Full Tilt Poker deal with GBT nears completion
23 November 2011
There is more updated news on the Full Tilt Poker front as the US Department of Justice (DOJ) has agreed to a deal that would see Groupe Bernard Tapie purchase the assets of the floundering online poker room: IF the current ownership agrees to forfeit those assets to the DOJ according to an article that appeared on money.cnn.com this past Friday.
The deal would call for the DOJ to make restitution to US players that have been unable to withdraw some $150 million from the site since Black Friday, while Groupe Bernard Tapie would take on the responsibility of repaying players from the rest of the world. However, it was implied by Full Tilt Poker attorney Jeff Ifrah that a 100% payment is not guaranteed, and that players would have to fill out a request to the DOJ.
If payments on account balances are not 100% guaranteed, it’s quite unlikely that the DOJ would honor Full Tilt Poker Points accumulated by players, some having amassed tens of thousands of dollars worth of these now potentially worthless points.
Groupe Bernard Tapie would shell out $80 million for the assets, which when combined with the up to $250 million owed by Full Tilt poker to players from the rest of the world makes this a huge amount of capitol to sink into the poker room.
By agreeing to forfeit their assets, Full Tilt Poker will have the civil complaints dropped against the site itself (although charges would still remain against key individuals specifically named by the DOJ).
