Bernard Tapie Optimistic About Full Tilt Poker DealOctober 27, 2011 9:49 am
French investment business Group Bernard Tapie (GBT) has spoken out recently expressing optimism that a deal could be struck to help save beleaguered online poker room Full Tilt.
However, a lawyer for the business which specialises in the recovery of bankrupted companies, has warned that any deal is contingent on a satisfactory resolution of outstanding issues with the US Department of Justice, with GBT lawyer Behnam Dayanim explaining:
“We’re still working with Full Tilt Poker. We have a signed agreement that allows us to do the things we need to do to ensure we’re comfortable. We’re working productively with that company, but any agreement ultimately depends on resolutions with the DoJ. We have to have that process work its way through to completion, but I’m optimistic right now.”
At present, the DoJ is pursuing Full Tilt poker for more than $1 billion in damages related to local violations of gambling and money-laundering laws. It is believed Groupe Bernard Tapie is seeking to reach an agreement with the DoJ whereby it accepts to be paid over time with money earned from a fully operational Full Tilt Poker.
In addition, up to $300 million is still owed to Full Tilt customers worldwide and in the event of a deal, Groupe Bernard Tapie has been sounding out various possibile ways of returning the funds without commiting too much of their own money to the deal. These options include a) Full Tilt customers agreeing to invest part of their money in company shares, b) agreeing to a lump sum cashout penalty or c) accepting small cashouts over a period of time.
Elaborating further on the current state of negotiations, lawyer Behnam Dayanim commented:
“It’s a process. The process is still going on and hopefully we’ll have some good news to report. I remain optimistic that we’ll be able to reach an outcome that allows for the Tapie group to proceed with the proposed plan. It’s Tapie’s intention to arrange for repayment of players.”