Tuesday, November 01, 2011

Breaking news : GBT and DOJ Strike Deal

Subject: Poker has just published the story "that Groupe Bernard Tapie and the US Department of Justice have come to terms that allows 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..."

"... 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."


Memphis MOJO said...

I wonder how DoJ can pay out players? What I mean is where is the money coming from? I imagine DoJ seized some money, but aren't they saying that FT didn't have enough to pay the players? Will they do it out of what GBT pays to buy FT?

Mr Subliminal said...

According to SP, GBT will pay DOJ who in turn will pay the US players.