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News Bite: FT Signs Letter of Intent

According to reports, Full Tilt has signed a letter of intent regarding a potential investment with an unnamed group from the gambling industry.

Legal counsel Jeff Ifrah told eGaming Review that letter is valid until September 30. “There are terms within the letter of intent which are binding and terms which are not, and they are able to walk away, but no other investor has invested as significant an amount of resources and time as this group,” he told the industry publication.

Ifrah also confirmed that the return of the $150 million estimated to be owed to US players remains critical to any deal, as well as a settlement with the Department of Justice.

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