Home / Poker News January 2012 / GBT Lawyer on Full Tilt Acquisition
GBT Lawyer on Full Tilt Acquisition
Posted by: Jo Martin - Wed, 2012-01-04 14:45
Full Tilt Poker’s post Black Friday woes and struggles were among the most important
online poker developments of 2011. Still, there are tens of thousands of players who are hoping to see at least some of the monies they had at the site when the operation went offline. With the recent news about the GBT takeover, hope has been rekindled, and people are now yet again anxious to pick up new news-crumbs about exactly where the deal stands.
One of GBT’s lawyers, Behnam Dayanim, gave an interview the other day regarding the issue. Here are the most important points he touched:
The Full Tilt shareholders’ approval is the last significant development in the takeover process, nothing new has transpired since. The deal would be to forfeit all Full Tilt assets to the DoJ, which would then proceed to sell those assets to the GBT for around $80 million, money that the DoJ could then use to repay Full Tilt’s US players. The GBT would then repay non-US players, and apply for an Alderney license as well as a Kahnawake Gaming Commission one.
The exact mechanism of the non-US refunds is currently being analyzed by the GBT, so there’s nothing solid in the works for the time being on that front either.
The next step in the takeover process would see the involved parties negotiate and hammer out an agreement regarding the actual terms of the takeover. While there is a general consensus on the matter, details are yet to be set. The final step would be the attainment of the court order that would then allow the DoJ to sell the above said assets.
The bad news is that there is no actual timeline set for any of these moves and none of the parties are willing to offer an estimate either.
According to Dayanim, none of the current Full Tilt directors will be allowed to retain any kind of a minority stake in the company going forward. Those shareholders who are not excluded, may decide to participate with a minority stake.
