Following the longest two and a half weeks for online poker players since Black Friday, Subject: Poker can confirm that the US Attorney’s Office for the Southern District of New York, and Group Bernard Tapie have signed their letter agreement, allowing for the acquisition of the assets of Full Tilt Poker by GBT once FTP have inked their side of the agreement.
Mr. Behn Dayanim, the Washington, D.C. attorney for GBT in this matter, offered the following statement to Subject: Poker:
We have an executed letter agreement with the Department of Justice that would allow GBT to purchase the Full Tilt assets from the United States. This is the first step in a process that will require agreement of the Full Tilt companies to the forfeiture of those assets and execution of a definitive agreement with the Department.
Mr. Jeff Ifrah, Full Tilt’s attorney, echoed Dayanim’s enthusiasm with the following comment also made to Subject: Poker:
The historic agreement between DOJ and GBT lays out the terms of sale, requires GBT to reimburse ROW players, and details the procedure proposed to reimburse US players. But there is still work to do and of course important questions remain. When will the assets be forfeited and how quickly will the players be reimbursed? As answers to these questions become clearer, I anticipate you will receive further announcements from the parties to the transaction
FTP’s shareholders still must agree to the forfeiture of the companies’ assets in order for the deal to move forward. Hopefully this will happen in short order, and Subject: Poker will keep our readers advised of updates as they become available.
Sources report that if FTP agrees to the settlement, the DOJ will gain title to FTP assets, GBT will pay the DOJ $80 million, and GBT will then acquire the assets of the Full Tilt Poker companies from the DOJ. As we previously reported, GBT would maintain responsibility for all non-US account balances, and US players would have to apply for reimbursement through the DOJ via a remission fund. In return, the DOJ would agree to dismiss the pending civil claims against the FTP companies, and GBT would be free to start on the road to relaunch the new company.
Subject:Poker will bring you more details as they become available.