After weeks of waiting, Subject: Poker can confirm that Groupe Bernard Tapie and the US Department of Justice have come to terms that allow GBT’s acquisition of Full Tilt Poker to continue. If FTP’s current shareholders agree to acquisition of their company, this deal with the DOJ will provide for payment of all players worldwide.
Multiple sources have confirmed to S:P that the following email went out this morning to Tiltware shareholders from Ray Bitar:
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.
Final details are still being worked out between GBT and the US Attorney’s Office for the Southern District of New York. Subject: Poker hopes to be able to report the full terms of the deal in the coming days. Once this is complete, Groupe Bernard Tapie will be able to propose a deal to acquire Full Tilt Poker directly to its shareholders. Members representing two thirds of ownership interest must vote to approve any such deal.
Subject: Poker has confirmed from numerous sources that, if shareholders agree to GBT’s proposal, Groupe Bernard Tapie will assume responsibility of Full Tilt’s debt to non-US players and the US DOJ will set up a fund to repay US players. We do not know at this time what the timeline for such repayment will be.
If current FTP shareholders agree to the sale, GBT can move on to licensing, making the new company one step closer to launch.1
Again, Subject: Poker is actively working to bring our readers the full details of the deal, and we will publish what we know as soon as possible. We typically do not publish such information with so little detail, but we felt that this situation warranted fast publication.
- The Alderney Gambling Control Commission, former regulatory body of Full Tilt, said in its press release announcing the revocation of FTP’s licenses “It is important to note that the revocation of FTP’s licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management.” So, GBT may acquire a license from Alderney. ↩