Full Tilt Poker Deal Approved By ShareholdersDecember 16, 2011 1:42 pm
The deal between Full Tilt Poker (FTP) and Group Bernard Tapie (GBT) took another step closer to completion after Full Tilt shareholders reportedly voted in favour of an $80 million assets transfer to the French company.
Nevertheless, the U.S. Department of Justice (DoJ) was integral in the whole business deal and the $80 million will be transferred to them in return for an agreement “to dismiss the civil complaints for forfeiture against the FTP companies.”
In other words, FTP as a business entity will be discharged of its wrong doings, whilst the DoJ will concentrate solely on its charges against FTP board members Howard Lederer, Chris Ferguson, Rafe Furst and Ray Bitar.
Ratification of the assets transfer agreement now paves the way for GBT to move forward with its plan to allow Full Tilt Poker to re-enter the online poker market early next year. Such is GBT’s confidence that a final deal will be concluded that they have already applied for a Spanish internet gaming license, while the application deadline was just hours away.
Spain’s new regulated market opens early next year, and Groupe Bernard Tapie put in their application alongside such other gaming companies as PokerStars, bwin.party and 888.
However, Full Tilt Poker will have to repay its Spanish customers before being allowed to operate, as it will also have to do for its other customers around the world currently owed around half of the outstanding $300 million. The DoJ will assume responsibility for the money owed to Full Tilt’s US customers.
Unfortunately, “the process for [US] player claims will neither be simple nor speedy,” according to LA attorney Sanford Millar, with detailed records likely required before payments are made.
Finally, despite the current FTP owners being permitted to receive equity in the new company, they will be limited to minimal shares with no voting privileges or control in management decisions.