Full Tilt’s May 30th Update

May 31, 2011 - 12:32 AM EDT

Full Tilt Poker spokesman FTPDoug posted an official update on the status of its American players Monday.

The statement, posted on the Two Plus Two Forums, did not say when Full Tilt’s US players would receive their money, which has been in limbo since the April 15th indictment. Instead, it said only “We still do not have a specific timeframe [sic] for this. There has been, and remains, no bigger priority than getting US players paid as soon as possible, and we have been working around the clock to get this done.”

The short statement did, however, answer some smaller questions. By stating that FTP was “raising capital to ensure that the US players are paid out in full as quickly as possible,” the statement implicitly admitted for the first time that FTP’s delay in repaying its players is due to a lack of liquidity. It also acknowledged that the company’s “brief statements” have damaged its reputation: “It has not been easy to stay silent and watch the damage being done to our company brand and personal reputations, but we need to be mindful of the complicated and serious legal issues raised in the pending cases.”

FTP’s relative silence has lead to a wide range of rumors and unverified claims. Perhaps most notably, EGR magazine reported Friday that the US Department of Justice had released a bank account belonging to FTP that contained “more than a third of the US$100m to $150m still owed to US players.” There has also been widespread speculation that Full Tilt’s owners are in the process of selling some percentage of the company. The official statement did not address these claims and Subject: Poker has been unable to verify them.

It also shed no light on the statement by former payment processing middleman Bradley Franzen that he had helped FTP “deal with a $60 million shortfall created by the company’s inability to find a payment processor to process transactions involving U.S. player accounts.” It’s unclear whether this shortfall was ever resolved and how it is related to Full Tilt’s current issues.

Subject: Poker is working hard to better understand this complex situation. We will report on anything that we find as soon as possible.

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