POKER/GAMBLING NEWS

[blueday]

According to the famous French internet gambling group Chili Gaming, the US online poker market may be its next venture, as it plans to open an office in San Francisco soon and offer a fully legal, free-to-play social poker gaming network using its proprietary software and virtual currency....read the full article

[blueday]

Update: FTP to Be Acquired

Speculations about the French investor prove as true

After a rather turbulent period, finally some good news arrived today for Full Tilt Poker, as the company is to be acquired by the French investor whose identity has finally been revealed. As it turns out, the speculations and rumors were right, and the buyer of FTP is the French business turnaround specialist Groupe Bernard Tapie.

The press release regarding the acquision has specified: "Laurent Tapie, Managing Director of ‘Groupe Bernard Tapie' announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.

“This agreement, which includes the repayment of Full Tilt Poker's world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.

“‘Groupe Bernard Tapie' has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas."

This outcome may come as a surprise since it was only yesterday that the Alderney Gaming Control Commission announced revocation of Full Tilt Poker's license, which served as one of the conditions for the acquisition.

Source: LPB News

[blueday]

New Full Tilt Poker Buyer Optimistic

Tapie believes the company could be back by Jan. 2012

Not longer after it was announced that the beleaguered poker company Full Tilt Poker has reached a conditional agreement on its acquisition with French Groupe Bernard Tapie, an optimistic forecast came from Laurent Tapie, md of the company and son of the owner, regarding the timing when the company may be back up.

What he opined was that they could have FTP up and running again by January 2012, and that this will happen thanks to the skills and financial ability of his company which strongly believes in FTP’s future potential.

According to him, Groupe Bernard Tapie has the necessary funds to repay FTP's debt, and payout the affected players.

In addition, he specified: “The brand is not in question, it’s a well-known brand and the technology is widely recognised as being possibly the best in the industry. The management of the company is being questioned and it will be changed should the takeover be concluded.

"I believe we have the tools necessary to once again make the site one of the leaders in the online poker sector.”

However, Tapie Jr  is well aware of the hardships they may face on their way, especially in negotiations with the US Department of Justice, which has seized hundreds of millions dollars from the company during the enforcement actions.

"We want to find ways where we don’t have to put in all the money, and will be talking to the US Department of Justice next week," he revealed.

In related news, a report arrived this week that FTP’s current CEO Ray Bitar, has filed an application to fight the Department of Justice's seizure warrants on various bank accounts with which he is associated.

The application filed under the Federal Rules for Civil Procedure; Admiralty and Maritime Claims, which covers procedures related to "commercial activities that are land based or occur wholly on land, that are maritime in character," claims that "the assets subject to forfeiture are neither proceeds nor instrumentalities of any crimes in any jurisdiction in the United States or elsewhere" and that he should be permitted to challenge the forfeiture and the DoJ allegations surrounding it.

Source: LPB News

[blueday]

Forbes Reports on Opposition to Black Friday Busts

US courts getting busy

In light of the US authorities’ enforcement actions against e-processors, banks and operators, a report arrived this week that a banker and an e-cash processor involved in the indictments have decided to fight back, filing legal papers in which they argued that online poker businesses like PokerStars and Full Tilt Poker were not gambling enterprises.

The Forbes report reads: "John Campos, a former vice-chairman of a Utah bank that allegedly accepted a cash infusion in return for handling online poker transactions, and Chad Elie, a payment processor who is accused of deceptively facilitating the flow of funds between U.S.-based players and online poker companies, filed separate motions to dismiss all counts filed against them in federal court in Manhattan.

"It is the first direct assault on the April case the U.S. Attorney in Manhattan, Preet Bharara, brought against online poker’s biggest firms, which included the indictment of 11 individuals."

Further on, the filings claim: “PokerStars and Full Tilt are not ‘illegal gambling businesses’ under the Illegal Gambling Business Act because they are not ‘gambling businesses’ at all. To be ‘engaged in the business of betting or wagering’ requires that the business has a stake in the outcome of gambling contests, and the Indictment here fails to allege that the poker companies had any such stake. Instead, the companies charged a fee, or rake, on each hand.”

In addition, three different memorandums have been filed by Elie in support of his motions to dismiss all charges filed against him as "flawed attempts to prosecute," whereas Campos has brought before court a 33-page memorandum, in which he claims that the Unlawful Internet Gambling Enforcement Act charges against him should be dismissed because the law exempts financial transaction providers and those working on their behalf.

Both Campos and Elie have pointed out to the "skill vs. chance" argument, along with the fact that the Illegal Gambling Business Act lists nine activities regarded as gambling that do not include poker or any other card game.

In addition, Elie referred to a statement issued by US Attorney General Eric Holder: “Indeed, the Attorney General himself has commented that determining whether poker is a game of chance is ‘beyond [his] capabilities.’”

Finally, in one of his memorandums, Elie claims that government charges that he conspired to commit bank and wire fraud by getting banks and financial firms to process online poker transactions, disguising them to look like they were unrelated to online poker will be hard to prove as harmful to banks, since such transactions actually profited the banks involved.   

Source: LPB News

[blueday]

Alderney: Complaints about FTP Not Our Problem Anymore

Players need to find someone else to address, states Channel Isles regulator

After it revoked Full Tilt Poker's license, the Alderney Gaming Control Commission made another announcement that it is no longer in charge of answering the complaints of FTP’s unpaid customers.

Its announcement reads: "Following the revocation of the licenses, AGCC no longer has authority to intermediate or arbitrate on player issues or disputes with Full Tilt," It also adds that players can contact local police authorities or join several player class actions that are currently in progress.

In addition, the AGCC stated: "Full Tilt has been requested to provide a specific player contact: this is awaited and will be incorporated here upon receipt."

However, the problem lies in the fact that AGCC regulations did not require the ring-fencing of player deposits from FTP, which the Isle of Man regulator actually does.

Source: LPB NEWS

[blueday]

Update: Plans for FTP Revealed

Prospective buyer seems optimistic

In an interview given to the New York Times, the prospective buyer of Full Tilt Poker, Laurent Tapie, who represents Groupe Bernard Tapie as their MD, revealed his plans with the FTP and provided the public with more insight about the recovery prospects of this beleaguered company.

Namely, he expressed belief in the possibility of comeback for the company, stating that prior to the US enforcement actions it was a favorite of over two million Americans and another two million people from other countries.

“Full Tilt Poker is injured but not dead,” he said, adding that the company does owe a significant amount of money, some $300 million, but that the acquisition deal involved the full repayment of all players.

“We are going to put all the money into the company we need to to please the players. They are the key asset, above all,” he said.

However, he stressed that the deal will be off if the civil cases involving the Department of Justice are not solved. In addition, he specified that all Full Tilt employees and managers found guilty of the DoJ charges will not be taken back to the company.

As for the financial side of the deal, it's still under negotiations, stated Tapie, adding that this is because it is not yet clear whether Groupe Bernard Tapie or the FTP current management would ultimately repay the players what they are owed.

At the moment, his group is hoping that, even though the US market is closed for FTP, federal legalization and a finalization of the FTP litigation may result in the opening of the market for the company that will be led by new management.

“It's a natural instinct to gamble. Gambling has been there for thousands of years. Now, the Internet has made gambling more easily accessible, presenting a combination that he opined is unstoppable,” he concluded.

Source: LPB NEWS

[blueday]

"....the company does owe a significant amount of money, some $300 million, but that the acquisition deal involved the full repayment of all players."

Good news finally.

blue

[blueday]

Online Gaming Hearing in the U.S. House of Representatives

Announcement arrives from PPA

It has been announced by the Poker Players' Alliance (PPA) this week that a hearing on online gaming will be held by the U.S. House of Representatives’ Subcommittee for Commerce, Manufacturing, and Trade on October 25, 2011.

The aim of the hearing is to gather more information on the regulation of the pastime, by hearing various, as yet unnamed, witnesses. Apparently, the collected info will be used when examining the merits of Representative Joe Barton's proposed Online Poker Act of 2011 H.R. 2366.

According to the PPA's Executive Director John Pappas, "The hearing may be more about internet gaming, but the Barton bill will be hard to ignore given that Barton sits on the subcommittee."

Also, the PPA in its statement urges its members to contact their U.S. representative if he/she is a member of the Sub-Committee, and to do so before the hearing.

The House Subcommittee on Commerce, Manufacturing and Trade is chaired by Mary Bono Mack of California's 45th congressional district and it comprises Barton as well as thirteen other Republicans and nine Democrats. The full list of the Subcommittee members is the following:

Republicans:

Mary Bono Mack, California, Chairman

Marsha Blackburn, Tennessee, Vice Chair

Cliff Stearns, Florida

Charlie Bass, New Hampshire

Gregg Harper, Mississippi

Leonard Lance, New Jersey

Bill Cassidy, Louisiana

Brett Guthrie, Kentucky

Pete Olson, Texas

David McKinley, West Virginia

Mike Pompeo, Kansas

Adam Kinzinger, Illinois

Joe Barton, Texas

Fred Upton, Michigan


Democrats:

George Kenneth Butterfield, North Carolina

Charlie Gonzalez, Texas

Jim Matheson, Utah

John Dingell, Michigan

Ed Towns, New York

Bobby Rush, Illinois

Jan Schakowsky, Illinois

Mike Ross, Arkansas

Henry Waxman, California

LPB News

[blueday]

A few interesting articles you might wish to read:

This week the US Congress Subcommittee on Commerce, Manufacturing, and Trade will hold a hearing titled "Is there a Safe Bet" which deals with the question of internet gaming. On that occasion, the subcommittee released a witness list for the hearing, which includes....read more


In light of the problems players experienced at Absolute Poker and Ultimate Bet after the Black Friday actions, the Kahnawake Gaming Commission's dispute management this week issued a statement, informing players that it is working to achieve a "financially beneficial solution" to their cases....full article


New info regarding the current situation at Full Tilt Poker arrived this week when a former staff member revealed many details about a number of issues within the company....read more

[rebecca1984]

Thank you Blueday for the update, I searched to find out more, and came across the testimony of Ernest Stevens, Jr. Chairman National Indian Gaming Ass. democrats.energycommerce.house.gov/.../Testimony_CMT_10.25.1 I'm not going to summarize what he said. It's to long, but very interesting.

[blueday]

The online gambling market in the United States has always been attractive to operators, especially now when the legalization of online poker is in sight. Reports arrived on Nov. 1 that two new land casino operators, MGM Resorts International and Boyd Gaming Corp. have joined the overall pre-legalization frenzy and closed a deal with bwin.party interactive's online poker operations in a partnership that will go live if internet poker gets legalized in the USA.....read the full article

[blueday]

Update: New Details about Bwin.party Digital’s U.S. Online Poker Deal

Not long after the announcements of a new online poker agreement between Bwin.party digital and US land gambling companies MGM International Resorts and Boyd Gaming, bwin.party released a statement detailing some of the terms of the deal and pointing out that it is essential for its US market strategy....read more

[blueday]

FTP Reaches Deal with US Justice Department?

Numerous reports on the agreement; confirmation still anticipated

There have been numerous reports this week that prospective Full Tilt Poker owners, Groupe Bernard Tapie, FTP and the US enforcement officials have reached an agreement that may release player funds and enable payouts to those damaged by the US Justice Department actions.

Apparently, the Group Bernard Tapie acquisition has been progressed after an agreement with the US Department of Justice, which is still subject to approval from FTP shareholders.

A report also arrived of a statement from Full Tilt chief Ray Bitar to Tiltware shareholders, in which he advised:

"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."

It has also been noted in the report that final details still need to be finalized between GBT and the US Attorney’s Office for the Southern District of New York, but that once the details are worked out, Groupe Bernard Tapie will be able to propose a deal to acquire Full Tilt Poker directly to shareholders. Apparently, if the acquisition goes through, Groupe Bernard Tapie will assume responsibility of the company’s debt to non-US players whereas the US Department of Justice will set up a fund to repay owed US players.

So far, no comment has arrived from The Justice Department on the reported agreement.

Source: LPB News

[blueday]

According to Behnam Dayanim, a lawyer representing French businessman Laurent Tapie of the investment group, Groupe Bernard Tapie, his client and the US Department of Justice were close to settling a civil case filed by the Justice Department, which will enable the French group to finalize the acquisition of Full Tilt Poker and end the troubles for its players.....read the full story

[Rosebud]

Let's hope this is almost over and I hope that we here in the States will be able to play freely where we want to.