Subject: Poker can now confirm that Full Tilt Poker and Groupe Bernard Tapie have executed an agreement to further the transfer of FTP’s assets to GBT. This agreement was necessary to pave the way for the US Department of Justice to take possession of the assets voluntarily being forfeited by Full Tilt.
This was the next step in the complicated process of transferring Full Tilt assets (by way of the US Department of Justice) to Groupe Bernard Tapie. It follows the November 17th agreement between DOJ and GBT that allows GBT to purchase forfeited FTP assets from the DOJ, likely via the Asset Forfeiture Fund, for an agreed-upon price of $80 million. In return, GBT also agreed to repay or otherwise make whole non-US players, who are owed over $150 million. The DOJ has agreed to dismiss the civil complaints for forfeiture against the FTP companies when and if the forfeiture of the assets is complete. The DOJ would then be responsible for Full Tilt’s liability to US players, which is also estimated to be about $150 million.1
Multiple sources report that Full Tilt’s ownership held a vote on this agreement, and owners representing a majority of shares agreed to the deal. Any current owners that are interested in receiving equity in the new company will be required to purchase minimal shares at an agreed-upon price. Such equity will always remain passive, with no managerial control, or voting privileges. The board of directors will not be eligible to participate.
Sources have confirmed that Laurent Tapie appeared personally in Dublin today and spoke to the employees about the hurdles already jumped and those still ahead.
The next key step will be for the actual forfeiture(s) to the DOJ, and the DOJ’s dismissal of the civil charges against the FTP companies.2 It is believed that these steps will take place shortly.
Attorneys for both GBT and FTP offered no comments at this time.
Subject: Poker will continue to provide updates as they become available.
Edited on 12/15/2011 10:51 AM EST: Corrected minor typos.
Edited on 12/15/2011 3:28 PM EST: Numerous minor changes.
- These numbers have come from many sources, though they are only estimates. For example, the DOJ’s amended civil complaint uses these numbers. ↩
- Note that this proposed dismissal of civil charges against the FTP companies does not include dismissal of charges against the individuals named in either the civil or criminal complaint. ↩