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Monday, 30 April 2012 08:00

Poker Stars In Talks To Take Over Full Tilt

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In a sudden twist of fate, it looks like Full Tilt poker may be resurrected after all.

Since Full Tilt was forced to shut down its online operations in June last year, as a result of their inability to pay back their players in an event referred to as Black Friday, things have gone from bad to worse. However, there may be light at the end of the tunnel for online poker’s most notorious site.

Poker Stars is currently in negotiations to buy Full Tilt Poker after an $80 million dollar deal with French Investment fund, Groupe Bernard Tapie fell through due to legal complications with the terms set out for paying back the thousands of poker players who are still out of pocket.

For according to the DOJ, Full Tilt’s owners had constructed a Ponzi scheme, taking money from the players, to pay themselves in excess of $444 million dollars. When the DOJ shut down the site, all the players assets were frozen and remain so to this day.

Poker Stars which is the largest online poker site in the world, was also shut down at the same time as Full Tilt under the same allegations, that they had been engaged in bank fraud and money laundering, however Poker Stars seem to be in the clear now after they have paid all their US players back.

Stay tuned for the latest updates regarding these strange events.