Transfer of assets is in progress at Full Tilt Poker. This will allow former players of the poker site to have their money back. The US Department of Justice (DOJ) is acting as a middle man in the asset transfers. The French investor, Groupe Bernard Tapie (GBT) is buying Full Tilt assets from the DOJ with $80 million.
DOJ will be dismissing the allegations against Full Tilt Poker companies. However, the complaints against individual board members of the poker room like Ray Bitar, Rafe Furst, Chris Ferguson and Howard Lederer will have to be defended.
Cash Out Distributions have Not Yet Been Confirmed
DOJ is supposed to handle the distribution of funds for American players. The estimated amount to be distributed to US players is $150 million. On the other hand, repaying players in other countries falls under GBT’s responsibilities. When and how the cash will be distributed, has not yet been decided. The process of transferring assets cannot be completed under such circumstances.
Shareholders and Full Tilt Owners Vote in Favor of the Transfer Deal
Owners of Full Tilt voted in favor of the acquisition deal. It has also been passed by a majority, by the shareholders of the poker room. The present owners of the company will have rights to acquire shares of the GBT owned poker room. However, only a small percentage of shares will be allowed to be purchased. The current owners will operate passively. They will not be able to influence the management’s decisions in any way.
US Players will have to Claim their Money Directly from the DOJ
The former players of Full Tilt Poker will have to claim their money directly from the Department of Justice. Players can file claims once the DOJ announces that they can do so. However, according to a Los-Angeles based attorney, the process of claiming money will not be easy for players. They will be required to present detailed records of deposits and withdrawals made on the site. Players will also have to prove that the payments made on the site are in compliance with the income tax laws.
Groupe Bernard Tapie set to Act as a Poker Operator
Groupe Bernard Tapie is ready to act as the operator of Full Tilt Poker. The investor hopes that there will be no further delay or interruptions in the purchase deal. A license application has already been made by GBT for operating in the Spanish market.
Related posts:
- Full Tilt Poker’s Acquisition Deal to Be Confirmed in Few Weeks
- Full Tilt’s Investor has Reached an Agreement with the Department of Justice
- Attorney Says Full Tilt Players Scared to Claim their Money
- DoJ to Allow Acquisition Deal between GBT and FTP
- Negotiations between Full Tilt Poker and Group Bernard Tapie Continues
