The Lederer Files: Black Friday Aftermath, the Search for a Solution
Since April 15, 2011, the poker world has waited anxiously to hear from Howard Lederer about the downfall of Full Tilt Poker. That wait is officially over.
In Part 4 of this exclusive interview series with PokerNews.com, Lederer opens up about the first few months after Black Friday, including the devastating news he discovered on April 21, 2012.
On that day, Lederer learned about the $250 million difference in amount owed to Full Tilt Poker's customers and the amount of cash the company had on hand. Lederer says that only he, the CEO, the CFO, and Chris Ferguson knew about the shortfall at first, but the news had to be shared with the members.
"The second we found out, there is absolutely no thought of trying to hide it. It's about trying to fix it," said Lederer. "We immediately called a board meeting and we also invited all of the various company counsels. ... We just shared the numbers with everyone on that call."
The information created a lot of anger among shareholders, according to Lederer, but the company quickly began searching for a solution. A few potential deals with new investors surfaced early on, but Lederer claims the members had a difficult time agreeing on the terms of a deal.
Disclaimer: The thoughts and opinions expressed in this interview are those of the interviewee and do not necessarily reflect those of PokerNews.
In this Series
- 1 The Lederer Files: An Introduction
- 2 The Lederer Files: The Beginning of Full Tilt Poker
- 3 The Lederer Files: The UIGEA, Segregated Accounts, and Retirement
- 4 The Lederer Files: The Backlog and Black Friday
- 5 The Lederer Files: Black Friday Aftermath, the Search for a Solution
- 6 The Lederer Files: The Phil Ivey Lawsuit, Transition 2.0
- 7 The Lederer Files: Outstanding Member Loans, Groupe Bernard Tapie Complications
- 8 The Lederer Files: PokerStars Saves the Day, Apology to Full Tilt Poker's Customers
- 9 The Lederer Files: The Process and Opinions
- 10 Recapping The Lederer Files — Part 1
- 11 Recapping the Lederer Files — Part 2