Garden City Group, the claims administrator in charge of returning Full Tilt Poker funds to American players, has provided an update saying that the remission process will start “shortly.”
GCG also notes that “final balances” will be the basis of funds returned to players, settling some debate in the poker community about how much money U.S. players would actually receive.
American players are still owed approximately $150 million from the old Full Tilt Poker, before it was taken over by the parent company of PokerStars, Rational Group. Rational forfeited more than half a billion dollars to the United States Department of Justice in 2012, and those are being used in the remission process.
Here is the entire statement, from the GCG website.
GCG, working with the Asset Forfeiture Unit of the United States Attorney’s Office for the Southern District of New York and the Asset Forfeiture and Money Laundering Section of the United States Department of Justice, has completed the review of data provided by Full Tilt Poker (“FTP”). It has been determined that the calculation formula to be used for the Petition for Remission process will be based on players’ final balances with FTP as of April 15, 2011 (the “FTP Account Balances”). The claims process will begin shortly. Once the process begins, GCG will email instructions on how to complete an online claim to all potentially eligible claimants identified by GCG utilizing data supplied by FTP. Account balances from online poker sites other than FTP are not included in this remission process. Petitioners must also meet all other requirements outlined in 28 C.F.R. § 9.8 to be considered eligible for remission.
If you do not receive an email notice and you believe you are eligible to participate in the remission process, you may file a claim online using the directions that will be provided on this website.
If the forfeited funds available for distribution equal or exceed the aggregate FTP Account Balances for all eligible Petitioners, each eligible Petitioner with an approved claim will receive the entirety of his or her FTP Account Balance. If the aggregate FTP Account Balances for all eligible Petitioners exceed the funds available for distribution, payments shall be made to eligible Petitioners on a pro rata basis.
You can check the GCG website for the entire statement and future updates.
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