Full Tilt Making Cuts, Saab Making Plates
This week in poker, Full Tilt Poker announced impending cuts, the AGCC closed the FTP hearing to the public and David Saab found out he will miss the next 10 WSOP Main Events.
Full Tilt to Make Cuts, May Result in 250 Jobs Lost
Full Tilt has released a statement prior to its hearing with the Alderney Gambling Control Commission on Monday outlining its intentions for the future.
Most of the information concerned FTP's ongoing pursuit of new investors, but it did mention Pocket Kings Ltd. could take measures to cut costs by around €12m
As a result, as many as 250 positions at its offices in Dublin could be lost depending on what they discover in the consultation process.
Full Tilt also said it will be using Sea Port Group Securities, LLC as its financial advisor and to assist with raising capital.
This group will help Full Tilt in its negotiations with potential investors.
The statement closed by saying FTP is in discussions with several parties and will provide another update on its progress shortly.
Alderney Gambling Commission Hearing Closed to the Public
On Wednesday, the Alderney Gambling Control Commission announced that Full Tilt's license hearing set for Monday will continue "in camera," meaning it will be held in private and closed to the public.
According to Executive Director Andre Wilsenach:
"I am pleased that the FTP hearing will continue as scheduled, as was argued on my behalf. However, I am disappointed with the tribunal's decision that, notwithstanding my arguments to the contrary, the hearing will be held in private.
"I believe the public has a right to know the reasoning behind the decisions to suspend FTP's licences and call a hearing, and to hear the evidence that will be put forward on my behalf.
It is my understanding that the tribunal conducted a difficult balancing exercise of the interests of the various parties, taking into account the legal arguments for and against further postponing the hearing, and for and against allowing the public to attend the proceedings."
Saab to Serve At Least 10 Years For Drug Smuggling
Earlier in the year, Australian poker pro David Saab and two others were arrested on charges of smuggling 14.6 kilograms of cocaine into Australia.
On Tuesday, Judge Liz Gaynor gave the three men 30 years in combined sentences.
Saab's accomplices, Darren Hughes and Robert Reemeus alias (who played under the name remo_04 on online poker sites), will receive eight-year sentences each with a minimum of five years to be served in prison.
Saab was given the harshest sentence and will serve a minimum of 10 years in prison.
The judge told Saab that the sentence was given due to him being the primary organizer of the crime and the fact that he would have received at least $110,000 for the shipment.
The three were charged in January after the result of a sting operation.
A boat from Vancouver, Canada that was transporting machine parts containing cocaine was stopped by Australian authorities in Sydney.
They then followed the shipment to Melbourne which led to Saab and his partners.