Full Tilt Refunds for US Players Coming Sooner Than Expected?

As we have reported in the past, the Garden City Group was appointed the claims administrator in the Full Tilt repayment process for former US players several months ago. We have posted numerous reports on the subject and the latest news we came across a few days ago was that the process was expected to take years longer than anticipated.

However, the Garden City Group has since updated their website, stating that payments will be taking place a lot sooner than expected.  The group started out by saying they are ready to move forward after reviewing the information of US players’ accounts.

The balances in question are those that were in an account with FTP in the US on April 15^th, 2011. Players can petition for the amount they had in their account at that time.  Players have been skeptical as to if they would actually earn the amount back that they had in their account. The Garden City Group covers this by stating on their site:

“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,” the statement continues. “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.”

The term “pro rata” basically means that the Garden City Group is stating that the government may not have enough money to pay back the funds owed. The PokerStars settlement with the DOJ, after they purchased FTP, included a certain amount of funds and this money was to be used to repay players.

However the full balances may not be repaid if enough money does not exist. The pro rata would mean players would be paid a certain amount based on what is available, a percentage of what is owed.

The pressure from the PPA and poker players must be working to get the Garden City Group working on the repayment process. It was less than two weeks ago that the company said it could be one to two years before players saw any money. So the pressure is apparently working. Players can read the full statement from the Garden City Group here.

Thanks to OnlinePokerReport.com for initially breaking this story.

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