In a statement published on the AGCC's website under a red "Full Tilt Update Click Here" button and titled simply “Full Tilt Poker," the AGCC said:
“As a result of the AGCC’s investigations the decision was taken on 29 June 2011 to suspend the licences of the companies collectively trading as FTP.
"The AGCC has also imposed a condition that requires the licensees comprising FTP to arrange for the ring-fencing of identified players’ funds under their control.
"On the 26 July 2011, the AGCC held a public hearing to consider allegations arising from the investigation.
“At the hearing the Commissioners of the AGCC, acting as a tribunal, decided to adjourn the hearing to a date no later than 15 September, as they felt that this was in the best interest of the players using FTP’s services.
“The recent payment of overdue licence fees by FTP is also in players’ best interests since it allows commercial negotiations to take place that might result in a successful refinancing deal.
“Further details regarding the exact date and venue of the next hearing will be announced as soon as possible.”
The payment of the licensing fees follows on the heels of the announceement on Tuesday that the Kahnawake Gaming Commission had also renewed Full Tilt Poker’s Secondary gaming license.
The AGCC has confirmed that Full Tilt Poker’s license will be considered valid until the next hearing.
A proposed deal between Full Tilt and a group of European investors has been rumored for well over a month now.