As we reported, Full Tilt Poker announced on 30th September that they signed an acquisition agreement with the Bernard Tapie Group. This includes the BTG’s commitment to cover all the debts FTP has to its players, although in order for it to come into effect there are still some obstacles to be overcome. Of top priority among these is an agreement with the United States Department of Justice.
In Monday morning, the negotiations began between the Group and the DoJ in New York.
“The investor wants to make sure this is a financially feasible sale. He needs the DOJ to release its hold on the assets and wants to make sure they’re not going to stick to their civil complaint fine of $1 billion,” FTP attorney Jeff Ifrah said earlier today, as PocketFives.com reports. Of course, Tapie only wants the charges against FTP itself be dropped, not those against the company’s former leadership. It would appear that the DoJ has seized over $300 million on FTP accounts in the past four years through the room’s payment processors.
Ifrah added that an agreement could be reached within the week and players will be notified on the process of repaying them afterwards. Although the Department previously stated that repaying the players might take several months, it was before the announcement of the agreement between FTP and the BTG. Ifrah believes that players do not need to wait that much.
Managing Director Laurent Tapie is also present at the meeting.
Laurent Tapie
“For a successfully re-launch of the company, you need someone who has at minimum dabbled in the online gaming world. Laurent distinguished himself due to his prior experience with Partouche Interactive... He has, within his portfolio, online gaming assets that can be leveraged with the acquisition of an online poker site like Full Tilt. I would like to see someone who understands the market, understands the value of the asset, and has plans to re-launch the site. He’s an excellent candidate to take this company to the next level and ensure players get paid back. Even investors with just land-based experience don’t understand the online market. It takes that special kind of person since the market hasn’t been around that long,” Ifrah concluded.
“Land-based” investors would mean the top casino owners, as it has been previously rumoured that Jack Binion would have been interested in purchasing FTP.
The negotiations between FTP and the DoJ are, therefore, on and we shall hope for the best news to come soon.
In Monday morning, the negotiations began between the Group and the DoJ in New York.
“The investor wants to make sure this is a financially feasible sale. He needs the DOJ to release its hold on the assets and wants to make sure they’re not going to stick to their civil complaint fine of $1 billion,” FTP attorney Jeff Ifrah said earlier today, as PocketFives.com reports. Of course, Tapie only wants the charges against FTP itself be dropped, not those against the company’s former leadership. It would appear that the DoJ has seized over $300 million on FTP accounts in the past four years through the room’s payment processors.
Ifrah added that an agreement could be reached within the week and players will be notified on the process of repaying them afterwards. Although the Department previously stated that repaying the players might take several months, it was before the announcement of the agreement between FTP and the BTG. Ifrah believes that players do not need to wait that much.
Managing Director Laurent Tapie is also present at the meeting.
Laurent Tapie
“For a successfully re-launch of the company, you need someone who has at minimum dabbled in the online gaming world. Laurent distinguished himself due to his prior experience with Partouche Interactive... He has, within his portfolio, online gaming assets that can be leveraged with the acquisition of an online poker site like Full Tilt. I would like to see someone who understands the market, understands the value of the asset, and has plans to re-launch the site. He’s an excellent candidate to take this company to the next level and ensure players get paid back. Even investors with just land-based experience don’t understand the online market. It takes that special kind of person since the market hasn’t been around that long,” Ifrah concluded.
“Land-based” investors would mean the top casino owners, as it has been previously rumoured that Jack Binion would have been interested in purchasing FTP.
The negotiations between FTP and the DoJ are, therefore, on and we shall hope for the best news to come soon.
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