According to Subject: Poker, Full Tilt Poker (FTP) director Chris Ferguson funnelled almost USD $60 million of payments since April 2007 into bank accounts held for him in the name of Pocket Kings Ltd. This is in addition to the USD $25 million he received, which the US Department of Justice named in its civil complaint against Ferguson.
It was reported that Ferguson then withdrew about USD $45 million of the money and lent around USD $14.3 million of it to FTP to pay expenses within the company after Black Friday. It is this loaned amount that is now said to have the potential to impede the ongoing negotiations with French investment firm Group Bernarde Tapie (GBT) to purchase FTP. Previous versions of the agreement between FTP and GBT, in fact, included provisions to give Ferguson shares worth approximately USD $14 million, but this was taken out after the Department of Justice objected to shares in the new FTP being owned by its previous directors.
Ferguson and his lawyer, Ian Imrich, have since been trying to recoup the loaned amount and have been looking at legal ways to have the issue settled before the GBT deal can go through.
Read the full story at Subject: Poker.
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