Full Tilt Online Poker Payback A Possibility

Published Wednesday, November 02, 2011 - Online-Casinos.com

A recent report by Subject Poker has revealed there is hope on the horizon for online poker players whose Full Tilt Poker accounts were frozen by the Department of Justice in the USA. It was reported that an agreement has been reached between Groupe Bernard Tapie (GBT) and the U.S. Department of Justice (DoJ) allowing the acquisition of Full Tilt by GB if the shareholders of Full Tilt Poker agree to the sale of the company. If the deal transpires then the Department of Justice will release funds to pay players their funds globally.
GBT will assume all debt from Full Tilt Poker and the US Department of Justice have agreed to pay back American players. The estimated amount of players' funds is from $115 million and $330 million.

Ray Bitar, who among others started Full Tilt Poker and is still CEO of Tiltware sent an email to its members stating:
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

 

 

 

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