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 [email protected]