Full Tilt Poker - License suspended

[illium7]

As of 29/6/11 the regulator, AGCC has suspended FTPs license and the site is currently down. Looks like it will be down until at least 26/7/11

[illium7]

With all the unrest going on in the Euro zone problems with a major poker site don't feel that important. Luckily I don't have my life savings at FTP but if they
default on payouts it will still hurt. The regulator, the AGCC should be able to secure players funds or their credibility ( and more importantly the credibility of it's other licensees) will come under scrutiny. I believe that a condition of most licenses is that player funds be kept in a separate secured account, in which case cashouts should get processed eventually but I can see this being a matter of months. Of course they could get their license unsuspended on the 26 July but this seems unlikely.

[illium7]

Rupert and the Red Queen are a bit busy at the moment but I'm sure that if the White Knight doesn't show up for FTP that Newscorp will have plenty of spare cash to buy it's next dodgy enterprise with.

[illium7]

The only concrete thing to come out of this meeting is that FTP currently owe the AGCC £250K in license fees. It's seems that FTP are either unwilling or unable to hand over even that much. The AGCC have tabled 9 questions for FTP to answer but we don't know what they are or whether any were answered as most of the meeting was held in private. The upshot is that FTP have until 15th Aug to conclude negotiation with any prospective buyer. If nothing happens by then I suspect the license will be terminated.

What FTP need to do? 1) pay their license fee without delay. 2) Start paying out US players who requested a cashout (in strict time order), people who haven't done this even yet will go to the end of the queue. 3) Convince the AGCC that player accounts will be segregated and guaranteed as a matter of course.

I can't see any buyer taking this on, all they have to do is wait till FTP go bust and then buy up the FTP/Pocket Kings software team for a few million
dollars.