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Update from Full Tilt Poker on U.S. Cashouts

By Ian Hiaring, Rakeback.com Poker News Staff Writer

Full Tilt PokerSunday, via a company representative on the 2+2 forums, Full Tilt Poker gave an official statement on where they stand on withdrawals for U.S. players.

"Since April 15th and the days immediately following, Full Tilt Poker faced numerous challenges and hurdles to ensuring the smooth operation of its international business and the orderly return of US player funds. FTP has worked tirelessly to address these issues and has made significant progress on both fronts.

FTP's international business operations are returning to normal while we focus on ensuring the safe and orderly return of US player deposits. We are absolutely committed to making sure that US players are refunded as soon as possible. We apologize for the delay and the fact that we underestimated the time it would take to work through these issues. We will update our US players when we have more specific information to provide."

There’s not a lot of meat to this statement. Basically Full Tilt Poker is saying “We’re working on it…” without providing any details as to why the process hasn’t begun yet. In the meantime, rumors are being floated that range from the company not having enough money in its coffers to pay out the U.S. players to Full Tilt having mixed the player funds with its operating capital.

It’s a pretty good bet that Full Tilt will eventually start processing cashouts for U.S. players, it just might take some time for them to sort things out on their back-end.

FTP Store to Open for U.S. Players

The announcement also stated that Full Tilt Poker will be opening up the FTP Store to US players once again. No mention on whether or not players will be able to convert FTP points to cash before cashing out (assuming the cashouts do indeed happen).

Here are a few other items from the announcement regarding FTP points and bonuses:

  • All promos have been paid out including Take 2, Tournament Leaderboards, Cash Back and the FTOPS Satellite Challenge payments.
  • T$ and Ticket conversion has started, but is a slower process and will continue through next week.
  • Pending rakeback payments should also happen next week, but only after all of the store purchases that need to be refunded have been refunded.
  • Iron Man medals have been distributed for April's play. Iron Man freeroll tickets will be converted to medals before all medals are converted to FTPs.

Lederer and Ferguson Resign from PPA Board

Reports started trickling in Monday afternoon that two of Full Tilt Poker’s founding players have stepped down from the board of the Poker Players Alliance.

Howard Lederer and Chris Ferguson both have supported the PPA for years now, but with the PPA looking to distance themselves from the companies indicted on Black Friday, this separation makes sense.

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