Full Tilt almost finished

Full Tilt Poker are on their way to the final crisis as controversy after controversy dogs them to the end

There seems to be no end to the free fall that the once mighty poker site Full Tilt has fallen into. After Black Friday Full Tilt saw their business devastated with the loss of their American market. After making a deal with the US Department of Justice (DoJ) where they agreed to pay back their former clients in the US Full Tilt reneged claiming not to have the money. This led to them having problems with the Alderney Gambling Control Commission (AGCC) leading to their poker license being suspended and a hearing is just around the corner to find out whether their license will be renewed by the AGCC. That hearing will take place on the 19th of September and it is highly unlikely that there will even be a viable company for the license to be granted to, should the AGCC move in favour.

In this train wreck of a case things have gone from bad to worse, the case on the 19th is generally presumed to be the tipping point. The lawyer for Full Tilt and the several companies who run the site has been Jeff Ifrah and his associates until now, though there has been a growing amount of rumours as to whether he continues to represent the firm which in turn has led to speculation as to whether there is any money left in the company to pay them with. After releasing a statement on their finances in August the site claimed that they had been the victims of a massive financial fraud to the tune of $42 million by one of their payment processors. They also claimed that seizures by the DoJ accounted for over $115 million.

This explanation satisfied few in the industry amongst players and pundits alike who reckon that hundreds of millions of dollars have been made by the site over the years of its operation. That Full Tilt Poker currently has no money is not in dispute but what happened to all of the money is a question that has yet to be answered to the satisfaction of players who have yet to come to terms with the loss of all their money. The hearing on the 19th is stated as being public but after the hearing, held in July which was also publicised as public was quickly held behind closed doors there is little faith that the 19th of September will shed any more light on the situation.