some news on tilt i saw tnite now!!maybe goood.... or not who knows lol
BREAKING: GBT and DOJ Strike Deal, FTP Sale Pending
November 1, 2011 - 2:26 PM EDT
By Diamond Flush
After weeks of waiting, Subject: Poker can confirm that Groupe Bernard Tapie and the US Department of Justice have come to terms that allow GBT’s acquisition of Full Tilt Poker to continue. If FTP’s current shareholders agree to acquisition of their company, this deal with the DOJ will provide for payment of all players worldwide.
Multiple sources have confirmed to S:P that the following email went out this morning to Tiltware shareholders from Ray Bitar:
Dear members,
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 FullTiltPoker. 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.
-Ray
Final details are still being worked out between GBT and the US Attorney’s Office for the Southern District of New York. Subject: Poker hopes to be able to report the full terms of the deal in the coming days. Once this is complete, Groupe Bernard Tapie will be able to propose a deal to acquire Full Tilt Poker directly to its shareholders. Members representing two thirds of ownership interest must vote to approve any such deal.
Subject: Poker has confirmed from numerous sources that, if shareholders agree to GBT’s proposal, Groupe Bernard Tapie will assume responsibility of Full Tilt’s debt to non-US players and the US DOJ will set up a fund to repay US players. We do not know at this time what the timeline for such repayment will be.
If current FTP shareholders agree to the sale, GBT can move on to licensing, making the new company one step closer to launch.1
Again, Subject: Poker is actively working to bring our readers the full details of the deal, and we will publish what we know as soon as possible. We typically do not publish such information with so little detail, but we felt that this situation warranted fast publication.
Footnotes
1.The Alderney Gambling Control Commission, former regulatory body of Full Tilt, said in its press release announcing the revocation of FTP’s licenses “It is important to note that the revocation of FTP’s licences does not, as has been suggested, prevent a reactivation of the business under new ownership and management.” So, GBT may acquire a license from Alderney. ↩
Tags: Full Tilt Poker, Groupe Bernard Tapie, Southern District of New York
« AGCC Falsely Reported $331M, Real Number $159M26 Responses to BREAKING: GBT and DOJ Strike Deal, FTP Sale Pending boner!
November 1, 2011 at 2:41 PM EDT
Thanks Diamond for the information!
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Phil
November 1, 2011 at 3:57 PM EDT
ONE Time!!! Pray to god for weeks, he might be real
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I like to spork it spork it
November 1, 2011 at 4:14 PM EDT
Ah man, I already used my one time on something stupid, and clearly not memorable.
Because I would’ve remembered.
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Red Tank
November 1, 2011 at 4:20 PM EDT
Once funds are mobilized, heed my advice and avoid Red Tank at anything resembling 2/4 PLO.
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pokerbandit22
November 1, 2011 at 4:37 PM EDT
yeahhhhhh
thank you very much Groupe Bernard.
now if we can just go back to playing on fulltilt and get off these
that are a wast of time being on.
and lets hope that there will not be any changes to fultiltpoker but it stays as it was.
with just new group working it.
GIVE USA BACK FULLTILT POKER
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anthony
November 1, 2011 at 4:45 PM EDT
ONE TIME!!!
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Nick
November 1, 2011 at 5:10 PM EDT
Action won’t be the same on any of the sites until U.S. players are allowed to play. They make up a big part of the database.
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Taylor
November 1, 2011 at 5:19 PM EDT
What are the chances our points and other non-cash earnings are converted to cash? Or as a second-best, will our accounts stay in-tact for the future so we can reaccess our points at a (much) later time?
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Jonemann
November 1, 2011 at 5:33 PM EDT
What a sweat. These news that keep coming is like beeing allin and seeing one card roll over the board at the time, and my equity in the hand changing for every card (If I win, I get my money back, if not, well). I think this is cause to believe my equity in the hand went up. I think we are around the the third flop card or possibly closer to the turn card now. Hopefully the river will be “deal signed, players getting paid”, and not, “deal definetively not gonna happen”, or some other posponement.
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Ken
November 1, 2011 at 6:14 PM EDT
It looks like this deal depend tremendously on the “FTP shareholders agree to the sale, GBT can move on to licensing, making the new company one step closer to launch.” Let’s go FTP shareholders! This is a +EV deal.
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Drew
November 1, 2011 at 6:25 PM EDT
Great work S:P! I would donate now but I am poor (largely due to this FTP fiasco), however if/when my balance is returned to my bank account expect a token of gratitude for all the work and hours you have put in since day 1.
I would assume the shareholders agreeing to this is essentially a formality. The real question IMO is how the DoJ will facilitate the payout. Will it be through a processor or FTP or…?
In any case, cheers and all the best to us all!
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hittheriver
November 1, 2011 at 6:33 PM EDT
hope you guys don’t forget all the pending withdrawals.
move on quickly now, people already recruited specialists in money claw-back agendas and can hardly stop these people to begin their job. and trust me you don’t want these people to begin their job.
one time – pay up – and see you at the tabl
