Full Tilt Poker had a hearing on Tuesday with the Alderney Gambling Control Commission (AGCC) about reinstating its license.
The end result: a whole lotta nothing.
The Full Tilt legal team began the proceedings by requesting that no media be present and that all discussions happen behind closed doors. According to FlopTurnRiver, Tilt attorney Martin Heslop said, “It is not in the interest of justice that this should be aired in public. There is a real risk that it may be detrimental to these interests and highly prejudicial to this decision,” and that “highly commercially sensitive information” needed to be discussed that could have a “highly damaging effect” on the company if the hearings were done publicly (read in full here).
The meeting went behind closed doors temporarily, then returned again publicly, with the AGCC determining that it was “in [the] best interests of FTP customers” to give Tilt until “no later than September 15th ” to get their potential deal in order. So proceedings were suspended until when/if that happens.
Our quick analysis: every day that Tilt doesn’t have a license is another day it loses revenue. Every day that it loses revenue, the value of the company (and its brand, and consumer confidence in its brand) drops. While with so little information we can’t necessarily say that today was a “disaster” for the company, nothing happened today that can really be classified as “positive” either.
There have been fewer leaks coming from our Full Tilt sources over the past few weeks, which either means that, A) a deal is getting really close and everyone is in lockdown, or B) this. While we hope it’s A and that A involves a plan to pay U.S players back, we’re not betting against B at this stage.
Sadly, had Ray Bitar and team just accepted the first Ivey White KnightTM deal in May, there’s a pretty good chance U.S. players would have their money back by now (or, at a minimum, a plan would be in place to do so).
Instead, in every possible way, we’re still just getting a whole lotta nothing from the company.