Withdrawals at Full Tilt Poker status

I am very surprised that there has been no news on the whole Full Tilt story by now. I was pretty sure that speed was the most important factor in this scenario and that whatever outcome there was going to be would have become apparent by now.

I realize that it is a big public holiday in the US today, but it’s business as usual for most of the rest of the world.

It is also surprising that there has been no mass communication from Ft to their players about the situation. While emails are still being answered by support, nothing solid is being said by anyone officially connected with FT.

The last email I got from FT support over the weekend was to the effect that everything was fine, not to worry about my money, and it will be ‘business as usual’ once the game was up and running again.

I suppose I could not have expected anything more.

In other FT related news, a bunch of American players have filed a class action lawsuit against the owners of Full Tilt for their player funds. While that might work for them, it could take a long time to be settled, and in the meantime it could possibly be a problem for a sale of the company to a more competent buyer.

I still believe that speed is everything in this situation. Every day that the poker room is closed they lose more players to other poker rooms that are scrambling to provide attractive offers.

I also think that the software and player base are valuable commodities and should easily find a buyer at a decent price – more than enough to pay all existing player balances. As that player base fades away a bit more each passing day, it reduces the value for any would be investor, and consequently it reduces the likelihood of a full repayment for the players.

So, officially the status of withdrawals at FullTilt is “on hold”. No point in saying more at this time.

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