The ongoing interview with Howard Lederer about the downfall of Full Tilt Poker by PokerNews.com continues in Part 4.
Lederer talks about his arrival in Dublin, the first few months after Black Friday, and the news he discovered on April 21st, 2012. That was the date that Lederer learned there was a $250 million difference in the amount of cash the company had on hand and what was owed to Full Tilt Poker's customers. At that time, Lederer says that only he, the CEO, the CFO, and Chris Ferguson knew about the shortage and that the news had to be shared with the members.
"The second we found out, there is absolutely no thought of trying to hide it. It's about trying to fix it," said Lederer. "We immediately called a board meeting and we also invited all of the various company counsels. ... We just shared the numbers with everyone on that call."
When the information was delivered to the shareholders, it created a lot of anger but the company quickly started searching for a solution. There were potential deals with new investors that surfaced early on but at the time, the members had a difficult time agreeing on terms of a deal.
Part 4 of the video:
Come back for the next update of the PokerNews exclusive interview series with Howard Lederer later today.
Video and information courtesy of PokerNews.com.