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Poker News | World Poker News

PPA Reports FTP U.S. Players Repayment is a "Long Way Away"

PokerStars - Full Tilt Poker
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The Poker Players Alliance met with the U.S. Department of Justice on November 13, 2012, and came away with the report that little progress has been made for repayment of the more than $200 million that is owed to Full Tilt Poker's USA players.

John Pappas, PPA executive director, said in a press release that he and PPA counsel had met with the officials from the Asset Forfeiture and Money Laundering Section of the DOJ.

The poker player community's interests were presented to the officials as Pappas explained to the officials what was expected from the remission process that was outlined when PokerStars made a deal with the DOJ back in July.

When PokerStars acquired the assets of Full Tilt Poker, they agreed to repay non-U.S. players within a 90 day time frame as part of the deal and the U.S. Department of Justice was responsible for reimbursing U.S. players.

Pappas went on to say that the PPA and DOJ discussed a timetable for completing repayment, as well as the DOJ's hiring of a third-party claims administrator to handle the remission process. Pappas said after the hearing it was clear that "no decisions have been made at the DOJ regarding the manner of repayment of player balances."

"This is certainly not good news for those poker players still awaiting the return of their money, but it is all the news the PPA can provide at this time. Beyond that the PPA can only pledge to continue its work with the DOJ and do everything it can to help the DOJ get the process moving as soon as possible. The PPA’s legal team is already working on specific methods to help accomplish this objective," Pappas said in Tuesday's statement.

There is no date set for electing a third-party claims administrator according to Pappas which means completion of a refund claims process is a "long way away." It appears that numerous other forfeiture cases and lack of staff and resources in the DoJ's camp is slowing down the process.

The PPA has offered to help in expediting the process for the DoJ and the organization's legal team is working on ways to bring cooperation for the repayment process.

U.S. players are still left without their funds and no news of when they will be repaid even though Full Tilt Poker reopened to most of the world last week; more than $184 million in customer funds was made available including segregated markets like France, Belgium and Spain, where, even though Full Tilt Poker's new operation isn't available, players could withdraw their funds through PokerStars.

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