DoJ And GBT Strike Full Tilt Poker DealNovember 2, 2011 8:21 am
There has been a renewed sense of optimism amongst Full Tilt Poker customers, after the news broke on November 1st of an “agreement in principle” having been struck between the DoJ and Groupe Bernard Tapie which would make it feasible for the French company to acquire Full Tilt Poker.
With the DoJ’s consent in hand, Groupe Bernard Tapie (GBT) can now move to purchase the online poker room, subject to the approval of Full Tilt shareholders, who own two-thirds of the company. The site’s beleaguered customers could then eventually receive their lost funds of up to $330 million.
Following the agreement, Tiltware CEO Ray Bitar sent an e-mail to his company’s shareholders informing them of the development before elaborating further on the deal. As he explains:
“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.”
Approval of the deal by Full Tilt shareholders is practically a foregone conclusion, thus paving the way for the online poker room to reapply for its licence and being up and running by early next year. As the Alderney Gambling Control Commission had earlier pointed out:
“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.”
Nonetheless, if this deal does go through there still remains a number of questions unanswered for Full Tilt customers awaiting recompense. For Rest Of The World (ROW) players, concerns include how much will they receive as company shares, in periodic payments or with a withdrawal penalty.
For US players, concerns include whether they will have to declare their bankrolls to the Department of Justice and pay tax on their poker winnings.
We will endeavour to bring you more information on the deal as it becomes clearer.