The Alderney Gambling Control Commission (AGCC), the licensing body where Full Tilt Poker holds its license, released a statement on Saturday regarding Full Tilt Poker’s overdue licensing fees. The news of the overdue fees became public when they were disclosed during the hearing in London last month, and were reported to be around $410,000. Matin Heslop, who represented Full Tilt Poker at the hearings explained that the reason the fee’s weren’t paid in full related to Full Tilt’s expectation that the AGCC did not have any intention of reinstating it’s license, and didn’t wish to remit payment in vain. Heslop also explained that Full Tilt could pay the fees within seven days if there was a reasonable chance that the license could be reinstated, and with the news of the press release today, that appears to be the case.
“As a result of the AGCC’s investigations the decision was taken on June 29th, 2011 to suspend the licenses of the companies collectively trading as FTP,” the AGCC released in their statement. “The AGCC has also imposed a condition that requires the licensees comprising FTP to arrange for the ring-fencing of identified players’ funds under their control.”
“On July 26th, 2011, the AGCC held a public hearing to consider allegations arising from investigation. At the hearing the Commissioners of the AGCC, acting as a tribunal, decided to adjourn the hearing to a date no later than September 15th, as they felt that this was in the best interest of the players using FTP’s services.”
“The recent payment of overdue license fees by FTP is also in players’ best interests since it allows commercial negotiations to take place that might result in a successful refinancing deal. Further details regarding the exact date and venue of the next hearing will be announced as soon as possible.”
It continues to be rumored that Full Tilt remains in constant negotiations with European businessmen in an effort to either purchase or realign the ownership of Full Tilt Poker and parent company Pocket Kings. However, these meetings are taking place in private and remain confidential, and Full Tilt’s license will continue to remain suspended by the AGCC pending the outcome of a hearing either on or before September 15th. The AGCC has also confirmed that while the license remains suspended, the license is still considered valid until the hearing takes place.
With a valid license the Kahnawake Gaming Commission (KGC), which holds Full Tilt Poker’s secondary gaming license, has granted Full Tilt Poker a renewal on their secondary license. Per the KGC regulations and stipulations, the secondary license held by Full Tilt through the KGC would have been nullified had the AGCC deemed the Full Tilt licensing status invalid. However, after determining that the status of the license was still valid with the AGCC, the KGC granted Full Tilt the two-year renewal.
At this time there is still no indication as to if or when Full Tilt Poker will attempt to reactivate its site prior to the hearing with the AGCC, but the news of a valid secondary license will at least provide the necessary leverage to find a suitable investor or purchaser, which could in turn lead to the return of funds for the scores of thousands of frustrated Full Tilt customers who had their accounts frozen in recent months.