Dec 17 2011
Full Tilt Poker and GBT deal moves forward
written by: Steve under News Comments: Comments Off
On Thursday Subject: Poker reported that Full Tilt Poker and Groupe Bernard Tapie had taken the next step in completing a deal that would see the Bernard Tapie-led group of investors take the helm of the struggling online poker site. According to Subject: Poker, a source stated that an agreement was in place that would see Full Tilt Poker transfer their assets to GBT (through the US DOJ), after a majority vote by shareholders.
Interestingly, the sources cited are not ruling out current owners (sans the Board of Directors) from having an equity stake in the new Full Tilt Poker under Groupe Bernard Tapie. According to the report: “Any current owners that are interested in receiving equity in the new company will be required to purchase minimal shares at an agreed-upon price. Such equity will always remain passive, with no managerial control, or voting privileges. The board of directors will not be eligible to participate.”
According to Subject: Poker’s source, Full Tilt poker shareholders passed the plan by more than the 2/3 vote needed, which now moves the potential sale into Phase 2. Full Tilt Poker’s assets will now be forfeited to the Department of Justice who will then sell these assets to Groupe Bernard Tapie for the agreed upon price of $80 million.
According to previous reports, the DOJ will take over the responsibility of repaying US players (estimated to be in the neighborhood of $150 million) while Groupe Bernard Tapie would be responsible for the additional $150 million Full Tilt poker owes to players from the rest of the world.
There has still been no official statement by Full Tilt Poker, Groupe Bernard Tapie, or the US Department of Justice, but it should be noted that Subject: Poker has an extremely high success rate when it comes to Full Tilt Poker news, and their source on these matters seems to be very high up in the food chain.
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