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Full Tilt Poker deal with Pokerstars approved by DoJ

Discussion in 'Online Casinos' started by jetset, Jul 31, 2012.

    Jul 31, 2012
  1. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    THIS TIME THE FULL TILT POKER RUMOURS ARE TRUE (Update)

    FTP announces successful takeover negotiations

    Late Tuesday afternoon GMT the Full Tilt Poker offices in Dublin issued a statement confirming rumours over the weekend that a deal has been hammered out that will see the Department of Justice agree to the acquisition of FTP by Pokerstars, paving the way for players to be paid at last.

    The company said the three way DoJ-Pokerstars-FTP deal ends the company’s civil forfeiture proceedings with the U.S. Department of Justice.

    Under the terms of the agreement, PokerStars will pay a substantial amount of money to the United States - believed to be around $330 million - and the government has agreed that all of Full Tilt Poker’s U.S. players will have an opportunity to request that they be compensated out of those funds for their losses.

    In addition, within ninety days, PokerStars will make available for immediate cash withdrawal or play the account balances for all of Full Tilt Poker’s non-U.S. players.

    The full value of the deal is believed to be in excess of $730 million with elements payable over three years.

    Full Tilt Poker used its statement to apologise to its customers who it noted had endured a long and difficult period "wondering whether this day would ever come."

    The company also expressed its appreciation to its loyal employees "whose hard work over the last 15 months preserved the value of the Full Tilt Poker assets so a deal like this could be possible, and to PokerStars and the United States Department of Justice for their efforts in bringing about this resolution."

    A lawyer representing FTP, Jeff Ifrah, issued a further statement advising:

    "Today, Full Tilt surrendered their assets to the U.S. Department of Justice, who then sold those assets to Poker Stars for $731 million. Of that payment, $330 million will be administered by the Justice Department’s Asset Forfeiture Section to reimburse Full Tilt’s U.S. players."

    It is not known at present whether the agreements impact a civil class action recently filed by lead plaintiff Judy Fahrner in Illinois against FTP, alleging that the company removed over $443.8 million from players' accounts from April 2007 to April 2011 and fraudulentloy commingled players' funds with FTP operational finances, distributing these to individual defendants who were beneficiaries.

    "Upon information and belief, Full Tilt's Board of Directors distributed approximately $443,860,529.89 to themselves and other owners between April, 2007 and April, 2011," the class action claims.

    In related news, breaking reports suggest that a DoJ deal has also been cut with Absolute Poker and Ultimatebet, which will entail those entities forfeiting all assets to the Department of Justice in return for the government abandoning its massive civil claims against the companies.

    Tuesday morning, the US Attorney in the Southern District of New York, Preet Bharara, requested that a federal court grant custody of all Absolute Poker assets.

    Case 1:11-cv-02564-LBS on PACER records the following conclusion: The Government respectfully requests that the Court (1) enter the Absolute Settlement; and (2) enter an order authorising the United States Marshals Service to take custody of the Absolute Assets and conduct an interlocutory sale of those assets. A proposed order is attached hereto.
     
    8 people like this.
  2. Jul 31, 2012
  3. rockycatt

    rockycatt meistercatt

    Occupation:
    carpenter
    Location:
    Boston
    PokerStars: "We Plan to Reopen Full Tilt You must register/login in order to see the link.
     
  4. Aug 1, 2012
  5. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Update

    POKERSTARS PROVIDES MORE DETAIL ON F.T.P. DEAL (Update)

    Agreement opens the way for Pokerstars to operate in any legalised internet poker market that may emerge in the USA

    Following yesterday's news that agreement has been reached between Pokerstars, Full Tilt Poker and the US Justice Department, Pokerstars directors issued a statement providing futher details on the deal:

    * The statement confirms that FTP is to forfeit all assets to the US government, which will then transfer these to PokerStars

    * Pokerstars will pay $547 million to the US government over the following three years for the assets.

    * Owed FTP players will be invited to claim relief from the DoJ Asset Forfeiture Money Laundering Service.

    * Within 90 days, Pokerstars will directly pay without restriction a further $184 million to owed FTP customers outside the USA

    * The agreement becomes effective once Pokerstars pays the initial tranche of $225 million, which it must do within the next six days.

    * Importantly, the US government will drop all civil forfeiture and money laundering charges against individuals related to PokerStars and Full Tilt Poker, seen by many observers as opening the way for operations in any US legalised online poker market that may evolve.

    Mark Scheinberg, chairman of the Pokerstars board, said: “We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow.”

    The statement additionally notes that PokerStars plans to re-open Full Tilt Poker within 90 days of the formal implementation of the deal, which will occur within the next seven days after the $225 million payment. It appears that FTP will be operated as a separate brand under a "new, independent management team," and that Pokerstars is putting together a scheme that will also give FTP players value for their loyalty points at FTP.

    Management at Pokerstars will not seek to enter the French, Italian, Spanish, Danish, Belgian or Estonian markets with the FTP brand, and there are plans to make possible financial transactions between accounts in both brands.

    Full Tilt's presence in Ireland will be maintained, although legal compliance and regulatory supervision will be transferred to Pokerstars' Isle of Man offices.

    Manhattan U.S. Attorney Preet Bharara, has confirmed the deal in an official statement, saying that the agreement has allowed the US government to "quickly get significant compensation into the victim players’ hands."

    Pokerstars management did not escape completely unscathed; founder and major stakeholder Isai Scheinberg, one of the Black Friday indictees, will have to resign from any management function in the company.

    Punitive measures impacting Full Tilt Poker management include a clause restricting Pokerstars from hiring FTP directors like Ray Bitar, Nelson Burtnick, Howard Lederer, Chris Ferguson and Rafe Furst.
     
    5 people like this.

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