Full Tilt Subsidiary, Pocket Kings, in Liquidation

Pocket Kings will be subject to liquidation proceedings, having been appointed a liquidator on Jan. 9.
2599 29th January, 2013 The Full Tilt Saga
Full Tilt Subsidiary, Pocket Kings, in Liquidation

Pocket Kings, a subsidiary of Full Tilt that was not included in last year's asset acquisition deal between PokerStars' parent company Rational Group and the U.S. Department of Justice (DoJ), was placed into liquidation earlier this month.

Full Tilt forfeited the assets of Pocket Kings prior to the deal that saw Rational Group purchase Full Tilt for $731 million, eGaming Review reported. Pocket Kings is headquartered in Dublin, Ireland. The company laid off almost 200 employees when Full Tilt's operating license was suspended in late June of 2011 by the Alderney Gambling Control Commission.

Pocket Kings began placing adverts to hire new employees in April of last year when Group Bernard Tapie and the DoJ had apparently reached a deal for Tapie to acquire Full Tilt's assets. But when Tapie could not agree to reimburse rest-of-world players in full within 90 days, the agreement was mucked and PokerStars then took over. The world's leading online poker site immediately reimbursed non-U.S. Full Tilt players upon the site's Nov. 6 relaunch. Though adamant that part of the deal included players be paid quickly, the DoJ took on the responsibility of reimbursing U.S. players and have not yet begun to do so.

Due to its overwhelming liabilities, Declan McDonald of PricewaterhouseCoopers has been selected as Pocket Kings' liquidator. Rekop Limited, a Full Tilt company licensed to operate in France, also has been appointed liquidators.

In August, PokerStrategy.com filed suit against Pocket Kings seeking $1.2 million allegedly owed in relation to its affiliate agreement. A PokerStrategy.com representative told eGR that the lawsuit is still being pursued and that the company "will be taking all appropriate measures to enforce [judgment] against Pocket Kings, whether or not in liquidation.”

 

 

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About The Author

Charles Rettmuller

Charles Rettmuller

Charles has been an avid poker player for a number of years, both live and online. He holds a degree in journalism and previously worked as a reporter for a Chicago-based newspaper...

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