Groupe Bernard Tapie and US DoJ Close to FTP Agreement

Players who have been worried about the future of their funds currently stuck in Full Tilt Poker accounts may soon get some good news. According to Subject: Poker, the US Department of Justice has reached an agreement with Groupe Bernard Tapie that will allow GBT to take control of Full Tilt Poker – while also providing a way for players owed money by the site to be paid.

According to the report, an email was sent Tuesday to Tiltware shareholders from Ray Bitar outlining the basic conditions of the deal. That email, as quoted by Subject: Poker, read as follows:

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

While the final details of the agreement are still being hammered out, it is expected that everything may be finalized in the coming days. After that, GBT can make a proposal to its shareholders to acquire Full Tilt Poker. If two-thirds of ownership shares vote in favor of the purchase, it can go forward.

As the email states, it seems likely that the Department of Justice would set up a fund to pay back players in the United States, while GBT would handle payments to the rest of the world. It’s unclear whether players outside of the USA would simply have the option of leaving their account balances with the site (in whatever form it may reopen under), though that would seem like likely. There has been no indication as to the exact methods used to return money to players, or any target date for repayment that players should expect.