As we have reported, the DoJ and GBT stroke a deal in mid-November, eliminating the last major obstacle in the way of purchasing the poker room. In accordance with the agreement, the Department is to take possession of the FTP assets and sell it to Tapie for $80 million. The DoJ has agreed to see to the repayment of US players after that, while the Groupe recompenses non-US ones. In addition, the Department would dismiss the civil charges against the FTP companies (but not against “the individuals named in either the civil or criminal complaint,” according to Subject: Poker).
However, before initiating the forfeiture of the assets, FTP shareholders had to vote on the room and its companies giving them up voluntarily to the Department. It seems that the majority have agreed to this so FTP is now one more step closer to its re-launch.
Every current shareholder, who wishes to receive equity in the new company, has to buy minimal shares on a pre-negotiated price. These shares will be passive so that owners will not be able to take part in the decision making. The previous board, that is, the Ray Bitar-administration, can in no form participate in the new FTP, including buying passive shares.
The next step will be the DoJ actually acquiring the FTP assets and dismissing the civil charges, which are to take place soon. Bernard Tapie has been reported to have travelled to Dublin personally to inform FTP employees on the agreement.
However, before initiating the forfeiture of the assets, FTP shareholders had to vote on the room and its companies giving them up voluntarily to the Department. It seems that the majority have agreed to this so FTP is now one more step closer to its re-launch.
Every current shareholder, who wishes to receive equity in the new company, has to buy minimal shares on a pre-negotiated price. These shares will be passive so that owners will not be able to take part in the decision making. The previous board, that is, the Ray Bitar-administration, can in no form participate in the new FTP, including buying passive shares.
The next step will be the DoJ actually acquiring the FTP assets and dismissing the civil charges, which are to take place soon. Bernard Tapie has been reported to have travelled to Dublin personally to inform FTP employees on the agreement.
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