The Alderney Gambling Control Commission (AGCC) has postponed the hearing related to the suspension of Full Tilt Poker’s gambling licenses from September 15 to September 19, 9:00 a.m. at the London-based Riverbank Park Plaza Hotel.
The first hearing on July 26 Tuesday gave Full Tilt Poker as well as AGCC the chance to present evidence opposing or supporting the suspension of Full Tilt Poker’s licenses to provide online gambling services. However, not much happened on July 26 and the hearing was adjourned to September 15.
On July 26, Martin Heslop, the legal representative of Full Tilt Poker, requested the proceedings to be held in private. The online poker giant is up to its neck in trouble, owing around $150 million to its online poker players and being unable to refund players’ money for a variety of reasons such the US federal government crack down, seizure of its funds by the Department of Justice (DOJ), theft of part of its funds by payment processors, and lack of revenue because its licenses have been suspended.
Full Tilt is now seeking investors willing to purchase the company and provide funds that could be used to repay its players. Heslop argued that if the evidence was made public, it could harm any chances Full Tilt might have with potential investors and said that the hearing should be held in private. Isabel Picornel, the lead commissioner of AGCC, granted the request, and on the following day AGCC issued a press release regarding the hearing.
According to the AGCC’s press statement, the commissioners had decided to adjourn the hearing in the best interests of Full Tilt Poker’s players and to give Full Tilt Poker a chance to negotiate with its investors and sign a deal that could be beneficial to the players. The AGCC also adjourned the next hearing to September 15. The idea was to give Full Tilt Poker more time to find an investor so that players could be issued refunds.
Unfortunately, Full Tilt Poker has still not come to an agreement with any investor. Instead, the company issued a press release two weeks back stating that Full Tilt has concluded negotiations with one of its potential investors and has begun negotiations with other potential investors regarding the partnership or sale of Full Tilt and its assets.
Players, in the meantime, are slowly losing hopes that Full Tilt Poker will ever get back to its feet again.