The chief executive officer of Groupe Bernard Tapie, Laurent Tapie, announced that the take-over deal of Full Tilt Poker, which is pending due to the proceedings of the US Department of Justice, will be confirmed soon. In a recent interview, Tapie said that the agreement will be finalized after Full Tilt’s shareholders approve the terms of the acquisition deal.
Method of Distributing Frozen Funds Yet to Be Confirmed
The decision with regard to how the former players of the poker room are going to be paid, is yet to be finalized. The Department of Justice of the US will handle the refunds to be given to American players. Groupe Bernard Tapie has assumed the responsibility of paying the outstanding amounts which players from the rest of the world are supposed to receive. However, a consensus has not yet been reached with regard to the duration over which funds are going to be distributed. Groupe Bernard Tapie has still not decided whether players will be refunded instantly or over a certain period of time.
Certain Issues have to be Settled Prior to Repaying Players
Certain issues have to be cleared before players are repaid. The key issue that has to be dealt is with regard to RoW players who requested for withdrawals after the Black Friday incident but were never allowed. The Department of Justice may face problems in identifying players who benefitted from Full Tilt not being able to deliver payment through certain processors.
Groupe Bernard Tapie Looking to Get Full Tilt a License
Full Tilt Poker is yet to receive a license. Groupe Bernard Tapie is trying to get the poker room a license through an authority in France called, ARJEL. In the meanwhile, the investor also plans to pay a substantial amount to the Kahnawake Gaming Commission to get a temporary license. To attract gamers and establish itself firmly in the industry again, Full Tilt has to meet the AGCC’s licensing requirements and put players’ money in secure accounts. This can be problematic for Laurent Tapie who planned not to spend much cash from his own pocket.
Recovering Full Tilt Still a Long Way
Although according to Tapie, the method of repaying players once the shareholders of Full Tilt votes, is in his favor, the path to getting the suspended poker room back online is still long. Tapie announced that he will make the Full Tilt website run again from January next year. However, this is subject to whether Full Tilt’s directors agree to the terms of the takeover deal.
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