Taxable Talk

The Garden City Group (GCG) posted the following information on the Full Tilt Poker Claims Administration website yesterday:

Important Update About the Start of the Claims Process

Starting on September 16, 2013, GCG will email a Notice with instructions on how to submit a Petition for Remission online to all potentially eligible claimants identified by GCG utilizing data supplied by Full Tilt Poker (“FTP”). The deadline to submit a Petition for Remission is November 15, 2013. Instructions concerning the filing of Petitions will be included in the Notice and will be posted on this website. Please continue to check this website for updates. Please note that the registration process for email notification is no longer available…

If you do not receive an email notice and you believe you are eligible to participate in the remission process, you may file a claim online using the directions that will be provided on this website.

Once claims are filed, GCG will have to verify the claims (relatively simple in cases where the claimant agrees with the information sent by GCG but more complex where there are differences), total the amount of approved claims by all claimants, compare that to the total available for remission, and then pay the claims. However, the DOJ then must approve the amounts.

While in theory claims could be paid this year (after all, this is all electronic information, etc.), it’s far more likely that the review and payment process will take at least 90 days and probably longer. I’d expect payment in mid-2014 based on the announcement, and take later rather than sooner if I had to guess. We could get lucky and have a Christmas present of the Full Tilt funds…but it’s far more likely to be a 2014 Christmas present.

Tags: FullTiltPoker

This entry was posted on Saturday, August 17th, 2013 at 10:00 am and is filed under Gambling. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.