PokerStars Finalizes Deal to buy Full Tilt Poker

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PokerstarsReliable sources have informed Holdem Poker Chat that PokerStars has finalized a deal with The Department of Justice to take over the assets of Full Tilt Poker.  Details  remain elusive but the happy news for poker players is that any deal with the DoJ always had to include the return of funds stuck on the defunct Full Tilt Poker.

The waiting game has begun, but we have never been this close to players getting paid, and at long last there is real hope. To quote Sir Winston Churchill:  “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”

UPDATE: It’s now official

Class Action Suit against Full Tilt Poker

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Former United States Full Tilt Poker players have filed a class action lawsuit against just about anyone they could think of associated with Full Tilt Poker.  Filed in the notorious U.S. District Court, South District of New York.  the suit names four plaintiffs (Nick Hammer, Steve Segal, Todd Terry, and Robin Hougdahl).  However, the suit states it is on behalf of themselves and all others similarly situated.  The people and companies the suit is filed against is open-ended, and is worded in a way that more defendants can be named at a later date.

Some tidbits to mull over:

Some people specifically named in the suit;  Raymond Bitar, Nelson Burtnick, Howard Lederer, Phil Ivey, Chris Ferguson, John Juanda, Jennifer Harman, Phil Gordon, Erick Lindgren, Erik Seidel, Andy Bloch, Mike Matusow, Gus Hansen, Allen Cunningham, and Patrik Antonius.

For the legal geeks:  “All Defendants, by virtue of their control and ownership of the Full Tilt Companies that comprise the Full Tilt umbrella, and/or their ownership stakes in the umbrella undertaking, are liable for conversion of Plaintiffs’ and class members’ monies and assets (the “property”) held in Plaintiffs’ and class members’ Full Tilt Player Accounts. The Player Accounts and the property therein are currently and wrongfully in the exclusive custody of the Defendants.”

“represent a nation-wide class of Full Tilt account holders residing in the United States . . . Plaintiffs bring suit to demand return of U.S. player funds and for damages . . . U.S. Players’ would never have suffered injury, but for the Defendants’ widespread scheme to commit wire fraud, bank fraud and money laundering in order to pad their own pockets.”

It remains to be seen what impact this will have on any possible sale/bailout.  It seems odd that no one else seems to be reporting more details or rumors about who these “European Investors” are.   The only information to come out is the LA Times story.  Usually rumors swirl and secrets are never kept well in the poker business.  The lack of new information seems to call into question what is actually going on with that whole story.

As always, Holdem Poker Chat is your source for any breaking news from the poker world.  Check back often for development on this and any other news on your favorite game