Full Tilt Poker Update!!

    • Zanducu
      Zanducu
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      Joined: 05.11.2009 Posts: 17
      REPORT: Full Tilt Poker, DOJ Agree on Forfeiture Agreement; RICO Suit Dismissed

      According to a report by Gaming Intelligence last week, the owners of Full Tilt Poker agreed on the final terms of their forfeiture agreement with the U.S. Department of Justice on Jan. 24. The agreement could allow French investment firm Groupe Bernard Tapie to fork over the agreed $80 million to purchase the company from the DOJ.

      Laurent Tapie, who serves as the managing director of the French investment group, told Gaming Intelligence that there is still a long way to go to complete the deal. Tapie, who had hoped to have a re-branded Full Tilt Poker launched by March 1, indicated that GBT is in negotiations with the Alderney Gambling Control Commission (AGCC) to resurrect FTP's license. The AGCC revoked Full Tilt's license last September because the company misled officials about its financial operations.

      "We need to complete our due diligence and reactivate the license,” Tapie said.

      The complex sale of Full Tilt Poker has dragged on since an agreement was made between Groupe Bernard Tapie and the Department of Justice last November. In December, Full Tilt Poker shareholders reportedly voted on and accepted the agreement that would allow the company to forfeit its assets to the Department of Justice so that Group Bernard Tapie can purchase them.

      As part of the deal, GBT would repay non-U.S. players, who are owed an estimated $150 million, and the DOJ would be responsible for repaying the U.S. players, which is also estimated to be about $150 million, according to sources.

      The DOJ also agreed to dismiss the civil forfeiture proceedings against FTP, which removes liability for the company's shareholders. However, it will not impact the individual proceedings against those individuals named in the indictments including Howard Lederer, Chris Ferguson and Ray Bitar. The aforementioned shareholders were recently given until March 19, 2012 to respond to the amended civil complaint filed by Preet Bharara, the U.S. Attorney for the Southern District of New York. It was the third extension they've received since Sept. 20.
  • 29 replies
    • PinkFairy
      PinkFairy
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      Joined: 02.01.2011 Posts: 64
      i really hope they will be back also i hope they will reset the database + add stronger verifycation so no more.. also if they get back i want alot of new exciting promos :D
    • AlbertFish666
      AlbertFish666
      Basic
      Joined: 02.02.2012 Posts: 14
      hell!
    • jozata
      jozata
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      Joined: 30.07.2008 Posts: 646
      Originally posted by AlbertFish666
      i hope these shit faces dare to show up in public again, after Tapies lawyer announced who still owes money to Full Tilt and shows no willingness to pay up!

      you will get what you deserve fucking bitches!

      keep that money and you will rot in hell!
      +1
    • noisecore
      noisecore
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      Joined: 12.04.2010 Posts: 5,221
      Originally posted by AlbertFish666
      i hope these shit faces dare to show up in public again, after Tapies lawyer announced who still owes money to Full Tilt and shows no willingness to pay up!

      you will get what you deserve fucking bitches!

      keep that money and you will rot in hell!
      could do with less narrow-minded useless comments in situations like these
    • PinkFairy
      PinkFairy
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      Joined: 02.01.2011 Posts: 64
      Originally posted by noisecore
      Originally posted by AlbertFish666
      i hope these shit faces dare to show up in public again, after Tapies lawyer announced who still owes money to Full Tilt and shows no willingness to pay up!

      you will get what you deserve fucking bitches!

      keep that money and you will rot in hell!
      could do with less narrow-minded useless comments in situations like these
      +1 i was thinking the same but couldn't put in words :D
    • jozata
      jozata
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      Joined: 30.07.2008 Posts: 646
      Why dont you give a suggestion of a useful comment then? Call me narrow-minded for supporting his comment but in a situation such as this I have actually run out of useful ones...
    • noisecore
      noisecore
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      Joined: 12.04.2010 Posts: 5,221
      Originally posted by jozata
      Why dont you give a suggestion of a useful comment then? Call me narrow-minded for supporting his comment but in a situation such as this I have actually run out of useful ones...
      ok what about

      I'd rather see that money in the hands of these pro's with a chance of them paying it back once a deal gets through or if they make an arrangement with GBT than that they had payed it back in the past and the money would have just gone into Bitar's pocket.

      There was an agreement between pokerplayers that had a loan not to pay it back until it was sure that players were ggoing to be paid in full with it.

      I don't know about benyamine and ivey but that's at least what Barry said.

      And honestly I don't give a rat's ass about explaining why is comment is useless. The way that his comment is written and that he is basic with 1 post should be enough really :facepalm:
    • phantommm92
      phantommm92
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      Joined: 14.05.2010 Posts: 1,464
      i just love how the diamond members try to get some brain into the bronze members
    • noisecore
      noisecore
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      Joined: 12.04.2010 Posts: 5,221
      Originally posted by phantommm92
      i just love how the diamond members try to get some brain into the bronze members
      This is not my intention I just feel like posts like the basic poster above doesn't add anything of value to a discussion. It also shows a lack of insight on the case.

      As far as Barry Greenstein goes, I think this 2p2 posts sums it up nicely:

      Because he doesn't owe the money to the Tapie Group. He owes it to Full Tilt. This obligation (BG -> Full Tilt) would be considered an asset on the company's books, assuming they actually kept books as opposed to Bitar writing things in crayons on cocktail napkins. But since TG hasn't actually acquired FT (and its assets) yet, it has no business laying its hands on any of these debts.

      Basically what TG is doing is offering to forgive a portion of BG's debt to FT in exchange for sending them money, even though TG doesn't actually have the legal right to forgive this debt at this point. From BG's perspective it would be a little risky because if the acquisition of FT by BG falls through for whatever reason (*ahem Chris Ferguson*), BG would have gotten nothing in exchange for whatever % of this debt he gives to BG. This risk may be small, but it's there.

      And of course there's the ethical point that BG makes that this money belongs to the players and not TG. There's also a financial aspect to this point. Let's say TG is willing cut Barry a deal where they'd forgive 25% of his debt if he pays TG directly. TG then acquires FT and negotiates a deal with the DOJ where the US players end up collecting only 50 cents on the dollar (because there isn't enough to go around). Who wins and who loses here? Barry wins because he extinguishes a $400k debt for only $300k. TG wins because it gets $300k that it wouldn't have collected if it acquired FT with this debt outstanding (I'm assuming here that the DOJ will require that all debts outstanding to FT will, if collected, go into the DOJ player payout pool). Who loses? The players, as usual.

      BG is absolutely in the right here. Until such time as the contours of the arrangement to pay out the players are clear, neither he nor anyone who owes money to FT should give it to the Tapie Group.
    • jozata
      jozata
      Bronze
      Joined: 30.07.2008 Posts: 646
      Originally posted by phantommm92
      i just love how the diamond members try to get some brain into the bronze members
      Although I agree with what noisecore said, dont mistake a player's current member status with his actual one.I spent 7 months being bronze just because my whole roll is stuck on FTP and I didnt have any money to deposit elsewhere.On the other hand,the post count can be taken into account.
      Finally, I really do not see the pros hand the money willingly but I hope that the situation will be resolved with a positive outcome by the end of the month.
    • noisecore
      noisecore
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      Joined: 12.04.2010 Posts: 5,221
      They will be back online on april 1st 2012

      :coolface:
    • Banjostring
      Banjostring
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      Joined: 16.01.2011 Posts: 65
      a non-narrow minded and non-useless comment from noisyboy?

      your birthday, huh?
    • shichibukaii
      shichibukaii
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      Joined: 28.06.2009 Posts: 48
      I hope it moves a bit faster and we will see it open before april.
    • noisecore
      noisecore
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      Joined: 12.04.2010 Posts: 5,221
      Originally posted by shichibukaii
      I hope it moves a bit faster and we will see it open before april.
      Well , last thing I read is that if the deal gets through they aim to be online before Q1 is over.
    • jozata
      jozata
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      Joined: 30.07.2008 Posts: 646
      What is Q1?
    • 1984ioc
      1984ioc
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      Joined: 16.07.2011 Posts: 712
      Originally posted by jozata
      What is Q1?
      Presume he means the first quarter,term used in business for first 3 months of the financial year.January to March
    • jozata
      jozata
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      Joined: 30.07.2008 Posts: 646
      Thanks for this clarification- Q1 sounds good to me :f_biggrin:
    • shichibukaii
      shichibukaii
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      Joined: 28.06.2009 Posts: 48
      Originally posted by noisecore
      Originally posted by shichibukaii
      I hope it moves a bit faster and we will see it open before april.
      Well , last thing I read is that if the deal gets through they aim to be online before Q1 is over.
      I also remember reading in nov/dec that they had hoped to be up and running in january or something similar. Not trying to get my hopes up but I guess any news concerning the situation is good either way. We can't lose any more after all.
    • mkirby
      mkirby
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      Joined: 18.01.2011 Posts: 34
      has no one realised april 1st is april fools day!!!
      I just hope its up + running by june/july. :s_cool: :s_evil:
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