17 Nov 11
Full Tilt Poker Deal Signed; Exclusive Statement Here
Groupe Bernard Tapie has signed a deal with the United States Department of Justice to acquire Full Tilt Poker's assets. Find out more.
The long-awaited deal for Groupe Bernard Tapie (GBT) to take over Full Tilt Poker has been signed. The deal is between GBT and the United States Department of Justice (DOJ), and it includes some form of repayment for all players who formerly held Full Tilt accounts. GBT has agreed to pay $80 million for the assets formerly owned by Full Tilt.
Full Tilt Poker is pleased that the terms of the agreement between Groupe Bernard Tapie (GBT) and the Department of Justice have been finalized, and that the agreement provides for GBT to repay or make whole players outside of the United States and for the Department of Justice to permit United States players to request compensation out of the forfeited funds. Since Black Friday, repaying customers has been FTP’s number one priority.
Ray Bitar, co-Founder of Full Tilt Poker stated: “I am extremely pleased with the efforts of the Department of Justice, and the Groupe Bernard Tapie corporation, and appreciate their continued dedication in working towards a mutually beneficial agreement that will facilitate repayment of the players ."
Now that the agreement with DOJ has been reached, GBT and Full Tilt Poker will now turn to memorializing the final terms of their agreement, to bring this matter to a complete resolution as soon as possible.
Full Tilt Poker would like to thank all its customers for their continued patience since Black Friday and during this negotiation process.
Lawyers from Both Sides CommentIn order to better understand the situation at hand, PokerStrategy.com asked Behn Dayanim and Jeff Ifrah for their thoughts on the deal.
Behn Dayanim, an attorney for Groupe Bernard Tapie, confirmed that "A letter of agreement with the DOJ has been executed. It states that in the event that the Full Tilt companies consent to a forfeiture of their assets, GBT will purchase those assets. This is the first major step in the process of a sale; the next steps include Full Tilt consenting to the forfeiture and a definitive final agreement with the DOJ."
Jeff Ifrah, a lawyer associated with Full Tilt, explained that "The deal is clearly historic. It's an incredible achievement. A lot of thanks and gratitude are owed to both GBT and the DOJ. Clearly there remain a lot of questions on the logistics of a sale, including when players will get paid, how they'll file claims, and when Full Tilt will become operational. I hope I can help obtain answers to those questions quickly, and make information available to players as soon as possible."
PokerStrategy.com will continue to keep you informed with updates on this story as they become available.
by Matt Kaufman
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