An agreement has been made between Groupe Bernard Tapie and the US Department of Justice regarding the investor taking control over Full Tilt’s operations. Players who gambled on Full Tilt’s platform were credited with $150 million. However, payouts were not made to players by the poker room. According to the agreement, players now have to claim their money through the US Department of Justice.
Groupe Bernard Tapie to Start Full Tilt Poker’s Operations Outside the United States
According to the deal, Groupe Bernard Tapie will buy the assets of Full Tilt Poker with $80 million. The agreement letter was signed by a Manhattan assistant attorney, Jason Cowley and the attorney of Group Bernard Tapie, Behnam Dayanim. Group Bernard Tapie said that it will restart the operations of Full Tilt outside the United States. Full Tilt’s funds, which the Justice Department had seized, will be given to Group Bernard Tapie. Hence, the investment group will have to spend a total of $40 million to acquire Full Tilt’s assets. Full Tilt said that with the investment group and the US Department of Justice, having reached an agreement, the acquisition deal will be finalized soon.
Full Tilt’s Owners Have to Forfeit the Company to the US Government
According to the terms of the agreement, Full Tilt’s owners have to forfeit their company to the US government. The allegations brought against Full Tilt’s owners earlier this year, was with regard to running illegal operations and money laundering.
Groupe Bernard Tapie will acquire the company’s assets directly from the government. The funds will be used by the government for clearing debts which Full Tilt owes its former players. Allegations of civil suits brought against Full Tilt Poker have been denied by the company.
Raymond Bitar Supports Full Tilt’s Acquisition Deal
The agreement which the US Justice Department and Groupe Bernard Tapie reached has been supported by the present CEO of Full Tilt Poker, Raymond Bitar. His attorney, Jeff Ifrah said that the terms of this agreement paved a way for Full Tilt’s former players to get back their deserved funds. However, Jeff Ifrah mentioned that Bitar will not be able to gain much from the sale of the company. Barry Boss, an attorney of Full Tilt Poker, stated that he is glad that a plan has been chalked out to provide players with their money.
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