Groupe Bernard Tapie Offers Equity to Ex FTP Players
According to a Wall Street Journal report published today, Full Tilt Poker players will receive equity in Full Tilt Poker if Groupe Bernard Tapie acquires it. Reportedly, Behanam Dayanim, Laurent Tapie’s lawyer, claims that the present owners of Full Tilt Poker will also be asked to invest in the company if the Department of Justice (DoJ) approves.
However, Full Tilt Poker and Groupe Bernard Tapie appear to have made the announcement of the proposed purchase a bit too early since it is subject to a number of conditions. First, Full Tilt Poker is required to resolve its civil issues with the US Department of Justice, provide an audit of its financial situation, and get a license to provide online poker gaming services outside America.
This news has not made the online poker players jubilant as per the numerous remarks posted around message boards and online poker forums. Players feel that the investment company is not investing too much into Full Tilt Poker, especially because they have clearly stated that they expect the DoJ to take up the responsibility of refunding players with the $331 million seized from Full Tilt Poker from 2007 – 2011. Groupe Bernard Tapie has also informed that International Stadium Poker Tours, which it partly owns, will own around 5 percent to 10 percent share in Full Tilt Poker. Even the existing owners of Full Tilt Poker are being requested to invest funds into the revival of the site.
After studying the situation thoroughly, Full Tilt Poker players feel that Groupe Bernard Tapie wants everybody involved to play a role in the revival of Full Tilt Poker and invest the required funds while they take the entire credit for rejuvenating the site and pocket a huge portion of the profits.
Meanwhile, the online poker giant is neck-deep in all sorts of allegations. In mid-April, the US federal authorities indicted 11 of its executive officers of bank fraud, illegal gambling, and money laundering. Recently, the DoJ added the Ponzi scheme allegation to this list, accusing the executives of Full Tilt Poker of using the brand to run a massive Ponzi scheme, cheating players of over $440 million. To make matters worse, the Alderney Gambling Control Commission (AGCC) has revoked Full Tilt Poker’s licenses to provide online poker gaming services.
Besides, Bernard Tapie does not have a spotless reputation, in spite of his financial prowess and political connections. He was in the news in connection with several controversies about the sale of sportswear company Adidas and was also imprisoned in 1997 for attempting to fix a match involving a soccer team he owned. Many players feel that Tapie’s association with Full Tilt Poker might damage its chances to getting a fresh license to operate outside the US, although AGCC itself has stated that its revocation of FTP’s licenses will not damage the online poker room’s chances of getting another license to operate its online poker gaming business.
In the meantime, players can just continue to follow the Full Tilt Poker saga and hope that all will end well.
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