GPWA Times Magazine - Issue 17 - September 2011

Ivey later withdrew his lawsuit, but it was clear this was going to be an un- happy summer for Full Tilt. The two other professional poker play- ers most associated with Full Tilt, Howard Lederer and Chris Ferguson, also did not play in any World Series of Poker events. On June 29, the AGCC suspended Full Tilt’s online gaming license and set a regulatory hearing for the end of July. “The decision to suspend these li- censes follows a special investigation prompted by the indictments un- sealed by the U.S. Attorney General’s Office in the Southern District of New York on 15 April 2011, during which grounds were found to indicate that these licensees and their business associates were operating contrary to Alderney legislation,” wrote the AGCC. “The nature of the findings necessitated the taking of immediate action in the public interest.” The AGCC has not publicly revealed what triggered the license suspension. Full Tilt immediately halted its global operations. And Full Tilt’s players headed to other online poker rooms. “What’s really going to be fascinating is, assuming that Full Tilt is actually successful in completing some kind of transaction and they get their license back and they open their doors back up, how much are they going to then recapture from all the other sites that have gobbled up all their traffic?” said PokerScout’s Dan Stewart. While the competition was gobbling up Full Tilt’s players, Full Tilt was looking for investors to either infuse cash into the company or buy it outright. And when the AGCC’s license hearing con- vened in late July, the company sought to protect its chances of finding a buyer or investor. Instead of publicly address- ing the problems it was facing, Full Tilt asked the AGCC if the hearing could be delayed, and requested that the reasons for the delay be discussed in private. The AGCC granted Full Tilt’s request for a private discussion. And at the end of the discussion, the AGCC agreed to delay the license hearing to a date no later than September 15. “As a result of the arguments on be- half of FTP during the pre-hearing ap- plication the Commissioners decided to adjourn the hearing as they felt it was in the best interests of FTP’s customers,” wrote the AGCC. “A key consideration . . . was to allow FTP licensees to further pursue advanced commercial negotiations which could lead to a more beneficial outcome for player interests.” So the search for an investor is on. As of press time, Full Tilt had not found someone to buy the company or infuse it with cash. And until Full Tilt does, players might be out of luck. From left to right: Howard Lederer, Phil Ivey and Chris Ferguson (file photos) 63 Judgment Day delayed for Full Tilt