27 Feb 12
Tapie Lawyer: "Positive progress has been made."
Groupe Bernard Tapie attorney Behnam Dayanim has told PokerStrategy.com that progress is being made with the Full Tilt takeover deal, and that the parties involved have decided to extend the deal's previous deadline.
Over the last several months, Groupe Bernard Tapie has taken steps towards the completion of a takeover of Full Tilt Poker. The group has a signed agreement in place with the United States Department of Justice to purchase Full Tilt's assets for the sum of $80 million given certain conditions are met.
Earlier this month, PokerStrategy.com reported that the Tapie group had discovered a few significant issues which slowed down the progress of the deal. The Full Tilt companies were in even worse financial condition than the group had anticipated, and several well-known poker players still owed Full Tilt millions of dollars in debt.
"Positive progress has been made"
Despite the issues which slowed down the deal, significant progress has been made throughout February. The parties involved have chosen to extend the deal's execution deadline by several weeks.Behnam Dayanim, an attorney representing Groupe Bernard Tapie, spoke to PokerStrategy.com:
"We are very close to executing a deal and anticipate it happening over the next several weeks.
There was an expectation among the parties involved that we would conclude our discussions one way or the other by the end of February. Positive progress has been made in recent talks, and each of the parties feels reasonably confident that we'll be able to reach a successful conclusion. As such, everyone has agreed to let the process continue for a bit longer."
On the topic of outstanding debts that the group has been attempting to collect from several high-profile professional poker players, Dayanim had this to say:
"We've been talking to certain players and are hoping that we may be able to resolve the issues with some of them. Others have continued to remain recalcitrant, but we're hopeful that we will be able to achieve sufficient critical mass on all of the outstanding issues that will be able to make the deal work."
As always, PokerStrategy.com will continue to report on this story as it progresses.
By Matt Kaufman
#1
BanMartins, 27 Feb 12 18:59
"...the end of February"So... two days?
#2
salflip, 27 Feb 12 19:02
Viva ftp!#3
EmanuelC16, 27 Feb 12 19:03
#1: That was the initial plan. Now, they've decided to negotiate a bit more because they see progress and it would be a pitty to have come this far and let it go so easily. Not too optimistic about it though... sigh...#4
kirezafirov, 27 Feb 12 19:18
my first one time#5
StyleAni, 27 Feb 12 19:23
Come on, its been more than 6 months already... It's time to amke it happen#6
BanMartins, 27 Feb 12 19:28
They arent expectin it so fast. As stadium news when they said "IF" have a software in setempber.#7
ProlinePoker, 27 Feb 12 19:44
This FTP case is worst than a brazilian soap opera, where basically all that matters is the premiere and the finale, in-between all we have is BULL****! So, enough bla-bla-bla-bla and make things happen, otherwise stop these non-sense press releases, interviews and all the stuff because the only news that we want to see is GETTING OUR MONEY BACK! Damn lawyers...#8
EmanuelC16, 27 Feb 12 19:52
#7: They have to keep releasing these statements to keep players interested.#9
meprook, 27 Feb 12 20:06
I used to love FTP. Unfortunately, it is too late now for a comeback.#10
tammyccc, 27 Feb 12 20:11
i lost interest along time ago an takin about interest i,d a been better puttin my money in the bank boys playin poker every night of the week on t.v way my money an livin the high life joke.#11
Tarhonya, 27 Feb 12 20:45
If they want to apply some pressure to the pro's in debt, they should make the names and amounts public eventually. That way their public image would be on the line as well.#12
AaronLambert, 27 Feb 12 20:55
@11 they have with several of them already#13
Alficor1, 27 Feb 12 20:57
This is getting ridiculous.#14
supeyrio, 27 Feb 12 21:33
zoombye fulltilt#15
Diabl666, 27 Feb 12 21:33
what does this poor man Matt Glantz could say about this ??? Damn !!!#16
lukich1908, 27 Feb 12 21:50
Co tu jest?#17
Tim64, 27 Feb 12 21:51
"There is every expectation that at some point in the next few weeks (or months) we will issue a definitive statement making it clear when we anticipate the conclusion of further discussions to agree the timetable for the continuing negotiations on the acquisition of FTP. For clarification, by 'definitive statement' I mean something about as reassuring as this. Please note that this is a script and any similarity to actual facts is purely coincidental" - FTP Lawyer.#18
shichibukaii, 27 Feb 12 22:06
@17:a planned deadline of a deadlnie of another deadline? Sounds like a load of bull.
#19
BOBOsvk, 27 Feb 12 22:14
good news as usually, LOOooool#20
Snodreliss, 27 Feb 12 22:38
I don't know what to belive anymore... Hope they go to jail whatever happens.#21
durlancity, 27 Feb 12 22:57
I have 6 000 on Full Tilt#22
M1rCea, 27 Feb 12 22:59
Saga continues#23
durlancity, 27 Feb 12 22:59
It is shame for poker,poker is gentleman's game.#24
apd1020, 27 Feb 12 23:18
The stall is obviously to pressure the pros to pay up. But at the same time, they're delaying potential profit. Tricky spot.Either way, I'm resigned to believing that if they do reopen, it will probably be after the 2nd half of the year at the earliest. They're only on the paperwork (transfer of assets, etc.)... What about operations?
#25
pokerprons, 27 Feb 12 23:23
The old carrot on a stick...#26
boboistina, 27 Feb 12 23:29
Wow another statement with a deadline extension, i new would have guessed...We should make a poll about how long will it be extended next time.
#27
i5bet72o, 27 Feb 12 23:43
#23: Poker never is nor ever was a gentlemens game, it is and has always has been a degenerates and hustlers game.#28
doctorkgb, 28 Feb 12 00:54
They are afraid if delay continues and Stars take all players with Zoooooooooooom, they are history. They must come back with good offers soon, or no more players for them. Their player pool will be similar as Party now has.#29
datsmahname, 28 Feb 12 05:23
lol these guys just LOVE being in the press... FTP is going to be worth a lot of money when they finally pry it from the DOJ's hands...I think we should realize they're just trying to rebuild some confidence with all of this media.
I'll be surprised If they do anything short of selling FPT to MGM or another big B&M.
#30
Waiboy, 28 Feb 12 05:31
If there are no press releases, there will be 1 mirron threads asking why no info on FTP. There is a process ongoing, and the general angst of the populous will not speed or slow the due diligence process. Given they're spending millions on what many would consider to be a *risky* proposition, they're likely to take as long as they need, and anyone in their position would do the same.#31
JBCD71, 28 Feb 12 05:50
I can promise everyone that the deal will happen.And if it does its only good for poker.Plus players would get there money back.That would say alot about the Group Bernard Tapie.They would obviuosly have alot of respect and loyalty from me as a player,and i have no money owed to me from Fulltilt.If i am wrong then i will be the first to admit it.Group Bernard Tapie if you looking to sponsor anyone who is a good ambassador for the game and has talent.My line is always open.Its a good thing your trying to do.Making a wrong into a right.Kind Regards and good luck.Your friend always Johnny ACES Cabral#32
BoyRobot777, 28 Feb 12 06:39
JBCF71 leave this community. You are as dumb as a fuckin carrot.#33
chris9099, 28 Feb 12 07:21
lets face it at this stage who really cares if FTP come back all the staff are gone all the players have gone where can they go from there#34
jozata, 28 Feb 12 07:40
#30 +1. This is still positive news so we should remain positive about this deal as well. What else can we do anyway?#31,32 Pardon my ignorance but who is JBCF71? Just being curious
#35
JohanRember, 28 Feb 12 09:40
#31 "Johnny ACES Cabral" Please use a space periods and commas. <- Correct. "hello.OK" <- incorrect. I think you lose so much credibility when you write like a uneducated child. Who would sponosor a pro that is unable to make one correct sentence in a blog?#36
Tim64, 28 Feb 12 09:47
#35, it's 'aN uneduacted child' not 'a uneducated child'. Let he who is whithout sin cast the first diss, as is written in the 9th Bronze strategy commandment.#37
M1rCea, 28 Feb 12 10:26
lolz, we meet yet again, Aces#38
mishkagg, 28 Feb 12 11:11
I don't get one thing. Ppl owe FT money. Some guys buy FT. So ppl now owe the new owners money, don't they? If it's like that, why not open the room and meet the ppl who owe money in court, court says pay the ppl and/or go to prison and everyone is happy. Except the money owing ppl but don't give a crap 'bout them anyway.#39
BoyRobot777, 28 Feb 12 11:26
#38 Yes, but if old owners lend money without any papers or proof which new owner would use against those players, is getting tricky. If they had all the proof, no one would ever use media to pressure those in debt. It would go straight to court..#40
JonikoP, 28 Feb 12 12:19
Lost all hope.#41
TvorogUK, 28 Feb 12 12:39
Hope I left PokerStars very soon#42
Irish78, 28 Feb 12 13:09
name and shame the pros#43
conquistadorrr, 28 Feb 12 13:09
Having trouble collecting the debt? Call Joe Pesci!#44
JohanRember, 28 Feb 12 13:38
#36 well done sir- missed my spelling mistake. Obviously I'm aware of this :)#45
Jan217, 28 Feb 12 14:21
'recalcitrant' - What an awesome word!#46
mishkagg, 28 Feb 12 15:35
#39, thanks for the explanation. And what a fabulous idea - to lend money to gamblers without any documents, how didn't I ever thought of that...#47
JohanRember, 28 Feb 12 16:14
#45 I had to put it into microsoft word and look up similar words. Good word indeed!#48
BanMartins, 28 Feb 12 20:00
Who belive in Bernard Tapie, never did a search in google of who is Bernard Tapie.#49
boboistina, 04 Mar 12 18:31
FTP Coming back Christmas 2013!!!#50
Navrark, 11 Mar 12 22:17
"recalcitrant" - I never heard this word before...This is taking a ridiculously long time. I am still hoping to get the last bit of money back from FTP - $80 or so - which I elected to remove just before FTP closed up shop. It never got to me though and so I am hoping that maybe someday it will, then I can put $50 back on and start playing Rush Poker again...