Groupe Bernard Tapie (an investor group specializing in reviving companies in distress for 30 years now) announced that they signed an acquisition agreement with Full Tilt Poker. This has been the first positive development in the history of Full Tilt Poker since the Black Friday. Laurent Tapie, the son of Bernard Tapie claimed that he believes in the Full Tilt project, and that his company has the sufficient funds to repay all of Fult Tilt Poker's customers, however, there is still much work needed.
Laurent and Bernard Tapie
The most work, of course, will have to be done cooperating with the United States Department of Justice. The agreement emphasizes that the potential deal depends on a "favourable resolution with the United States Department of Justice". That is, whether Full Tilt Poker will have to pay a fine to the DoJ to settle, and if so, how much. According to recent reports, the DoJ also seized $331 million between 28th June 2007 and 20th June 2011, which doesn't help the Tapie group either.
One proposed solution is that the DoJ would return as much of the seized $331 million as possible to facilitate the repayment of user funds, while they would still pursue civil and criminal cases against FTP's former management. Then, Groupe Bernard Tapie would step in, finance any remaining debts, and the site could soon be reopened with a new operating license either from the Alderney Gambling Control Commission, or other licensing companies like KGC (Kahnawake Gaming Commission).
Tapie also added that the site would keep the Full Tilt Poker brand, as it is well-known, and the technology behind it is state of the art. He expressed his confidence in the project, hoping that the site might be reopened by January 2012, if all goes well. The negotiations between Groupe Bernard Tapie and Full Tilt Poker are scheduled this week.
We definitely hope that the Full Tilt saga is coming to its end, and this time around, it will be a happy ending for all. Except for Mr. Lederer, and Mr. Bitar, of course, as Daniel Negreanu told very well.
Laurent and Bernard Tapie
The most work, of course, will have to be done cooperating with the United States Department of Justice. The agreement emphasizes that the potential deal depends on a "favourable resolution with the United States Department of Justice". That is, whether Full Tilt Poker will have to pay a fine to the DoJ to settle, and if so, how much. According to recent reports, the DoJ also seized $331 million between 28th June 2007 and 20th June 2011, which doesn't help the Tapie group either.
One proposed solution is that the DoJ would return as much of the seized $331 million as possible to facilitate the repayment of user funds, while they would still pursue civil and criminal cases against FTP's former management. Then, Groupe Bernard Tapie would step in, finance any remaining debts, and the site could soon be reopened with a new operating license either from the Alderney Gambling Control Commission, or other licensing companies like KGC (Kahnawake Gaming Commission).
Tapie also added that the site would keep the Full Tilt Poker brand, as it is well-known, and the technology behind it is state of the art. He expressed his confidence in the project, hoping that the site might be reopened by January 2012, if all goes well. The negotiations between Groupe Bernard Tapie and Full Tilt Poker are scheduled this week.
We definitely hope that the Full Tilt saga is coming to its end, and this time around, it will be a happy ending for all. Except for Mr. Lederer, and Mr. Bitar, of course, as Daniel Negreanu told very well.
