The Alderney Gambling Control Commission today means Full Tilt Poker, at 9: 00 GMT. Since the suspension of the licence for Full Tilt Poker, they have issued no comment, their web site making reference to a "system update".The hearing was held in the Victoria Park Plaza Hotel, London. For those who live on another planet and have just landed on Earth, let us recall that Full Tilt Poker has seen its licence be suspended on 29 June, forcing them to suspend all operations. The action at Full Tilt Poker has still not resumed since.
It is difficult to predict what will happen during this hearing. A strong rumor indicated that Full Tilt Poker was negotiating with a European investor. Despite these rumours, no agreement has been reached so far and the talks are still ongoing.
During the hearing, the AGCC will present its evidence to justify its decision to suspend the license of Full Tilt Poker. Therefore, players should soon have a clearer picture of the seriousness of the situation and the future of Full Tilt Poker and their funds.
This hearing is open to the public, but recording devices and phones are banned, which makes the work of journalists more complicated place.
From the beginning of the hearing, counsel for Full Tilt Poker requested a closed-door, awarded by the AGCC. The hearing thus was, for many, a series subsequent to time announcements. Ultimately, the AGCC will be granted Full Tilt Poker an adjournment. Full Tilt Poker will therefore again hear no later than "September 15, 2011", thus allowing Full Tilt Poker to complete negotiations with its investor potential. The hearing could be repeated if ever negotiations were shorter than expected.
It is therefore again a disappointment for Full Tilt Poker players, who see a new period of more than two months to add before you have answers to their questions.
Here are the updates from this morning:
08:00 GMT - rumors of delay
Full Tilt Poker would still be in exclusive negotiations and, like the ARJEL which extended the deadline to allow Full Tilt Poker to continue its negotiations, the AGCC could do the same.
08:30 GMT - almost 1 billion $ in revenue
According to the European Regulatory Body, Full Tilt Poker had revenues of almost $ 1 billion $ last year. The company also dividends paid each year.
08:45 GMT - rumors of delays are increasing.
Full Tilt Poker will ask for additional time to finalize their negotiations with the new investor"
09:55 GMT - hearing on a break
The hearing is now paused. They are currently in discussion to know if they postpone the meeting or not, and whether it should take place in private or in public (as originally planned)
10:00 GMT - FTP needs £ 250,000 to the AGCC
It would appear that Full Tilt Poker owes £ 250,000 in expenses to the AGCC. This money must be paid within 7 days. Full Tilt Poker wants to pay these fees only if there is a chance that their licences be restored.
10:10 GMT - Full Tilt Poker asked that the hearing be postponed
According to a post on the 2 + 2, Full Tilt Poker counsel submitted a request for deferment. They mentioned that a public hearing is "not in the interest of justice", and they want a hearing behind closed doors", the main reason is"confidential"information that could affect the negotiations with a third party."
10:45 GMT - private Audience granted by the AGCC
The AGCC has agreed that the rest of the hearing is closed. In the private hearing, the parties will discuss the request for adjournment. The professional player Harry Demetriou then stood and shouted: "and what do you do in the interest of the players? Why protect yourself this corrupt company? '. " He would then was escorted outside. His speech was followed by a brief round of applause.
12:50 GMT - end of the private audience and break for dinner.
The private 30 hour-long meeting between counsel for FTP and the representatives of the AGCC is now complete. The parties are currently paused, and a decision by the AGCC lawyers should be announced at 14: 00 GMT.
14 h 00 GMT - other time limits and Full Tilt Poker must answer any other questions.
Everything indicates that the decision will not take place before even 1 hour (so not before 15 h 00 GMT). The AGCC asked counsel for Full Tilt Poker to meet a total of 9 other issues. They have 15 minutes to answer, so we must expect new delays.
14 h 15 GMT - the hearing is expected to start again at 15:15.
The AGCC has mentioned that there would be a further delay and that the hearing would continue at 15 h 15 GMT.
15 h 10 GMT - the Commissioners withdrew to make their decision about deferment.
The Commissioners should make their decision within 30 minutes.
16 h 55 GMT - the hearing is adjourned to September 15.
The AGCC adjourned the hearing until September 15, to allow Full Tilt Poker to continue its efforts. The date of the next hearing will take place by September 15, 2011... or before...
For all the details or to respond to this article, see the forum by clicking the following link:
Hearing between the AGCC and Full Tilt Poker - 26 July 2011
