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Poker News | World Poker News

Full Tilt Poker Sold According to LA Times Report

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Nathaniel Popper of the Los Angeles Times reported that Full Tilt Poker is set to be purchased by “a group of European investors in a deal that could allow U.S. players to recover as much as $150 million."

The report by Popper hit right after Wednesday's notice by the Alderney Gambling Control Commission (AGCC) of the suspension of Full Tilt Poker's license.

According to Popper's report, an agreement had been signed between Full Tilt Poker and the investors, the agreement would see the company receive enough money to pay back its players - which stands at $150 Million according to reports. The group of investors would, in turn, obtain a majority stake in Pocket Kings, the parent company behind Full Tilt Poker.

The funds from the agreement would also help Full Tilt settle a civil lawsuit that involves the U.S. Attorney's Office. The LA Times has reported that a spokeswoman for the U.S. Attorney's Office declined to comment.

To add the icing to the cake, Phil Ivey, who boycotted this year's World Series of Poker, is now set to withdraw his lawsuit against the company.  David Chesnoff, Ivey's attorney, says, "Mr. Ivey intends to dismiss his lawsuit as he believes Full Tilt is taking steps to see that the players are paid.”

According to a report from PokerNews, they have received information from two reliable sources that indeed confirm the LA Times article but one of the sources claims there are a few remaining obstacles that need to be cleared before a deal is confirmed.

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