’s hearing.

The former online poker behemoths are being held to account by the gambling commission of Alderney, a small island off the coast of France, where their gambling operations are licensed. Following the events of Black Friday, the Alderney Gambling Control Commission revoked their license, effectively shutting down the entire network.

As a member of the Channel Islands, Alderney is governed by UK law, so the AGCC are taking a short plane trip to London to present their evidence in public. I’ll be entrenched on location, sneaking out morse code transmissions tweets (@JoeOE18) to keep you in the loop. Keep your eyeballs glued to Pokerati for hard hitting analysis as the hearing continues.

One Comment to “Full Tilt’s Euro Backers Yet To Commit As Hearing Approaches”

  1. Scott Diamond

    There has not been much news published that I could find about what the DOJ plans to due next. I know they have supposedly filed indictments but when does this case go before a magistrate. Where are the motions to dismiss?