by Daniel Smyth, Rakeback.com Poker News Staff Writer
Last Thursday, Full Tilt Poker (FTP) and Groupe Bernard Tapie (GBT) reached an agreement paving the way for Full Tilt to sell their assets to the US Department of Justice (DOJ). The deal specifically assures FTP that GBT will buy FTP's assets for the agreed amount of $80 million in the case that FTP forfeits said assets. Essentially, this is the final handshake that needed to take place between all 3 parties involved (both companies and the DOJ).
In order for this agreement to be reached, the current owners of Full Tilt reached a majority decision. One clause in the agreement expresses that if any current owners purchase shares in a new Full Tilt, they will be excluded from future voting rights in the company. This would effectively render them powerless and without any managerial input into Full Tilt.
Another stipulation is that any previous members of the Full Tilt Board of Directors are excluded from purchasing shares in the new company at all. Furthermore, the agreement states that GBT will repay any debts owed to non-US FT account holders (the DOJ has already taken responsibility for US accounts).
For the deal to be fully completed, the DOJ must now take a full inventory of Full Tilt's assets. This process will likely be overseen by GBT, and once completed it will allow the DOJ to file a motion to formally take control of the assets.
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