Subject: Poker is reporting that Groupe Bernard Tapie (GBT) has reached an agreement with the U.S. Department of Justice to allow the French investment group’s acquisition of Full Tilt Poker to continue. The deal will allow for payment of all players worldwide if Full Tilt’s current shareholders approve of the GBT acquisition.
Subject: Poker posted the following email they say was sent from Ray Bitar to FTP shareholders this morning:
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.
If Full Tilt shareholders agree to GBT’s proposal, GBT will assume responsibility of debt to non-US players and the DOJ will create a fund to repay U.S. players. It’s anyone’s guess as to how long this might take.
This news makes the possibility that players will receive the entirety of their Full Tilt balance, and that Full Tilt may one day reopen for business, begin to appear rather likely. However, there still appears to be a long way to go before the deal is complete. Two-thirds of Full Tilt ownership interest must vote to approve the GBT acquisition.