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Chris Ferguson Last Obstacle in Full Tilt Sale?

Stories surfaced over the weekend that one of the last obstacles in the sale of online poker site Full Tilt Poker to Groupe Bernard Tapie involves millions of dollars that Chris "Jesus" Ferguson held in personal accounts that were used for corporate purposes.

Groupe Bernard Tapie agreed to acquire the troubled company on November 17th in a deal struck with the permission of the US Department of Justice and that would ultimately see Full Tilt’s assets sold to GBT for $80 million.

The complicated deal included the US government taking responsibility for repaying an estimated $150 million owed to former US players of Full Tilt, with Groupe Bernard Tapie repaying the $150 million owed to international players.

Full Tilt was indicted by the US government in April 2011 for breaking US anti-gambling laws as well as for wire fraud and money laundering; Full Tilt continued to operate for several months before losing its gambling license in June 2011 after which point the site went dark, leaving players unable to cash out their funds on deposit.

Ferguson and other directors and shareholders of Full Tilt received tens of millions od dollars in payments and distributions over the years, with some of that money in question now and potentially holding up the sale of Full Tilt.

Ferguson is reportedly seeking the return of over $14 million that was held in a personal account of his controlled by a company associated with Full Tilt, with Ferguson giving permission last April for the money in the account to be used for corporate expenses.

Ferguson and his lawyer have threatened to file for an injunctive relief to delay the planned sale of FTP’s assets until their issue is settled, which could further delay the repayment of over $300 million in player funds that many players have been anxiously awaiting for nearly a year.

29-Jan-2012, 04:00

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