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PokerStars Acquisition of Full Tilt Poker Complete, Players to be Repaid

Business, 2012-07-31, by Ozone

A DOJ press release dated yesterday confirms the highest hopes of players with money stuck on Full Tilt: PokerStars has reached a settlement with the government to acquire Full Tilt's assets in exchange for a total of $731 million. All players worldwide with money trapped on Full Tilt will be repaid in full under the terms of the agreement.

Preet Bharara, the United States Attorney for the Southern District of New York, announced that PokerStars has agreed to forfeit $547 million to the U.S. as well as to reimburse the approximately $184 million owed by Full Tilt to non-U.S. players in order to acquire the full assets of Full Tilt from the government.

U.S. victims of Full Tilt's alleged fraud will be able to seek compensation directly from the DOJ.

The terms of the agreement state that PokerStars must forfeit $547 million to the U.S. as well as repay players worldwide within 90 days. They will acquire the Full Tilt assets upon the government's receipt of a $225 million payment due within six days from yesterday's settlement.

Within 45 days of acquiring Full Tilt, Isai Scheinberg, founder and mastermind behind PokerStars, must no longer serve any management or director role with the company. This clause is subject to reevaluation upon the resolution of Scheinberg's criminal case. Scheinberg was one of 11 men indicted by the DOJ on Black Friday. He is one of four defendants who have thus far evaded U.S. authorities.

PokerTips will have more information pertaining to this landmark day in poker as it becomes available.

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