Home / Poker News November 2011 / DoJ, Groupe Bernard Tapie Sign Full Tilt Agreement
DoJ, Groupe Bernard Tapie Sign Full Tilt Agreement
Posted by: James Carter. - Fri, 2011-11-18 09:59
The long harrowing wait for Full Tilt poker’s ex-players is apparently over: the crippled
online poker site has almost been purchased by the French Group Bernard Tapie, for $80 million. The deal is a pretty intricate yet relatively smooth one. Full Tilt Poker needs to give up its assets to the US government, which in turn – through the DoJ – will sell it to GBT.
The deal still needs to be approved by two thirds of the FTP shareholders, but given the situation and the fact that the deal would see all of the Full Tilt Players repaid in full, it’s safe to assume it will indeed be approved.
The deal says that GBT will be responsible for reimbursing all non-US players. The DoJ will use the $80 million and the money it has previously seized from the operation to repay around $150 million to US-based players. Although the actual refunding process has not yet been set, US players will have to recover their funds through the DoJ.
The move also means that the DoJ will dismiss the civil forfeiture proceedings against Full Tilt Poker, although the individual charges against Raymond Bitar, Howard Lederer and Chris Ferguson will remain in place.
Full Tilt Poker’s attorney Jeff Ifrah confirmed the deal as well. According to Ifrah, the agreement states that if the government successfully obtains Full Tilt’s assets, GBT will buy those assets for $80 million and repay non-US players, while the DoJ obliges to repay US players.
What is clear at the present moment though is that in order for the deal to go ahead, the government needs to obtain the FTP assets which are not currently in its possession. It is currently unclear what needs to happen for the government to take possession of the said assets. GBT now apparently need to reach a deal with FTP, as a result of which, the said assets will be voluntarily forfeited.
