ONLINE POKER: DoJ agreement clears way for Full Tilt Poker sale

A major obstacle in the way of Groupe Bernard Tapie’s (GBT) acquisition of Full Tilt Poker has been removed with news, first reported on Subject: Poker that GBT and the US Department of Justice have come to terms that allows GBT’s acquisition of Full Tilt Poker to continue. If FTP’s current shareholders agree to acquisition of their company, this deal with the DOJ will provide for payment of all players worldwide.

PMA is in receipt of an email sent to Tiltware shareholders from Ray Bitar in recent hours:

Dear members,

I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising Full Tilt Poker. My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time.

With DoJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP.  That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on.

– Ray

Final details are still being sorted between GBT and the US Attorney’s Office for the Southern District of New York. Once this is complete, Groupe Bernard Tapie will be able to propose a deal to acquire Full Tilt Poker directly to its shareholders. Members representing two thirds of ownership interest must vote to approve any such deal.

It is believed that if shareholders agree to the proposal, Groupe Bernard Tapie will assume responsibility of Full Tilt’s debt to non-US players and the US DOJ will set up a fund to repay US players. If current FTP shareholders agree to the sale, GBT can also progress with licensing.

It is still possible that Full Tilt will be licensed by the Alderney Gambling Control Commission (AGCC), its former regulatory body. “It is important to note that the revocation of FTP’s licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management,” it was stated in an AGCC media release at the time Full Tilt’s licence was revoked.

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