FTP bidder looks to buy UK and Irish assets only

[Zab]

Exclusive negotiations between a group of unknown investors and Full Tilt Poker representatives to purchase the world’s second largest online poker brand are ongoing, but the mystery bidders are said to be only interested in acquiring FTP’s UK and Irish companies and European-facing licences, eGaming Review has learned.

With only four days to go before the Alderney Gambling Control Commission (AGCC) chairs a public hearing in London next Tuesday to decide Full Tilt’s fate, a source connected to the suspended poker company told eGaming Review the potential transaction had “nothing to do with stateside activities” and that the prospective investors were still locked in exclusive discussions to buy part of the beleaguered brand.

“The purchase includes the family of companies in the UK and Ireland [including marketing and technology company Pocket Kings in Dublin] as well as the Alderney licences,” the source said. It is unclear whether the purchase would also include FTP’s French licence which was also suspended last month.

eGaming Review has also learned that lawyers from London-based firm Jeffrey Green Russell are representing FTP in a potential sale, as well as during next week’s hearing that is scheduled to last until Wednesday.

“The lawyers for the sale and the case are Jeffrey Green Russell, however they are bound by confidentiality [and will not reveal the investors in talks],” the source added. “The firm, as well as a number of solicitors, will represent Full Tilt at the hearing, if it goes ahead that is. It could still be challenged and a sale could still be completed [between now and next Tuesday].”

When contacted by eGaming Review, a partner at Jeffrey Green Russell refused to confirm or deny his and the firm’s involvement with FTP.

Following an indictment by the US government on 15 April, and its “subsequent failure to satisfy AGCC that its activities inside and outside the US were in order”, the regulator suspended Full Tilt’s licences on 29 June requiring the site to suspend all operations from the jurisdiction with immediate effect. The body has since publicly stated the purpose of next Tuesday’s hearing will be to “make public evidence from both AGCC and Full Tilt regarding the suspension of Full Tilt’s licence and to adjudicate the findings transparently”.

If the charges go against the operator it could then challenge the decision in court.

[tval35]

Thanks for the update Zab. Too bad it had to come in the form of bad news for US players.

[Prawney]

I dont think it would be possible to buy full tilt and re-open it if only interested in uk and irish assets so this must mean that by wanting to purchase just these assets it is simply going after the software and the technology it owns. Thereby basically buying full tilt without taking the customer base which means it wont have to pay the debts owed to players. I could be wrong with this assumption but it is how it seems to me.

If this were the case then it more or less good news for people who dont care about money lost and just like full tilt as they interested company is obviously looking into setting up its own poker site that will use full tilts software so will basically be a new full tilt. Or it could possibly be that another poker site such as ipoker or party poker is buying their software to blend with their own in hopes of increasing their player base.

Its all guessing now though. Not long til full tilt have their hearing with their gaming commission where im sure alot will come to light.

[421TK421]

Hopefully we'll know something more definitive after this week.

[bmeelneg]

I don't think everything gets cleared up this Tuesday (public hearing day), but I suspect it will give us plenty to talk about. Grab your popcorn, the show starts soon.

[MIGO14]

Hmm, lets wait and see what tomorrow happens

[AlwaysRain]

Hope that tomorrow everything get solved and we receive our money back!

[rrickir]

i agree with sean,, i dont think they are interested in the usa player interests at all, souns like somethin else going on here tho,, only time will tell,, i still doubt that players money ba ck,, very soon at all tho at this point. but who knows i guess anythin is possible tho

[Rcktwrangler]

booooooooooo! i dont mind carbon anymore anyway ... thats my new home

[TheBeesKnees]

Can someone help explain how they can break down FTP into territorial based assets? For example, I thought Full Tilt was based in Ireland and that's where there servers are, and most people with an Internet connection simply logs onto it. What other assets outside of Ireland is worth pursuing if it's just the software they are interested in? Servers, database? How is the purchase of FTP not an all-or-nothing deal?