It’s been a tumultuous period for Full Tilt Poker since Black Friday befell the poker world on April 15, 2011. While PokerStars has stayed well above the fray, and Absolute Poker/UB Poker have seemingly gone over the cliff, Full Tilt Poker has been a rollercoaster ride full of highs and lows.
The most recent episode in the Full Tilt saga saw the site being sued by Phil Ivey for $150 million, still unable to pay back US players, and the online rumor mill swirling regarding monetary shortfalls and comingling of player funds with operating funds. All of this was followed by the AGCC (Full Tilt Poker’s regulatory body) pulling their license on Wednesday, in what seemed like the beginning of the end for the site.
However, a little over 24 hours later, on Friday morning, the LA Times ran a story stating Full Tilt’s knight in shining armor had arrived in the form of a group of European investors ready to infuse the site with some much needed capital in return for a majority stake. The article also quoted Phil Ivey’s attorney as saying he would be dismissing his lawsuit.
If Friday morning seemed like the best news possible for Full Tilt, than Friday afternoon must have seemed like an absolute nightmare, when it was revealed that a group of poker players had filed a class action lawsuit on Thursday, seeking $150 million in damages! The complaint names not only Full Tilt owners Ray Bitar and Nelson Burtnick, but also the roster of Team Full Tilt Poker, against which the plaintiffs level the following charge: “…all members of the Team [Full Tilt] own an equity interest in—and are directors of—the Full Tilt and/or the entities that operate under the Full Tilt name.”
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