Good News! Full Tilt Sale Moving Forward

Subject: Poker is claiming that Groupe Bernard Tapie and the DOJ have an agreement that will allow Tapie to purchase Full Tilt Poker. Current shareholders of FTP will have to agree to sell their shares to the Tapie Groupe. If that happens, then the Tapie Groupe will pay the players outside of the United States the monies owed them by Full Tilt. The DOJ will pay players in the US.

So it looks like we're one step closer to seeing some cash.

***fingers crossed***

Here's the statement from Ray Bitar to the Tiltware shareholders:

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

Read the full story at Subject: Poker.