According to a report Tuesday by Subject:Poker, Groupe Bernard Tapie and the U.S. Department of Justice have reached an agreement that could ultimately allow for repayment of players at Full Tilt Poker.
The deal, which would allow GBT to continue its acquisition of Full Tilt Poker, is subject to approval by the shareholders of FTP. If the shareholders agree to the sale of the company, the deal with the DOJ will provide for payment of all players worldwide.
Multiple sources confirmed to Subject:Poker that the following email was sent to Tiltware shareholders from CEO Ray Bitar:
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 Full Tilt Poker. 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
Subject:Poker reports that the final details of the deal are being worked out between GBT and the U.S. Attorney’s Office for the Southern District of New York. Once a deal is finalized, Groupe Bernard Tapie will be able to propose a deal to the current FTP shareholders. GBT would assume all of the debt to non-U.S. players and the Department of Justice would set up a fund to repay all U.S. players, according to the report.
There had been a long silence since the announcement that Groupe Bernard Tapie had signed an acquisition agreement with Full Tilt Poker, but this appears to be positive news for Full Tilt Poker players with funds stuck on the site. The overall estimated amount of those funds stands somewhere between $115 million and $330 million.
Read the full story at Subject:Poker.
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