Full Tilt Strikes Deal with DoJ Regarding Player Refunds
A key issue related to the takeover of Full Tilt Poker (FTP) by Groupe Bernard Tapie (GBT) has been resolved. Right from the day it announced its proposed takeover of FTP, GBT had made it quite clear that the successful conclusion of the deal depended on the terms of the agreement reached with the US Department of Justice (DoJ) regarding refunding ex FTP players and the fines that the new owners of FTP will be expected to pay the DoJ as well as the fate of all the FTP funds confiscated by the US government during the course of the past few years. Apparently, the DoJ has finally reached an agreement with GBT regarding these issues, facilitating the final takeover of FTP.
Recently, Ray Bitar wrote an email to the board of directors at FTP, revealing details of the above mentioned agreement. In his email, he expressed his pleasure that GBT and the US DoJ had finally reached an agreement “in principle” regarding the takeover of FTP and its assets. The DoJ has agreed to refund all ex FTP US players and settle all the civil cases against companies associated with FTP in return for a fee from GBT and a commitment from the French investment company to take up the responsibility of paying non US players. According to Bitar, these are the only points that are clear right now, with the time frame within which the payments are to be made and processes by which US ex FTP players will be refunded being not yet revealed.
Bitar further wrote that, now that its negotiations with DoJ have successfully concluded, GBT will enter into the final stages of its acquisition of all the companies and assets that make up the FTP brand. This agreement might have an impact on the board of directors’ shares in the new company.
The online poker community, however, is not much surprised with the latest news. They are well aware that the DoJ had issued a statement promising reimbursement to ex FTP players long before the French investment company had expressed interest in pulling FTP to its feet. Moreover, the DoJ has not yet confirmed the fact that it has reached an agreement with GBT. The legal representatives of GBT have also not issued a formal confirmation. Besides, FTP shareholders still have to cast their final votes on whether GBT’s takeover of FTP is acceptable to them or not.
Meanwhile ex FTP players are far from happy simply because the DoJ will expect them to declare their bankrolls and winnings and pay taxes on any jackpot they might have won at FTP before deciding exactly how much they should be refunded. Ex FTP players from other parts of the world are not sure of how much will be refunded to them in the form of FTP shares and how much will be deducted in the form of withdrawal penalties.
It is generally felt that the solution is ideal for FTP, DoJ, and GBT, but not FTP’s embittered players.
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