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    • European Investors Buy Full Tilt, Players Will Get Their Refunds

    Full Tilt Poker, one of the biggest names to be caught out by the events of Black Friday on April 15th, has announced it's takeover by a group of European investors. Just several days earlier the regulatory authority in Alderney had removed Full Tilt's operating license, effectively rendering the site useless. The license suspension was due to an investigation by Alderney into the events surrounding April 15th.



    Full Tilt was clearly experiencing the most problems during the fallout from Black Friday, particularly with reference to American players withdrawing their money from it. While other affected sites quickly refunded players, Full Tilt struggled to accomplish this, leading to a suspicion that it just did not have the funds available.



    The news of the takeover/buyout will be a welcome relief for this still with money tied up in the operation. The investors are as yet unnamed due to ongoing negotiations with U.S. financial authorities but the takeover will provide enough money to cover Full Tilt's substantial liabilities. These include player refunds as well as costs related to legal action against the company. Some relief for the new investors is that Phil Ivey has dropped his lawsuit against the company (of which he was a sponsored player).



    Full Tilt Poker's parent company is a Irish registered operation called Pocket Kings Ltd and the size of the investment by the new owners means that they will be taking control of this also. At one point Full Tilt was the second largest online poker room in the world (after Pokerstars) but things have changed rapidly in the months following Black Friday. Successful negotiations with U.S. financial and federal authorities should mean that Alderney will lift the license suspension and that Full Tilt will be able to promptly return player's money and rebuild it's somewhat tarnished reputation.



    Of course even when players are refunded, American players are still left in the bizarre situation of not being able to play online poker. Hopefully recent efforts by American Senators will rectify that situation soon.



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