Deadline To Submit Petition for Remission Will Be November 15th, 2013Published on August 17th, 2013 9:50 pm EST
The Garden City Group, Inc. ("GCG") announced earlier this week that the Full Tilt Poker claims process will officially begin on September 16th, 2013.
The Garden City Group, Inc. was appointed by the US government to be the claims administrator for Full Tilt Poker and its forfeited funds. The company is responsible for processing all of the claims submitted by the former US customers of Full Tilt Poker and properly doling out the forfeited funds.
GCG announced earlier this week that the claims process will officially begin on September 16th, 2013. On that day, 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."
GCG also revealed that the deadline to submit a Petition for Remission will be November 15th, 2013.
GCG revealed last week that the calculation process used for the Petition for Remission will be based on player balances as of April 15th, 2011. There was some worry that another formula, such as total deposits to Full Tilt Poker, would be used, but that won't be the case.
According to GCG, once all of the claims have been submitted, the company will total up all of the eligible claim requests. If the total amount of the approved claims totals less than the total amount of forfeited funds, players will receive 100% of their balances. If the total amount of the approved claims is more than the total amount of forfeited funds, players will receive their funds on a pro-rata basis.
In short, players should be receiving most or all of their outstanding funds.
In terms of when players can expect to receive their funds - you can likely expect to wait at least another six months, if not more. After all, the deadline to submit your Petition for Remission is November 15th, and after that, the GCG has to go through and match all of the claims submissions to the information that has been provided to them by Full Tilt Poker.
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