Home / Poker News July 2012 / DoJ Approves PokerStars’ Full Tilt Takeover
DoJ Approves PokerStars’ Full Tilt Takeover
Posted by: James Carter. - Tue, 2012-07-31 15:00
The online poker world let out a huge collective sigh of relief today: PokerStars have announced that they got the green light from the US DoJ to acquire Full Tilt Poker. The agreement is a far-reaching one, which was obviously drafted with Full Tilt players in mind. After more than a year of having their Full Tilt balances in limbo,
online poker players finally know that their monies are in fact worth more than a handful of monopoly dollars and they actually have an approximate date when they may be able to make those long-awaited and oft given-up on withdrawals.
The deal that the two companies have made and to which the DoJ has given its blessing is a complex and far-reaching one. In the first phase, the deal makes it possible for Full Tilt Poker to forfeit its assets to the US Government which will act like an intermediary in the deal. Once all Full Tilt Poker assets land in Government custody, all bank fraud and money laundering charges brought against the companies in the Full Tilt Poker fold will be dismissed with prejudice.
The second phase of the deal will see the Government transfer some of the above said assets to PokerStars. In exchange for that, PokerStars agrees to transfer $547 million to the Government over the next 3 years. The Government will thus agree to drop all charges brought against
PokerStars and its subsidies too. PokerStars won’t be allowed to offer online poker games to US customers in the future, at least not until the game is properly legalized and regulated.
None of the charges brought against individuals from the Full Tilt and PokerStars folds are in any way affected by the deal.
Players will be pleased to learn that the deal also includes a provision which compels PokerStars to make all funds available for withdrawal to non-US players within a maximum of 90 days following the transfer of the above said assets.
No FTP-point based compensations are covered in the agreement.
