Poker players at Full Tilt Poker have been waiting a long time for their money. For over two years, player have had no recourse other than to anxiously anticipate the day that the required legal action becomes final and they can access their funds. Apparently, over two years after their funds became frozen, that day has finally come.
The Garden City Group, assigned the duty of helping players recover their funds as an agent of the federal government, has recently updated their website to incorporate instructions regarding refund procedures. These instructions include full directions on how players can reclaim their full Full Tilt Poker balances.
For over 29 months, players have had to sit and wait. However, while previous efforts to reach a settlement have failed, PokerStars was finally able to negotiate a deal with the U.S. Department of Justice to purchase Full Tilt Poker’s assets at a reported cost of 547 million dollars. When this deal was finalized, players would finally have recourse and the ability to claim their funds.
However, the Garden City Group has not stated that the entirety of the 547 million dollars is available for player claims. They have stated that if the amount of the claims exceeds the available funds, the claims will be handled on a pro rata basis. This means that a percentage of the player’s funds will be distributed, and that this percentage will be the same for all players who file a claim.
Interestingly enough, rumors have surfaced stating that former employees of Full Tilt Poker are not eligible for a claim. These rumors are supported by a leaked inter-office email stating the conditions for filing. This email stated that past or present employees would not be eligible for a refund, nor would any vendors that were compensated through player accounts. Most interestingly, this group also included Full Tilt Poker pros.
While there is still a lot that needs to happen in order to bring this situation to a resolution, it appears that the long awaited first steps are finally taking place. This comes as a relief to many players.