According to a report yesterday by Subject: Poker, Groupe Bernard Tapie (GBT) and the US Department of Justice have reached an agreement that will pave the way for the sale of Full Tilt Poker (FTP) to go through and for its worldwide player base to be paid back.
The promising news came from an email sent by FTP CEO Ray Bitar to Tiltware shareholders who must agree to the acquisition of their company. A number of sources have confirmed to Subject: Poker that the following email was sent out yesterday morning:
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.
Subject: Poker also reports that if the Tiltware shareholders agree to the sale then GBT would assume responsibility for FTP’s debt to all non-US players and the US Department of Justice of would set up a fund to repay US players.
This news comes as a ray of hope for all of FTP’s players with funds frozen on the site, especially considering all the pessimism surrounding the likelihood of a successful investor rescue of the company.
You can read the full story at Subject: Poker.
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