We all know now that PokerStars and the Department of Justice have reached an agreement and PokerStars will be purchasing the assets of Full Tilt Poker. Full Tilt Poker players will be receiving repayment and many are wondering how they will be given the money as well as how fast they will receive their cash. Online media resource PocketFives recently spoke with Barry Boss, the Full Tilt Poker lawyer, to see how the process is supposed to work.
Players who live outside of the United States will be able to use PokerStars to be receiving payment. United States players will have to claim their funds via the Department of Justice. Boss told PocketFives that the process of repayment in the US has yet to be clear. Boss stated: “The criteria the DOJ will utilize to analyze claims by players in what is called the ‘remission process’ have not been set out for us yet. It’s clear, though, that the DOJ will have plenty of money to administer. I anticipate that the remission process will be relatively straightforward and simple so that players can essentially just write in and request compensation. We’ll work with the DOJ so they have access to Full Tilt’s records to verify what players’ account balances are. Either the DOJ or an appointed administrator will oversee distributing funds.”
PocketFives also asked Boss about a recent report that was released by Forbes. The report stated that United States players may only be paid for their deposits instead of their winnings. Boss spoke on this subject by stating: “For sure, there will be compensation to players. I hope that players will be able to obtain every dollar in their accounts, but ultimately we’ll wait to see what the DOJ decides is appropriate and/or legal.”
Boss went on to state that selling Full Tilt was a ‘very complicated transaction with a lot of moving parts. In the end, player refunds were a top priority. Everybody is very happy and relieved that the players can be paid back. That has been the #1 objective for a long time. It doesn’t resolve the charges against Ray Bitar, but he and all of the officers, directors, and members are in a better position if the players are compensated.”
We will continue to cover this story and hopefully more information will be released that will help players receive the money that is rightfully theirs as quickly as possible.
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