Today was the day set for the hearing regarding the Alderney Gambling Control Commission's decision to suspend the license for Full Tilt poker, which resulted in the shut down of its operations on June 29th, 2011.
The hearing was open to the public but the lawyer for Full Tilt, Martin Heslop, started by requesting that he wished to speak to the Commission's representatives in private before the hearing got underway. He stated that the because they were involved in negotiations with new investors, Full Tilt believed that the open forum would create negative publicity that would be detrimental to the potential deal. It is believed that behind closed doors, they intended to ask for a adjournment to the licensing hearing, to allow for the continued negotiations with the new investors.
It was widely reported, including in this blog, that a deal had been reached with these investors, but that is not yet the case. There is speculation that the investors are only interested in acquiring Full Tilt's European business and that the deal is close to completion.
The commission privately discussed this request, and a private meeting with Full Tilt was granted.
After lengthy negotiations it was announced that the hearing would be adjourned and will reconvene no later than September 15, 2011. This was being done in the interest of justice and in the interest of the Full Tilt players so that Full Tilt can pursue its advanced investment negotiations which hopefully will lead to a positive outcome for those players.
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In related Full Tilt news, Phil Gordon's representatives have confirmed that he has obtained a voluntary dismissal from the class action lawsuit against several people within Full Tilt as well as the company itself. The dismissal was granted because Gordon never participated in any management decisions or operational roles at Full Tilt.
Phil Gordon released the following statement "I have always held myself to the highest standards of conduct. As part of that, I have repeatedly emphasized that Full Tilt should repay the US players as quickly as possible."
Phil Gordon |
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