US Players To Wait For Their FTP Money
The Poker Players Alliance met up with the U.S. Department of Justice (DOJ) yesterday to discuss the repayment of players of Full Tilt Poker who have had their money tied up on the site.
Account balances locked away from them for more than 18 months now. PokerStars bought the assets to Full Tilt Poker with part of the deal to pay back all players the money they were owed.
Whilst the players from the rest of the world have been paid back when the site re-launched on the 6th of November the US based players have still been awaiting word from the DOJ as to when they will too be getting paid.
The meeting wasn’t a successful one however as the DOJ simply listened to what the PPA had to say, without responding to any of the suggestions that were made. In fact the only thing that the PPA could take away from the meeting was the fact that this is going to be a slower than expected process.
“I don’t want to characterize the meeting as encouraging or discouraging,” said John Pappas, the Executive Director of the PPA. “I just felt like they have not progressed enough to really get a firm sense of where they’re going. That was disappointing, of course, for the fact that I don’t think this is going to be a speedy process. I think we all took for granted how quickly PokerStars was able to reimburse players. It’s certainly not going to be that sort of process now that the DOJ has their hands on the money.”
It has been more than three months since PokerStars acquired the assets with $200 million of the fee being put aside for the repayment of American based players, yet not much has happened since. The only sign of movement was when the DOJ openly advertised for a claims administration company to assist them with the repayment process.
There have been a number of bids put in but no selection has been made as of yet with no date being set on when that will happen. Nothing will be happening until that selection has been made with John Pappas adding “I don’t want to predict a timetable because I just don’t know. There’s the possibility of years. I hope that’s not the case.”
All of this is not good news for the US based players, especially seeing the rest of the world get all of their money back. The PPA has pledged to continue to work with the PPA and do everything they possibly can to try and speed up the procedure.