On Wednesday, Full Tilt Poker released an expose on its post-Black Friday highs and lows. The site started off by casually noting, “As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching U.S. Government enforcement effort of Black Friday.” Full Tilt vacated the U.S. market following Black Friday and then promptly had its gaming license suspended by the Alderney Gambling Control Commission. Its tables are now completely silent.

Full Tilt added that in the two years prior to Black Friday, U.S. Government officials seized $115 million in player funds from U.S. banks. Nevertheless, site officials remained steadfast that online poker was completely above board: “While we believed that offering peer-to-peer online poker did not violate any Federal laws – a belief supported by many solid and well-reasoned legal opinions – the DOJ took a different view.”

The DOJ’s stance against online poker came to a head on Black Friday, when the founders of PokerStars, Full Tilt Poker, and Absolute Poker were indicted on charges that included violating the Unlawful Internet Gambling Enforcement Act and money laundering. Several payment processors associated with the three aforementioned rooms were also indicted.

Full Tilt’s statement also revealed that a payment processor stole $42 million from the online poker site, but “until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected.”

The statement explained that during the latter part of last year and the beginning of 2011, “Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.”

The “unprecedented issues” could have led to a rumored $128 million cash shortfall. What presumably happened was that Full Tilt credited player accounts with deposits before the site collected on them. In a thread on TwoPlusTwo, a member of Full Tilt’s legal team referred to this as “backlog,” in which the site essentially gave a player a non-guaranteed short-term loan.

Following its assessment of the problems with payment processors, Full Tilt’s statement digressed into a discussion of potential investors. Six groups of investors have made their way to Full Tilt’s headquarters in Dublin. The motley crew includes “hedge funds, operators of other internet businesses, and individual investors.”

Full Tilt has also overhauled its search committee for prospective partners: “We have recently engaged an additional financial adviser through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players.”

Finally, the room reassured players that paying back their frozen funds remains priority number one: “Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations.”

In a thread in the Poker Sites forum, PocketFives.com members were digesting the Full Tilt Poker statement. One poster remained optimistic that Full Tilt would eventually make good on its promise to pay players back: “I still feel confident that Full Tilt will pay back their players. I been saying this in the beginning and still believe this now. Once they find the investor and get things in order, everything will be fine.”

Others questioned why six investment groups had visited Full Tilt’s headquarters, but none came away with a deal: “If six groups of investors have visited, which means shown real interest, and nothing much has come out of it, really doesn’t bode well for FT. Either the amount that needs to be invested is way higher than officially known or their operations have some huge issues for none of those six to actually move ahead.”

Full Tilt Poker pro Phil Ivey supposedly brought one investment group, which had exclusive negotiating rights up until a week ago, to the table.

One PocketFives.com poster from New York relayed that he has close connections to one of the parties interested in Full Tilt: “A friend of mine works for one of the hedge funds mentioned and personally visited their HQ in Dublin about two months ago. He met with Bitar, Ferguson, etc. and said that it is such a mess he cannot imagine how a deal could possibly be struck with FTP.”

Keep it tuned to PocketFives.com for the latest from Full Tilt Poker.