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Poker News | World Poker News

Full Tilt Poker to Transfer Assets; Groupe Bernard Tapie

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A deal has been reached between the French investment firm Groupe Bernard Tapie and Full Tilt Poker according to a report by Subject:Poker. The sale of the beleaguered online poker room is moving forward. Sources of Subject:Poker report an agreement to transfer assets from Full Tilt Poker to Groupe Bernard Tapie is in place.

The Department of Justice and Groupe Bernard Tape came to an agreement about a month ago. The agreement would allow Groupe Bernard Tapie to purchase Full Tilt Poker's forfeited assets for $80 million from the Department of Justice. According to part of the agreement the Tapie Groupe would repay non United States players (the estimate is $150 million) while the Department of Justice would repay United States players - that amount is estimated to be about $150 million also according to more than one source.

According to Subject:Poker sources the shareholders of Full Tilt Poker voted on the agreement and the move was approved by a majority vote. In order for the deal to be approved, a two-thirds majority vote was needed; receiving the needed approval is a very minor hurdle in the very long, very complicated process of the likely sale.

What should happen next is once the Department of Justice receives Full Tilt Poker's forfeited assets, Groupe Bernard Tapie would buy the assets from the Department of Justice.

Both PokerNews and Subject:Poker have attempted contact with lawyers from Full Tilt Poker and Groupe Bernard Tapie but have received no comments at this time.

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