The Full Tilt remission process is more than four-fifths complete, leading the claims administrator to issue a final deadline of October 31 to file petitions.
Filing deadlines for various categories of petitioners had been implemented during the process that began back in late 2013, but it appears that the Garden City Group (GCG) is giving players one last chance to submit a claim for any outstanding funds. The official FullTiltPokerClaims.com website posted the notice yesterday, advising players with questions about either the deadline or any petitions filed previously to contact them at (866) 250-2640 or Info@FullTiltPokerClaims.com.
It was 10 days ago that the GCG advised that another batch of reimbursement of [geolink href=”https://www.usafriendlypokersites.com/us-full-tilt-players-to-receive-another-5-5-million/”]roughly $5.5 million[/geolink] would arrive in about 1,900 player bank accounts this month. That distribution, when fully processed, will result in 92% of claimants being made whole.
Following that payment wave, well over 40,000 players will have received about $110 million in seven installments that began on February 28, 2014. Those outstanding funds may have never found their rightful recipients had PokerStars’ parent company Rational Group not bailed out players by acquiring Full Tilt in 2012.
Last But Not Least
Still on the hook and waiting for their money are about 3,800 claimants whose Petitions for Remission have yet to be processed. There may be several more claims after all is said and done, considering that the GCG implemented another filing deadline of October 31, 2015.
When the last of the petitioners will receive their funds is anybody’s guess at the point. But it appears that the remainder of the claims fall in the category of being the most difficult and timely to process, likely meaning that the account balances on record between the players and the DoJ are far apart.
Who Didn’t File?
In any event, whenever the FTP remission process reaches its conclusion, all indications point to an overage. The total earmarked for distribution is $184 million, with only about 60% of that paid out following this month’s distribution.
It appears that a large number of players have chosen not to submit a claim for whatever reason. Whether they consider their bankrolls too small or simply have elected to not go through the hassle of filing remains unknown.
What is known is that the DoJ will find themselves ahead when the book is closed on the matter. How much ahead will be revealed after the final claim is paid.