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Full Tilt Spiral Continues

Company lays off international employees

The pressure on parent company Pocket Kings to negotiate a sale of Full Tilt Poker was ramped up last month after the company laid off its international staff, leaving only its Dublin-based headquarters in business. And the layoffs came just two days after Pocket Kings paid a £250,000 licensing fee to Alderney, where its license is currently suspended. With a hearing before the Alderney regulatory authorities concerning the suspension set for September 15, the need to conclude negotiations has become greater. Alderney authorities have made it clear to Pocket Kings that they would prefer to deal with new owners rather than hold a hearing on the alleged misdeeds of the current owners.

And remaining outstanding is the ability and process that will be used to repay the deposits of former Full Tilt players in Europe and the U.S. Alderney regulators issued a statement last month on the payment of the licensing fee and the impact it would have on player reimbursement.

“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,” the release said.

It has been reported that a group of European investors were interested in buying the company, but the extremely complicated deal has bogged down over issues of operations and liabilities, not to mention the site’s already-dodgy reputation with players.

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