Published: April 24, 2012 in News >
Business
Groupe Bernard Tapie not buying Full Tilt Poker
In a shocking bit of news, the French firm Groupe Bernard Taipe has announced that their negotiations with the US Department of Justice over buying Full Tilt Poker have ended.
The primary holdups in GBT's takeover of Full Tilt included a failure to agree with the US DOJ on the matters of player repayments and various legal issues. Groupe Bernard Tapie explained their decision to back out of buying Full Tilt Poker by stating:
GBT proposed a plan that would have resulted in immediate reinstatement of all ROW (rest of the world) player balances, with a right to withdraw those funds over time, based on the size of the player balance and the extent of the player’s playing activity on the re-launched site. All players would have been permitted complete withdrawal of their balances, regardless of whether they played on the site, by a date certain, and 94.9 percent of ROW players would have been fully repaid on Day 1. DOJ ultimately insisted on full repayment with right of withdrawal within 90 days for all player - a surprise demand made in the 11th hour, after months of good-faith negotiations by GBT.
The failed deal comes as a big surprise since it looked like GBT was fairly confident about getting Full Tilt Poker running again. But after months of working on this proposed $80 million deal, all talks are off.
However, this doesn't mean that any Full Tilt deal is out of the question since rumors are swirling that PokerStars has already stepped in and bought FTP from the US DOJ. However, there are no confirmed reports on this, so we'll keep you updated.
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