In a new development regarding the sale of Full Tilt Poker to Groupe Bernard Tapie (GBT), an email stating that the Department of Justice and GBT have, in principle, reached an agreement that will help facilitate the sale. The email reads:
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
To paraphrase, the DOJ will disburse all funds held in relation to US players and GBT is responsible for all non-US players’ funds. This means that the speculated funding necessary for the sale decreases greatly now that the DOJ has agreed to release the bank accounts to be given back to US-based players.
While this is one major step in the reopening of FTP, two more crucial steps remain: a 2/3 majority affirmative vote by FTP shareholders and the issuance of a license from the Alderney Gambling Control Commission. Make no mistake, this is great news, and undoubtedly sets the wheels in motion on the deal, but there remain many more steps to be taken on the issue.
Now that progress has started, expect more information coming forthwith. We will be sure to pass it along as we find it.