Former US Full Tilt Poker players finally have an answer from Garden City Group on how long it will take to process claims, but it is not an answer they wanted to hear. According to an article at Cardplayer.com, the claims process will likely take “at least” another year and maybe even longer.
According to the article, Cardplayer spoke with an “unnamed supervisor” at GCG regarding the claims process and told them that a date had not been set in regards to processing of claims and that they “haven’t even begun the claims process.”
There are several obstacles blocking the processing of claims. The first being that GCG has to work with both the Asset Forfeiture Unit of the US Attorney’s Office for the Southern District of New York and the Asset Forfeiture and Money Laundering division of the US Department of Justice.
Next, there is a massive amount of data given to the company from Full Tilt for them to go through. Also, the company still has not come up with the formula that they will use to process claims. The formula will be used to determine how much of the $184 Million that each player will receive.
In addition, the supervisor told Cardplayer that they have yet to receive any instructions from either the Attorney’s Office or the DOJ on how to setup the calculations. Once the data has been processed and a formula calculated, then players who have registered at fulltiltpokerclaims.com will be contacted to file their claims.
Even after all this, GCG still must obtain a court order allowing them to distribute funds to players. In layman’s terms, there is a still a lot of legal red tape that must be sorted through before players will get their money, and it will not be a fast process.
GCG was appointed by the DOJ as payment processor back in March. If a conservative estimate is used, players likely will not receive funds until sometime during the summer of 2014. Should the process extend past that point, it may be 2015 before players receive their funds, and there are no guarantees that they will receive 100% of their funds.