Full Tilt Poker has gone from one of the most trusted, well respected online poker sites in the world, to a company that has millions of online players irate, in less than a year. Black Friday has started a downward trend in the company’s reputation, one that their attorney tried to clean up over the weekend.
Jeff Ifrah has been called upon to help Full Tilt get out of the legal mess that has arose since Black Friday. When the US Justice Department indicted executives of Full Tilt, nobody knew the long term implications. Today, the fallout from the indictment is coming hot and heavy at the company.
Ifrah took to the popular Two Plus Two forums over the weekend to answer questions, many of which ccame from poker players who are still owed money from the poker site. After Black Friday, Full Tilt halted operations in the US, and shortly after, they were stripped of their gaming license in Alderney.
Still, the company claims they are looking for investors with the urpose of paying customers back. Whether that is true or not, nobody knows except the select few executives that are in the negotiating sessions with various investors.
The lawyers also was quoted as saying that Full Tilt has made it a rewquirement that any deal completed with potential investors will have a payment plan included for former players. That may cut heavily into the amount of money the company would pull from any sale, with hundreds of millions of dollars owed to players.
Full Tilt has been hit with several lawsuits since Black Friday, most notably one brought on by poker legend Phil Ivey. The poker pro represented the company on their site and at tournaments all across the world. When Full Tilt did not pay players back immediately after the indictment, Ivey boycotted the World series of Poker, saying he would not attend until the players were paid back.