Full Tilt Signs Acquisition Agreement with Group Bernard Tapie

[Luckylizzy]

I haven't even written anything on this yet but thought it was pretty good news. Here is the press release from pokerstrategy website:

"Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement

Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of ‘Groupe Bernard Tapie’ announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets.

This agreement, which includes the repayment of Full Tilt Poker’s world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.

‘Groupe Bernard Tapie’ has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas."

There are a lot of conditions though according to this. I wonder if Full Tilt will be able to meet them... nonetheless its a start! I better go write something real quick

[BMWSTACK]

I dont think it will do anything. The only real asset is the name, and I consider that as valuable as the change in my pocket. Of course they didnt say they are taking over liabilities, but had said would make repayment to players (which obv is the biggest liability) They would be better off spending all the money on opening their own new site. I wonder if Chris Ferguson has left the country.

[jetset]

Looks as if FTP is using Pokerstrategy as its preferred site for its rather fragmented "communication" program - they've been getting a lot of the stuff direct from FTP lately.

This is already all over twplustwo and other poker sites, and I'm glad to see the commitment to pay players, although I think it may be a while yet before they see anything.

This is an interesting development - Tapie was mentioned as the investor of choice some days ago, and was reputed to have been in discussions with AGCC because it was reluctant to invest in FTP without an intact licence.

From this, it appears that the licensing situation was less of a concern than was thought.

I would really like to know how much Tapie paid.

[jetset]

Laurent Tapie - the md of Groupe Tapie and son of owner Bernard Tapie, gave an interview to iGaming France Friday on the deal. He pretty much stuck to the script (the FTP statement announcing the agreement) but did say that FTP could be up and running again - under new management - as early as January next year.

Meanwhile the current CEO of Full Tilt, Ray Bitar, has added to the piles of legal paperwork swirling round this story with a claim fighting the US Justice Department's actions against various bank accounts with which he is connected, claiming: "Assets subject to forfeiture are neither proceeds nor instrumentalities of any crimes in any jurisdiction in the United States or elsewhere."