Online Poker News - Update: More Details about Full Tilt and DoJ Agreement
30th of November 2011 Author: Ava Jackuard
Groupe Bernard Tapie Reaches Deal with US DoJ
The past period was that of good news for Full Tilt Poker, a beleaguered online poker operation that suffered a major blow in Black Friday actions. Namely, it was announced recently that a deal has been reached with the US Department of Justice according to which Groupe Bernard Tapie (GBT) will be enabled to buy Full Tilt Poker (FTP) for $80 million.
It has been specified that the deal envisaged FTP’s forfeiture of its assets to the U.S. government, which would then sell them to the French investment firm. In return, Groupe Bernard Tapie would need to pay back players outside the US, whereas the DoJ would pay those within the States (around $150 million).
Also, the deal which still has to be approved by a two-thirds vote by FTP shareholders, includes a provision that the DOJ is to dismiss the civil forfeiture proceedings against FTP, thus removing liability for the company's shareholders; nevertheless, the individual proceedings such as those against Howard Lederer, Chris Ferguson and Ray Bitar will be continued, and the deal also specifies that current FTP directors cannot hold shares in the company.
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