Ray Bitar and His Attorney Comment on the PokerStars/Full Tilt/DOJ Settlement

Following today’s announcement of the Full Tilt forfeiture, PokerStars acquisition and corresponding settlements of the Black Friday civil case, Ray Bitar and his defense attorney, Jack Baughman, offered the following statements:

STATEMENT OF RAYMOND J. BITAR

Over the past few days, I signed the papers necessary to complete Full Tilt’s deal with the US Government.  The Company’s assets will now be transferred to PokerStars and Full Tilt employees will have a new employer as well.  I believe that this deal will result in Full Tilt’s customers being repaid.  I am extremely pleased and excited by this prospect.  For the past 15 months, I have worked hard on possible solutions to get players repaid.  It has been a very long road, with lots of bumps along the way, but I am glad we have gotten to the end.   I only wish that we could have resolved the situation much sooner.

Today’s settlement also ends the US Government’s legal case against the Full Tilt companies.  I am glad that this chapter has closed.  I would like to thank the company’s many dedicated employees who helped achieve this result.  It has been a pleasure working at Full Tilt and I am grateful for the many friendships and memories that I made there.  I wish everyone in the Full Tilt family success in their future endeavors.

I also extend my best wishes to PokerStars.  This is a very creative deal and it should benefit everyone:  the players, Full Tilt and PokerStars alike.

— Ray Bitar

STATEMENT OF JOHN BAUGHMAN

John F. (“Jack”) Baughman, a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP and an attorney for Raymond J. (“Ray”) Bitar, made the following statement in response to media inquiries:

Over the past few days, Ray Bitar signed all of the documents necessary to transfer the assets of the Full Tilt Poker companies to the US government, so that those assets can next be transferred to PokerStars.  The whole point of this deal is to make money available to repay Full Tilt’s players.  We hope that this process can be completed as soon as possible.

As has been widely reported, when Full Tilt Poker’s operations were shut down last year, the company was not able to refund money it was holding in players’ accounts.  Mr. Bitar was the CEO of the company then, a position he still holds.  For the past 15 months, working through the company and with its advisors, Mr. Bitar has been working to get Full Tilt’s players repaid.  Mr. Bitar’s return to the US last month was part of this process.  Every day since his return Mr. Bitar has been actively involved in arranging the deal that finally was announced today.

We thank the United States Attorney’s office for its courtesy and commend it for its creativity in achieving this result.  It is a novel, creative transaction that required great skill to negotiate.

For further information contact Lisa Green at (212) 373-2018, e-mail lgreen@paulweiss.com.

This entry was posted in News and tagged , , , , . Bookmark the permalink.

6 Responses to Ray Bitar and His Attorney Comment on the PokerStars/Full Tilt/DOJ Settlement

  1. ftplayernhell says:

    Way to go Diamond. You are and will continue to be the best.

  2. Michael says:

    Ray, Good luck in your legal battles. Not to many people are going to say thank you to you, but I will. Thank you for what you have done for the online poker community even thought you are now facing prison time. Without you and the others that took the risk to get the sites up and running we would not be were we are today. Just wish things could have turned out different for you on your end.

    Maybe with the sale of the site and Pokerstars paying off the players, we can get the law changed and get all of this behind us. I didn’t lose and money per say, only a few freeroll tickets. Nevertheless, good luck and thank you for taking the risk to get things this far, not to many people would have done what you did to bring on line poker this far.

  3. It’s about time this news was revealed, I only hope irreparable damage has not been made to poker as a whole, given the dark circumstances that have occurred over the last few years. It’s great news that Full Tilt users will finally be reimbursed what is rightfully owed to them. I hope this case, and all the bitter litigation that has ensued, will serve as an example to any company bosses who wish to undertake such risky and illegal practices for the benefit of their own profits. Hopefully with this statement a line can be drawn under the whole episode and poker can move forward.

  4. Jack says:

    I hope that the damage caused by this will not be long term for the poker scene

  5. Michael says:

    It’s about time this was revealed, I just hope irreparable damage has not been made to the game which we all love and hope that the damaged occurred definitely isn’t long term

  6. Jimmy says:

    Great article. I just hope this case will be an example to any company bosses who wish to undertake such illegal practices for their own benefit

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>