It appears that Full Tilt Poker may get to be sold after all. In an article appearing earlier Tuesday on Subjectpoker.com, it appears that Group Bernard Tapie has come to terms with the United States Department of Justice on a settlement of the civil case against Full Tilt Poker. Furthermore, this means that the sale of Full Tilt can now move forward.
According to the article, the following email went out to Full Tilt shareholders:
” 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.
No details of the settlement have been made public as of yet. Once a settlement is made and shareholders of Group Bernard Tapie agree with the buyout plan, it appears that the group will take care of Full Tilt’s debt outside of the United States. Also, it was reported that the DOJ will pay back US players.
First, realize that this article should be taken as rumor until other sources or an official announcement is made. However, if this is indeed accurate, this spells good news for Full Tilt Payers around the world as they will be able to receive payment. Odds are that the process will be a bit longer for US players, but they will get paid.
It will be interesting to see what the future of Full Tilt holds. Some feel that Group Bernard Tapie is making a mistake at buying a company that has had so many legal issues and now has a lot of negative press against them. Others believe that Full Tilt can rebound and become a top site yet again. Still others think that the company will stay under constant scrutiny much like UB did after the superuser scandal.
Now that the “cat is out of the bag” so to speak, there should be more details coming out in upcoming days and weeks. We will keep you informed of upcoming developments.