Online Poker

New Full Tilt Poker Lawsuit leveled - Sale Not Final

by Jeremy

Out goes one lawsuit against Full Tilt Poker and in comes another as Steve Segal, Todd Terry, Robin Houghdahl and Nick Hammer are suing the company for, what else, but non-payment of funds (you can check out the lawsuit right here). Out of these players, Todd Terry is the one who holds the most name recognition within the poker community since he has earned over $1.8 million in live tournament winnings, which includes a second place finish in a 2007 WSOP $2k NLHE event ($354k).

Now some people might say that this is a case of these four players trying to kick Full Tilt Poker when they’re down. In fact, many might curse the plaintiffs since the Phil Ivey lawsuit was blasted so badly by prominent poker players. However, it’s also important to note that cases like these take a while to move through the courts, which is why we’re just now seeing the lawsuit a day after a potential sale was announced.

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Speaking of the sale, it appears as if the LA Times was a little early in their assessment of Full Tilt being sold to European investors. Furthermore, it was suspected that the mystery investor would be able to cover the $150 million that was owed to US players. Anyways, Wicked Chops Poker seems to have some idea as to what’s really going on with the situation as the wrote:

Like Jason Biggs hopping in the sack with Shannon Elizabeth, the story jumped the gun a bit. According to our sources, the deal is almost done, but it’s not there yet. However, the Times did get it right in that Jack Binion is not involved in this purchase, as has been widely circulated.

What still stands in the way of this being a done deal? First, more legal. Like most major acquisitions, this is a complicated deal. Unlike most completed deals, this one needs to wade through a bookkeeping nightmare, as well as shareholder and shell company ambiguity. Next, the Department of Justice will need to bless it as any deal needs to ensure that U.S. players will get their money back. Also, Full Tilt still needs a gaming license, you know, so it can operate its business.

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