Full tilt players to be paid in full?

[Gazza]

Think it's just the announcement that's due at the end of May, but that would be a pretty good start.

[AndrewT]

Ah, the old pre-announcement announcement.

[Da Bookie]

It is in my opinion not a very good thing for poker players to see Stars take over Tilt. I cannot think of any other business situation where the
total domination of a market by one supplier would be allowed in this way ( a referral to the monopolies and mergers commission would defiantly
happen for a UK based company). It is the equivalent of one airline having 80% of the business or one bookmaking company having 80% of
all betting shops. Competition is needed in any market and it is hard to see that happening with regard to on line poker in the near future.
          Having said that stars do deserve credit ( although it has to be said it is obviously self interest rather than philanthropy ) for taking on
the debt and shall we say sanitising the on line poker business. It will be great to see players getting there deposits back ( if this occurs as it appears it
will ) and it will i`m sure give the industry a boost and will be shrewd business if it allows stars back into the American market.
          Although I don`t obviously have clear figures I believe stars lost 1/3rd of its revenue when it lost the American market but it effectively lost
in my opinion 80% of its saleable value as it went from market leader of a reputable business to market leader of in the American DOJ view an illegal business.
          It was rumoured that the recently departed stars chief executive had been recruited to prepare a market floatation ( although from what I am told he had not done this anywhere in the past) and if that was true the loss of the American market effectively blew that out of the water.
However if a new stars/tilt is allowed back into the US then the value of the business would again be stratospheric, licenced and legal. I also noticed party poker`s parent company share price has lost 10% or so in the last few days.
  Interesting times ahead for the business but short term joy for the players in my opinion.
   

[Gazza]

I'll worry about monopolies once I have my money back.

[Da Bookie]

I'll worry about monopolies once I have my money back.

                     

                                            fair comment.

[EvilPie]

I don't see how this could be classed as a monopoly anyway.

They dominate the market but there are other products available to consumers.

In a monopoly situation you usually have a product which consumers require but only have one place to go for it. That results in inferior or over priced products.

Stars are neither inferior or over priced. They are the best and they cost the same as pretty much all the others.

Also there are no significant barriers to entry in the market. Anybody with a chunk of cash could develop some software and do what stars are doing.

It's only if they start patenting things such as 'zoom' that they may face problems.

[Gazza]

Besides looking at PokerScout, it seems they probably have more like 55-60% of the cash market, not 80%.

[George2Loose]

From Doyle brunson:

https://twitter.com/texdolly/status/229315221662072832

Says full tilt players to be paid up in full?

[Ant040689]

From Doyle brunson:

https://twitter.com/texdolly/status/229315221662072832

Says full tilt players to be paid up in full?

seems like a bit of a wind up

[Longy]

http://diamondflushpoker.com/2012/07/pokerstars-acquires-full-tilt-poker-assets-doj-agreement-complete/

I believe this is a pretty reliable source.

[Longy]

Actual statement from tilt.


    FULL TILT POKER CONCLUDES TRANSACTION WITH POKERSTARS  AND UNITED STATES DEPARTMENT OF JUSTICE
    Agreement Ends Civil Forfeiture Proceedings and Includes Payment For All Players
    Dublin – July 31, 2012 – Full Tilt Poker is very pleased to announce the conclusion of a three-way transaction with PokerStars and the United States Department of Justice which will result in all of FTP’s US players having the opportunity to be paid. The agreement ends the company’s civil forfeiture proceedings with the U.S. Department of Justice.
    Under the terms of the agreement, PokerStars will pay a substantial amount of money to the United States, and the government has agreed that all U.S. players will have an opportunity to request that they be compensated out of those funds for their losses.  In addition, within ninety days PokerStars will make available for immediate cash withdrawal or play, the account balances for all of Full Tilt Poker’s non-U.S. players.
    Full Tilt Poker apologizes to all of its customers who endured a long and difficult period wondering whether this day would ever come.
    Full Tilt Poker expresses its appreciation to its loyal employees whose hard work over the last 15 months preserved the value of the Full Tilt Poker assets so a deal like this could be possible, and to PokerStars and the United States Department of Justice for their efforts in bringing about this resolution.
    Jeff Ifrah of Ifrah Law PLLC,  (Washington, D.C.) Barry Boss and Anne Madonia of Cozen O’Connor (Washington, D.C. and Philadelphia, PA respectively),  Tony Coles and Charles Gerada of Jeffrey Green Russell Solicitors (London), and Tony O’Grady of Matheson Ormsby Prentice (Dublin) represented the affiliated companies that owned and operated Full Tilt .

http://diamondflushpoker.com/2012/07/full-tilt-poker-issues-media-release-following-civil-settlement/

[Longy]

Stars statement

ONCHAN, ISLE OF MAN – July 31, 2012 – PokerStars today announced that the Company has reached a settlement with the U.S. Department of Justice (DOJ) Southern District of New York. As part of the settlement agreement, PokerStars has also acquired the assets of Full Tilt Poker, and has committed to the full reimbursement of Full Tilt Poker customers outside the United States.

The total amount to be paid by PokerStars is USD$547 million which will be payable over a period of three years. The money paid to the US Government will in part be used to reimburse former Full Tilt Poker customers in the United States, through a remission process to be administered by the Department of Justice. PokerStars repaid all amounts owing to its own U.S. customers shortly after it closed its U.S. operations.

PokerStars will also make available in a segregated bank account, all outstanding balances owing to all non-U.S. customers of Full Tilt Poker (an amount totalling USD$184 million), with no restrictions on withdrawals, within 90 days of completing this transaction. PokerStars has remained open for non-U.S. players, with all its licenses in good standing, without interruptions.

Under the agreement with the Department of Justice, PokerStars does not admit to any wrongdoing. Furthermore, the agreement explicitly permits PokerStars to apply to relevant U.S. gaming authorities, under both PokerStars and Full Tilt Poker brands, to offer real money online poker when State or Federal governments introduce a framework to regulate such activity.

PokerStars plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a new, independent management team. Full Tilt Poker’s operations will continue to be run from Dublin, but regulatory oversight will be transferred to the Isle of Man. Further details of these plans will be announced shortly.

“We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow,” said Mark Scheinberg, Chairman of the Board of PokerStars. “This outcome demonstrates our continuing global leadership of the online poker industry, and our commitment to working with governments and regulators to ensure the highest standards of protection for players.”

“Acquiring certain assets of Full Tilt Poker strengthens PokerStars, brings welcome relief to Full Tilt Poker players who have been waiting over 12 months for repayment of their money, and benefits the entire poker community. Full Tilt Poker’s customers outside the U.S. can soon look forward to accessing their accounts and playing on the re-launched site, confident that they are supported by PokerStars’ history of integrity and our track record of delivering high-quality and secure online poker.”

“The way we have operated our business since the U.S. Department of Justice brought its claim has underlined our credentials as a responsible online poker operator,” Scheinberg continued. “In particular, the prompt repayment of our former US customers in as quick a time frame as possible demonstrated our industry-leading commitment to the segregation of customer funds. We continue to encourage jurisdictions all over the world to introduce sensible online poker regulation.”

source: http://diamondflushpoker.com/2012/07...-for-relaunch/

[TightEnd]

cliffs

PS now owns FTP.

PS to repay non-US FTP customers $184m within 90 days.

No restriction on withdrawals of that $184m

US customers must apply to DOJ to be repaid.

FTP to re-open soon.

[ACE2M]

WOW. PS are the nuts.

[TightEnd]

Nothing in this ... settlement ... shall limit the PS Companies and ... future affiliates from offering real-$$ online poker to ... individuals within the US ... if and when it becomes permissible to do so under relevant law