Is Full Tilt Rescue Wishful Thinking?October 4, 2011 6:54 am
Last weekend, the poker community learnt that French investment company Groupe Bernard Tapie was in the process of negotiating the acquisition of Full Tilt Poker, conditional on certain criteria first being met.
The investment company was founded by Bernard Tapie, with his son Laurent Tapie currenty the Managing Director of the company. Talking about the signed acquisition agreement, would be CEO of Full Tilt Laurent Tapie commented:
“We are going to put all the money into the company we need to please the players. They are the key asset, above all.”
As mentioned, certain conditions first need to be ironed out before the Tapei’s future acquisition of Full Tilt
would take place.
First is that the civil charge related to the estimated $300 million owed to Full Tilt customers around the world is resolved. However, it would appear that the investment company see the DoJ playing a big part in repaying the customers from the $331 million they seized from the company between 2007 and 2011.
Concerning the DoJ criminal charges against Full Tilt, Groupe Bernard Tapie would first need to see this situation resolved and an agreement reached which could involve the DoJ accepting to be repaid over time from the funds of a fully operational Full Tilt.
Groupe Bernard Tapie have also indicated that anyone associated with Full Tilt found guilty of a crime would play no part in the future of the company. However, they have indicated that those exonerated could be offered the opportunity to reinvest in the new company, including the existing owners of Full Tilt Poker.
Finally, Groupe Bernard Tapie would still need a firm reassurance that a licensing authority would grant Full Tilt permission to operate outside of the US in the future, before any potential deal could go ahead.
Optimistically, Laurent Tapie stated that all being well Full Tilt could be back online by January 2012 and commented:
“It’s a well-known brand and the technology is widely recognized as being possibly the best in the industry.”
However, as we have seen any deal is contingent on a number of factors, not least of which is the DoJ being conducive to the suggestions of Groupe Bernard Tapie. If not the whole deal may yet prove to be just an exercise in wishful thinking.