Full Tilt Poker Strike $80 Million DoJ Deal

Full Tilt Poker Strike $80 Million DoJ DealThere was some more positive news for Full Tilt Poker customers yesterday, after it was announced that French investment company Groupe Bernard Tapie (GBT) has agreed to buy the business for $80 million.
Furthermore, as the deal would allow for certain DoJ frozen funds to be handed over to Groupe Bernard Tapie, the actual amount spent by the investment company to acquire Full Tilt assets would then be closer to $40 million.
The logistics of the deal still reqires approval from 2/3 of Full Tilt shareholders, and would involve the company first surrendering its assets to the DoJ, who would then sell those assets on to GBT.
With regards the estimated $390 million currently owed to Full Tilt customers, the DoJ would then repay US players their outstanding $150 million, while GBT will settle debts with players outside of the United States.
Another key stipulation of the agreement is that GBT will hold a majority shareholding in the company and that none of the current FTP board of directors will be allowed to hold shares. In return, the DoJ would then agree to dismiss all civil claims against Full Tilt, although board members Raymond Bitar, Howard Lederer, Christopher Ferguson, and Rafael Furst, would still be pursued by the DoJ as part of their Black Friday indictments.
Commenting on the deal, Full Tilt co-Founder Ray Bitar said:
“Now that the agreement with DOJ has been reached, GBT and Full Tilt Poker will now turn to memorializing the final terms of their agreement, to bring this matter to a complete resolution as soon as possible. Full Tilt Poker would like to thank all its customers for their continued patience since Black Friday and during this negotiation process.”
It would now seem an end is finally in sight for the Full Tilt saga and here at Onlinepoker.net we will endevour to keep you up to date with any new developments as they occur.

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