Now that an agreement for PokerStars to purchase the assets of Full Tilt Poker via the U.S. Department of Justice is set, players have begun to wonder how much of their funds they'll see returned and how fast those payments will arrive. While non-U.S. players will go through PokerStars to be repaid, U.S. players will need to submit a claim with the Department of Justice. To address the process, and the sale as a whole, PocketFives sat down with Full Tilt Poker legal counsel Barry Boss.Let's start with the U.S. repayment process, which Boss conceded isn't clear right now: "The criteria the DOJ will utilize to analyze claims by players in what is called the ‘remission process’ have not been set out for us yet. It's clear, though, that the DOJ will have plenty of money to administer. I anticipate that the remission process will be relatively straightforward and simple so that players can essentially just write in and request compensation. We'll work with the DOJ so they have access to Full Tilt's records to verify what players' account balances are. Either the DOJ or an appointed administrator will oversee distributing funds."
A Forbes article published on Tuesday indicated that U.S. players might only be paid back their deposits, as opposed to winnings. On that front, Boss told PocketFives, "For sure, there will be compensation to players. I hope that players will be able to obtain every dollar in their accounts, but ultimately we'll wait to see what the DOJ decides is appropriate and/or legal."
Originally, a person's designation of being U.S. or non-U.S. was their location as of April 14, 2011, but this has since been moved to June 29, which is when Full Tilt's gaming license was suspended. In September 2011, the Alderney Gambling Control Commission revoked Full Tilt's license on the grounds that the agency had been "misled."
On the overall process of selling Full Tilt, Boss noted that it was "a very complicated transaction with a lot of moving parts. In the end, player refunds were a top priority. Everybody is very happy and relieved that the players can be paid back. That has been the #1 objective for a long time. It doesn't resolve the charges against Ray Bitar, but he and all of the officers, directors, and members are in a better position if the players are compensated."As part of the agreement with PokerStars and Full Tilt Poker, neither site admitted any wrongdoing. In fact, both are expressly permitted to seek U.S. gaming licenses from states or the Federal Government. Boss observed, "There was no admission of wrongdoing. The company takes the position that online poker was legal and that's a position they felt very strongly about."
Boss conceded that it is a fairly common provision in settlement agreements that the parties do not admit liability or wrongdoing.
You'll recall that Full Tilt's legal counsel was initially involved in discussions with Groupe Bernard Tapie, a France-based outlet with a history of turning around troubled firms. However, that deal fell through at the last minute. When asked if PokerStars' deal was superior to that offered by Tapie, Boss instantly responded, "This is exponentially better than any deal we could have made with anyone else."Finally, Former Full Tilt Poker Payments Director Nelson Burtnick has turned himself into U.S. authorities and was released on bail. On Burtnick's situation, Boss told us, "Bitar and Burtnick are charged in the same superseding indictment. Obviously, there was a difference in their positions at Full Tilt: Ray was the CEO, while Nelson was lower in the hierarchy. By virtue of that, they are likely in different positions in the eyes of the Government."
PocketFives will continue to keep you posted on the latest.
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