Groupe Tapie and the Department of Justice Come to an Agreement

Poker Rooms | estimated reading time
2011. November 03.
Groupe Bernard Tapie and the Department of Justice (DoJ) have finished the ongoing trials with success and the only steps left are the clarification of certain minor issues and the vote of the shareholders in order for the agreement to come into effect.
The trials have been going on for weeks and after making some details clear, the contract signed on 30 September can finally come into effect.

Shareholders of Tiltware, FTP's mother company received the following letter from Ray Bitar on the 1st November:

"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"


Some details of the deal still need to be agreed upon by the DoJ and lawyers of the Southern District of New York, but this will supposedly take place within a few days. Once this is done, the Groupe Tapie will be able to hand in the purchase plan to the shareholders. In order for this to be accepted, at least two-thirds of the voters need to approve of the deal. According to most of the sources, nothing will detain this.

Laurent Tapie and Preet Bhara
Laurent Tapie and Preet Bhara US lawyer

When the shareholders vote on the deal, FTP will instantly hand in its license request, which will be another big step towards re-launching the poker room.
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