GBT and FTP Reach Agreement on Assets

gavel
Former Full Tilt Poker customers are one step closer to getting their money back following this agreement.

Subject: Poker has reported that Full Tilt Poker and Groupe Bernard Tapie have taken an important step towards resolution with the US Department of Justice and the successful rehabilitation of the now defunct online poker room.

The two groups executed an agreement to further transfer Full Tilt Poker’s assets to the French group. This comes roughly one month after GBT successfully struck a deal with the DOJ to purchase forfeited FTP assets.

According to that deal GBT will take on responsibility for repaying non-US players while the DOJ will facilitate the repayment of players within its borders. GBT paid a reported $80 million, taking on the estimated $150 million non-US player liability.

This latest agreement was passed by a two-thirds majority vote by Full Tilt owners, according to Subject: Poker, and is thought to be an early, and relatively straightforward, step in what will be a long and very convoluted process.

Subject: Poker also reported that Laurent Tapie personally appeared in Dublin to speak to Full Tilt Poker employees.

The real forfeiture of FTP funds is expected to follow this agreement, as well as the dismissal of the civil charges against the companies that make up Full Tilt Poker that is essential to getting the poker room back online.

And while this agreement marks an important step towards the DOJ dropping charges against FTP as a company, it will not effect the civil and criminal charges against the individuals involved in the mismanagement of Full Tilt Poker.

For ongoing updates on Full Tilt Poker and everything that’s happening in the wake of Black Friday, keep an eye on our Black Friday Bulletin Board.

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