Poker NewsMuch more than just a poker blog...
After a long and tirening wait, finally here's some good news for the FTP players out there. Groupe Bernard Tapie and the US Department of Justice reported that they struck a deal, allowing FTP's acquisition to continue.
[3]Subject:Poker reported today that they received the news from multiple sources, that the United States Department of Justice and Groupe Bernard Tapie came to the end of their negotiations with a quite positive result. Ray Bitar, CEO of Full Tilt Poker sent out an email to shareholders informing them about the details of the agreement:
"Dear members,
I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising FullTiltPoker. 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. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time.
With DoJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP. That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on.
-Ray"
Of course there are still lots of work ahead, but it seems a major problem has been eliminated. According to reports, the US Attorney's Office for the Southern District of New York will be publishing the whole deal, according to which the Tapie group can propose a deal to buy Full Tilt Poker. 2/3 of the shareholders will have to vote to approve the acquisition.
Larent Tapie & Preet Bharara, US Attorney
If the vote comes through, Full Tilt Poker will possibly be granted with a new license from the AGCC (Alderney Gambling Control Commission), as the regulatory body made clear in September [4]. FTP players around the world, keep your fingers crossed.
Related articles:
Tapie Expects Full Tilt Poker to Reopen in January [5]
FTP Misery to End with French Investors? [6]