he Alderney Gambling Control Commission initially suspended Full Tilt Poker licences on June 29 following indictments from the US Department of Justice and the site’s ‘subsequent failure to satisfy the regulator that its activities inside and outside the US were in order’.
At a consequent hearing into the matter on July 26, Full Tilt Poker requested more time after declaring that it was seeking additional investment from outside parties and was given 54 days. Along with yesterday’s revocations’, the Alderney Gambling Control Commission revealed that the licence of Orinic Limited, which is a recently added geographic sub-division of the poker room at Full Tilt Poker, is to remain suspended.
In a statement released late yesterday, which featured the headline ‘The Alderney Gambling Control Commission deals a blow to FullTiltPoker.com players as ‘investor close to a deal’ testimony is disregarded’, the under-fire online poker domain revealed that it offered the testimony of an investor interested in acquiring the company.
“The interested investor testified before the Commission as to its advanced status of negotiations with the company and the terms and conditions of a potential purchase,” read the statement from Full Tilt Poker.
“Full Tilt Poker requested a 30-day adjournment of the hearing to allow for transition of the company to the new investment team.” However, the Alderney Gambling Control Commission decided against this and revoked the operating licences, which Full Tilt Poker stated ‘makes it more difficult to execute the sale of the company and, hence, repay players’.
“Today, the Commission announced its decision to revoke three of the four Full Tilt Poker operating licenses despite the weight of evidence presented at the hearing by Full Tilt Poker of investor interest in acquiring the company,” read the statement.
“Throughout the last few months, Full Tilt Poker has been totally committed to ensuring repayment of its players in full; a commitment that it has expressed repeatedly to the Commission and the company believed that it was engaged in a collaborative effort with the Commission to repay its players.
“Notwithstanding the potential damage done by the Commission and its disregard for our players, Full Tilt Poker remains committed to repaying its players in full and continues in active negotiations.”