Light at the End of the Tunnel?
The last couple of days were dark in the online watch. A number of blogs saw greater doom. My post of the other day wasn’t as dark. Neither was it overly optimistic. And, the buyer that it contained looks wrong. (Note that I’m not really bragging it up for being way ahead of Hoy — small benefit that.)
The LA Times has new news. It says that the sale of Full Tilt has been accomplished and reports that the 150M in U.S. player accounts are a bit better off. A consortium of European investors — not Binion — is prepared to take a majority interest in the trouble site.
Against the 150M that FT cannot cover is an overhanging portion of the 3B shared by the three sites listed in the government’s case. Of course, that is what is sought. How successful that will be is down the road. That’s the investor’s gamble. In the present situation, 150M seems chump change. So, we chumps look like we might get our change. And, the grinders and high rollers will be better able to make next months mortgage payments.
There has been a market in the money held in FT accounts with folks offering cents on the dollar. Not sure how many have made the trade. But, that looks to be the next scandal. If FT doesn’t re-enable player to player transfers, it will compound the transfer problem. And, some of the amounts will tempt the gentleman’s side of such agreements. Should make for some interesting discussions on 2×2.