Groupe Bernard Tapie agrees deal with Department of Justice to acquire Full Tilt

Groupe Bernard Tapie agrees deal with Department of Justice to acquire Full Tilt

Friday, 18 November 2011

Players with funds stuck on Full Tilt Poker could be a step closer to getting their money back after the Groupe Bernard Tapie (GBT) agreed a deal with the US Department of Justice (DoJ) allowing the French business to buy Full Tilt.

According to the Wall Street Journal, the agreement requires Full Tilt's current owners to agree to settle a civil lawsuit brought by the DoJ and forfeit the company to the US government. The French business would then buy Full Tilt from US authorities for $80m.


The deal, which was brokered by the Department of Justice, would see Groupe Bernard Tapie take responsibility for repaying players outside the USA with American players having to apply for reimbursement from a DoJ fund.


In a statement released to PokerStrategy.com, Full Tilt co-founder Ray Bitar backed the new deal saying, “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 .”


And what of the players. Will they get their money back and if so, when? The practicalities have yet to be finalised as acknowledged by Jeff Ifrah, an attorney for Full Tilt Poker, who told Reuters, "It is a very creative solution. The question now is, with the agreement behind us, how is this going to work? Are the players going to get everything back, what's the process for filing claims, and so on. These are things that the players are concerned about now."


The ball at least appears to be moving in the right direction now.



Tags: Full Tilt Poker, Groupe Bernard Tapie, Black Friday