How can anything sound like good news when Pocket Kings Ltd is adopting a cost optimization program and estimate they need to reduce their costs by €12m? PokerStrategy.com apparently received an 'exclusive' statement from Full Tilt. At the risk of being sarcastic, it exclusively states nothing, but here it is:
"On April 15th 2011 the United States Department of Justice unsealed a federal indictment against a number of individuals employed by major online poker operators. After the issuance of that indictment and a related civil case brought by the United States government, Full Tilt Poker withdrew from the US market. Then in a related action, on June 29th, 2011, Full Tilt Poker had its operating licenses suspended by the Alderney Gambling Control Commission.
As a result, Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in Full Tilt Poker’s markets outside of the U.S.
If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.
Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in Full Tilt Poker’s Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full. To this end, Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of Full Tilt Poker's non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course."
Let's fast forward to the Alderney Gambling Control Commission's latest statement regarding the Full Tilt Poker hearing coming up on the 19th of September.
The Commissioners of AGCC forming the tribunal dealing with the regulatory hearing into the affairs of FTP have decided that the hearing will continue on Monday 19th September 2011 but that it be held ‘in camera’. This determination was reached following a pre-hearing application by FTP to further adjourn the hearing.
André Wilsenach, Executive Director, stated:
“I am pleased that the FTP hearing will continue as scheduled, as was argued on my behalf. However, I am disappointed with the tribunal’s decision that, notwithstanding my arguments to the contrary, the hearing will be held in private. I believe the public has a right to know the reasoning behind the decisions to suspend FTP’s licences and call a hearing, and to hear the evidence that will be put forward on my behalf. It is my understanding that the tribunal conducted a difficult balancing exercise of the interests of the various parties, taking into account the legal arguments for and against further postponing the hearing, and for and against allowing the public to attend the proceedings.”
As a consequence of the tribunal’s decision members of the public will not be able to attend the hearing. A further statement will be made at the earliest possible opportunity.
Issued by: Andre Wilsenach (Executive Director, AGCC)
Date: 14th September 2011.
The Irishtimes.com talks about tough times with two Dublin companies announcing job losses - guess who one of the companies is? Full Tilt Poker/Pocket Kings of course. This report places emphasis on what most of the world knows, something is rotten in
The fact that Full Tilt Poker's hearing was delayed from the date of the scheduled 15th of September to the 19th of September and the fact (we believe in camera may possibly mean recorded behind closed doors) that the public isn't invited, and the statement issued by Full Tilt Poker to PokerStrategy.com, it all means that Full Tilt Poker is slowly sinking in the stagnant, quicksand filled swamp that it created before the 15th of April and the indictments were served.
It seems we never receive a great 'money is being returned to players' report when we get Full Tilt Poker news.