Full Tilt Poker, DoJ May Have A Deal

This story was published more than 12 years ago.

According to various internet reports beleaguered poker site Full Tilt Poker and the United States Department of Justice may have reached an agreement that will see former Full Tilt players getting paid.

Poker information site Subject Poker broke the news on Tuesday stating that the Group Bernard Tapie's acquisition of Full Tilt Poker is moving forward, as the companies have been able to reach an agreement with the DoJ.

An email by Ray Bitar, who is Full Tilt Poker's CEO confirmed the news, reading:

"I am pleased to announce that today the Department of Justice and Groupe Bernard Tapie have reached an agreement in principle regarding the acquisition of the companies comprising Full Tilt Poker. "

"My understanding is the deal provides that in exchange for an agreed upon payment by GBT, and a GBT commitment to assume responsibility for payment of ROW players, DoJ will reimburse US players and settle the outstanding civil litigation with the companies comprising FTP. Beyond these conditions, issues like the time frame and process for repayment of players remain unclear at this point and time."

"With DoJ’s consent now in hand, GBT may now proceed to finalize an agreement to acquire the companies or assets that comprise FTP. That agreement will very likely address the status of your shares or interests in the successor company. When I receive that agreement, I will coordinate with our attorneys to ensure the terms of that proposed agreement will be shared with the membership and voted on."

Subject Poker's report claims that fine details are still being ironed out between Groupe Bernard Tapie and the United States government. The deal is subject to the approval of Full Tilt Poker's shareholders, with a 2/3 vote being required to finalize the deal.

No comment has been made by the DoJ as of this report.