The exclusive interview series with Howard Lederer and PokerNews.com concerning the aftermath of Black Friday and Full Tilt Poker continues in Part 2.
The decision of Full Tilt Poker to remain in the U.S. post-UIGEA and the payment processing issues that were part of that decision are discussed by Lederer and Matt Parvis, PokerNews.com's CCO, in this segment of the interview.
Lederer said that it was an easy decision to stay in the U.S. based on legal counsel's recommendation. "The company sought legal opinions from very reputable attorneys," Lederer said, "and the law didn't say anything about poker."
Lederer talks about his reaction to an email the company received on March 17, 2008, regarding the customer's concern about the risk of depositing money and if the money in his account was held in a trust account by the company.
"I saw it as an important question that needed to be answered accurately," Lederer says in the interview. "In the (following months), I endeavored to have the company financial department be able to produce a document that could answer the fundamental question, which is, 'did we have more cash on hand in our various accounts than we owed our customers?'"
The customer's email was a nudge that sent Lederer in search of the company's financial situation.
Lederer also discusses his decision to step down from his management role with the company - the decision was made in late 2007 according to him. He remained on the board of directors but a search started for his replacement.
Part 3 is coming up, check back at PokerWorks for the next segment.
Video and interview courtesy of PokerNews.com.