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Bitar Email Says Full Tilt Deal Almost Done
Full Tilt Poker CEO Ray Bitar has reportedly sent an email to Tiltware shareholders confirming the Department of Justice and Bernard Tapie Group are taking the final steps towards a deal.
As reported by Subject Poker, Bitar informed shareholders that the DOJ and BTG reached an agreement in principle that would see BTG take responsibility for repaying non-US players, while the DOJ would facilitate the return of US player funds.
Subject Poker says the email has been confirmed by numerous sources, but doesn't elaborate on who those sources are.
The DOJ’s consent was one of the biggest criteria of the conditional acquisition agreement between Bernard Tapie Group and Full Tilt Poker. With that consent, BTG is now free to finalize the acquisition and revive the now-defunct online poker room.
The email in its entirety follows:
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.
For continuing updates on the status of US online poker and Full Tilt, keep an eye on our Black Friday Bulletin Board.