PokerWorks reported news that broke through Yahoo Finance spotlighting the deal brokered by the United States Department of Justice where Full Tilt Poker would forfeit its assets to the U.S. government and the assets would then be sold to Groupe Bernard Tapie. Find the full report here.
The latest news comes from an exclusive statement released by Full Tilt Poker to PokerStrategy.com:
Full Tilt Poker is pleased that the terms of the agreement between Groupe Bernard Tapie (GBT) and the Department of Justice have been finalized, and that the agreement provides for GBT to repay or make whole players outside of the United States and for the Department of Justice to permit United States players to request compensation out of the forfeited funds. Since Black Friday, repaying customers has been FTP’s number one priority.
Ray Bitar, co-Founder of Full Tilt Poker stated: “I am extremely pleased with the efforts of the Department of Justice, and the Groupe Bernard Tapie corporation, and appreciate their continued dedication in working towards a mutually beneficial agreement that will facilitate repayment of the players ."
Now that the agreement with DOJ has been reached, GBT and Full Tilt Poker will now turn to memorializing the final terms of their agreement, to bring this matter to a complete resolution as soon as possible.
Full Tilt Poker would like to thank all its customers for their continued patience since Black Friday and during this negotiation process.
Comments from lawyers on both sides in response to PokerStrategy.com query:
Behn Dayanim, an attorney for Groupe Bernard Tapie, confirmed that "A letter of agreement with the DOJ has been executed. It states that in the event that the Full Tilt companies consent to a forfeiture of their assets, GBT will purchase those assets. This is the first major step in the process of a sale; the next steps include Full Tilt consenting to the forfeiture and a definitive final agreement with the DOJ."
Jeff Ifrah, a lawyer associated with Full Tilt, explained that "The deal is clearly historic. It's an incredible achievement. A lot of thanks and gratitude are owed to both GBT and the DOJ. Clearly there remain a lot of questions on the logistics of a sale, including when players will get paid, how they'll file claims, and when Full Tilt will become operational. I hope I can help obtain answers to those questions quickly, and make information available to players as soon as possible."
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