Howard Lederer Reveals the Early Days of Full Tilt Poker

Howard Lederer, a key figure in the early days of Full Tilt Poker, recently shared his insights into the company's founding and initial operations. Lederer stated that he wanted to address questions from the poker community after the deal with PokerStars was finalized. He emphasized that the leadership had valid reasons for not discussing problems publicly over the past 15 months.

Chris Ferguson and Ray Bitar met around 2000 and became close friends. Ferguson, who understood the importance of strategic investors, wanted to attract individuals who would become poker celebrities. These strategic investors were seen as crucial for the company's success. Perry Friedman was responsible for programming the Full Tilt Poker website, and he was one of the initial investors. The company was registered in California as an LLC, with a structure that allowed for majority rule on most decisions.

The first elected board of directors included Ray Bitar, Chris Ferguson, Perry Friedman, Phil Ivey, and Howard Lederer. However, Phil Ivey was difficult to reach, so he was replaced by Ray Bitar. The company opened in July 2004, shortly after the World Series of Poker, with a significant amount of funding. Ray Bitar was responsible for obtaining licenses for the company, a process that involved extensive legal work. The financial director, Alan, presented financial reports to the board, led by Ray Bitar.