Cliffs anyone? PokerNews seems to have made some changes and I can never get past the ad preceding the article on the IPad anymore, even if I click continue reading...
Shamelessly copied from PokerNews:
On Thursday, Nov. 17, 2011, news broke that a signed deal had been reached to allow Groupe Bernard Tapie (GBT) to buy Full Tilt Poker (FTP) for $80 million. According to Yahoo Finance, the United States Department of Justice brokered a deal that saw FTP forfeit its assets to the U.S. government, which then sold the assets to the French investment firm.
The deal, which presumably needs to be approved by a two-thirds vote by FTP shareholders, also states that GBT will be responsible for paying back players outside the U.S., and the Department of Justice will pay back players in the U.S., who are owed approximately $150 million. Specifics are not known, but U.S. players will have to apply for compensation through the DOJ.
Finally, the DOJ has agreed to dismiss the civil forfeiture proceedings against FTP, which removes liability for the company's shareholders; however, it will not impact the individual proceedings against those individuals named in the indictments including Howard Lederer, Chris Ferguson and Ray Bitar.
According to Poker Player Newspaper, Wendeen Eolis, CEO of EOLIS Intl Group, spoke with Benham Dayanim, counsel for GBT, who confirmed the deal: “The next step is to obtain an agreement from the Full Tilt Companies. I anticipate it will happen. It allows for players to be repaid, and resolves the FTP forfeiture action by the Government.”
The deal also states that current FTP directors cannot hold shares in the company.
PokerNews spoke with Jeff Ifrah, an attorney for Full Tilt Poker, who said the following:
"All [the embargo] means is that the reporter was not supposed to release it like she did, that’s the embargo, but the agreement itself is signed. You have to understand what it is, this is an agreement between Tapie and the government that, if the government obtains the assets of FTP, Tapie will buy them, and Tapie will pay back the world players, and the government will establish a fund to payback the U.S. players.
"There is a signed agreement between the government and Tapie that dictates what the terms will be for the sale of the assets, but the government doesn’t have the assets yet, so they still need to obtain them . . . It’s not clear what has to happen for the government to obtain those assets.
"In a lot of ways, the agreement’s historic, so obviously there is going to remain a lot of questions [as to] how players are going to submit a request, when will they get the money back, how much money will be available, will they get money for points, will they get money for this, for that, there’s a ton of questions, and all of those questions need to be answered. For now, this is a pretty historic agreement in many ways, and it’s going to lay the groundwork for a final agreement between Tapie and the company, which will ultimately result in those assets, presumably, being voluntarily forfeited to the government.”
PokerNews contacted the DOJ and were told: “We have no comment and are not confirming or denying an agreement.”
This is a breaking story and PokerNews will bring you any and all developments as they happen.
*It should be noted that according to the article on Yahoo Finance, the story was under embargo.
Get all the latest PokerNews updates on your social media outlets. Follow us on Twitter and like us on Facebook today.
Follow Chad Holloway on Twitter — @ChadAHolloway
thanks Shiba. looks like there is still a few hoops to jump through. It does appear the DOJ will be saying sign FTP away or sign you life as free men away to the big dogs at FTP
pretty solid plan if they can smoke the little rats out.
Pretty crappy that, from the looks of things, the bigwigs are going have the chance to plea this all away . . .
Really wanted someone in the hierarchy to do some time for this.
Finally, the DOJ has agreed to dismiss the civil forfeiture proceedings against FTP, which removes liability for the company's shareholders; however, it will not impact the individual proceedings against those individuals named in the indictments including Howard Lederer, Chris Ferguson and Ray Bitar.
A coworker ( who has money stuck on there) and I were talking about full tilt today, he said he heard January( which is/has been reported), I said I hope so.....
Comments
On Thursday, Nov. 17, 2011, news broke that a signed deal had been reached to allow Groupe Bernard Tapie (GBT) to buy Full Tilt Poker (FTP) for $80 million. According to Yahoo Finance, the United States Department of Justice brokered a deal that saw FTP forfeit its assets to the U.S. government, which then sold the assets to the French investment firm.
The deal, which presumably needs to be approved by a two-thirds vote by FTP shareholders, also states that GBT will be responsible for paying back players outside the U.S., and the Department of Justice will pay back players in the U.S., who are owed approximately $150 million. Specifics are not known, but U.S. players will have to apply for compensation through the DOJ.
Finally, the DOJ has agreed to dismiss the civil forfeiture proceedings against FTP, which removes liability for the company's shareholders; however, it will not impact the individual proceedings against those individuals named in the indictments including Howard Lederer, Chris Ferguson and Ray Bitar.
According to Poker Player Newspaper, Wendeen Eolis, CEO of EOLIS Intl Group, spoke with Benham Dayanim, counsel for GBT, who confirmed the deal: “The next step is to obtain an agreement from the Full Tilt Companies. I anticipate it will happen. It allows for players to be repaid, and resolves the FTP forfeiture action by the Government.”
The deal also states that current FTP directors cannot hold shares in the company.
PokerNews spoke with Jeff Ifrah, an attorney for Full Tilt Poker, who said the following:
"All [the embargo] means is that the reporter was not supposed to release it like she did, that’s the embargo, but the agreement itself is signed. You have to understand what it is, this is an agreement between Tapie and the government that, if the government obtains the assets of FTP, Tapie will buy them, and Tapie will pay back the world players, and the government will establish a fund to payback the U.S. players.
"There is a signed agreement between the government and Tapie that dictates what the terms will be for the sale of the assets, but the government doesn’t have the assets yet, so they still need to obtain them . . . It’s not clear what has to happen for the government to obtain those assets.
"In a lot of ways, the agreement’s historic, so obviously there is going to remain a lot of questions [as to] how players are going to submit a request, when will they get the money back, how much money will be available, will they get money for points, will they get money for this, for that, there’s a ton of questions, and all of those questions need to be answered. For now, this is a pretty historic agreement in many ways, and it’s going to lay the groundwork for a final agreement between Tapie and the company, which will ultimately result in those assets, presumably, being voluntarily forfeited to the government.”
PokerNews contacted the DOJ and were told: “We have no comment and are not confirming or denying an agreement.”
This is a breaking story and PokerNews will bring you any and all developments as they happen.
*It should be noted that according to the article on Yahoo Finance, the story was under embargo.
Get all the latest PokerNews updates on your social media outlets. Follow us on Twitter and like us on Facebook today.
Follow Chad Holloway on Twitter — @ChadAHolloway
Read more: Groupe Bernard Tapie Signs Deal with DOJ to Acquire Full Tilt Poker for $80 Million | PokerNews
pretty solid plan if they can smoke the little rats out.
Of course hopefully the doj or whoever is keeping a eye on operations if/when they do come back.
le sigh
le
c'mon man
ahhh it's a french thing.:wink2:
Pretty crappy that, from the looks of things, the bigwigs are going have the chance to plea this all away . . .
Really wanted someone in the hierarchy to do some time for this.
Could still happen...however unlikely..
FTP and GBT Agree on Assets; DOJ Next in the Queue | Subject: Poker
A coworker ( who has money stuck on there) and I were talking about full tilt today, he said he heard January( which is/has been reported), I said I hope so.....
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