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
Click for more information.