Full Tilt Ends Exclusive Period With Potential Investors

The Full Tilt Poker saga took yet another interesting turn as the company announced on Monday that they have concluded their “exclusive” period with a group of supposed “European investors.”

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Full Tilt Poker released a statement exclusively to PokerNews.com which stated the following:

“Dublin, Ireland (August 22, 2011) – 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.

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.

Full Tilt Poker apologizes for its lack of communication with its customers over the last month and a half, but 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.

To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward. Full Tilt Poker’s number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.”

According to an article by Wicked Chops Poker, sources told them that the group currently negotiating with Full Tilt Poker has not sealed a deal with the company due to the U.S. Department of Justice.  Apparently, the DOJ is not happy with what the company is offering in regards to payment to them regarding the Black Friday indictments.

As such, this may be an attempt by the company to try and sell assets in order to raise the capital to both satisfy the DOJ and the Alderney Gambling Control Commission.  The AGCC has Full Tilt’s license under suspension and they have adjourned proceedings until September 15th so that Full Tilt can work on a deal.  Full Tilt may be scrambling to try to get something done as a way to get their license back and online.

In other Full Tilt news, Pocket Kings Chief Marketing Officer Lothar Rentschler has resigned from the company.  Also, it has been reported that around 30 employees of the company have turned in their resignations.  Also, several Full Tilt red pros have resigned from the company as well, including Erich Kollman, James Bord, and Mike McDonald.

We will continue to bring you more of the Full Tilt Poker saga as it becomes available.