By Joss Wood, Rakeback.com Poker News Staff Writer
Group Bernard Tapie (GBT) is trying to buy all the Full Tilt companies, and reacquire licenses to operate the online poker room. It has been negotiating with the U.S. Department of Justice (DOJ) to acquire the company without taking on the company’s legal liabilities.
Ray Bitar, the boss of Tiltware which controls Full Tilt, has sent the following email to Tiltware shareholders:
I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising Full Tilt Poker.
My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DOJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP.
Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time.
With DOJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP. That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on.
Final details of the acquisition and the DOJ deal must still be agreed upon, but if the deal goes ahead, Group Bernard Tapie will reimburse all Full Tilt players outside the US. The DOJ will set up a fund to reimburse all US players.
Although this news is promising, at present there is no indication of a timeline.
One additional, if largely symbolic hurdle will be that two-thirds of FullTilt shareholders will have to vote in favour of the deal for it to go ahead.
Check back with the Rakeback.com Poker News Page for updates to this story.
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