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Will we ever get our money from FT?

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Will we ever get our money from FT?

New postby t1tpfdc » Thu Oct 06, 2011 11:36 am

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From: pokernewsboy.com

The Good, The Bad and The Ugly of the Potential Full Tilt Sale
Posted by James Guill on Oct 05, 2011

Last week, Full Tilt announced that it had reached an acquisition agreement with Group Bernard Tapie. Since that time, various information has been released either through lawyers or directly from Bernard Tapie in the form of interviews. Here is the good, the bad, and the ugly from the potential Full Tilt sale.

The Good – Players Will Be Repaid if Deal Goes Through

“We are going to put all the money into the company we need to to please the players. They are the key asset, above all” is a direct quote from Tapie in an article from the New York Times.

Any realistic chance that the company has of being brought back from the brink requires that all players are repaid. This means worldwide, and not just U.S. players. Should the company find a way to close the deal, the new group could pick up some +EV from players based on this simple fact alone.

The Bad – Tapie Group is Expecting DOJ and Others to Foot the Bill

Tapie has stated that the acquisition deal is based on a resolution of the civil matter with the U.S. Department of Justice. Furthermore, he has stated that he is looking for the DOJ and potentially outside investors to put up at least part of the money to repay players.

What figure is he looking for exactly? Is he looking for half? Is he looking for 75%? This uncertainty leaves the door open at a moments notice. Also, it seems to me that he is making a major assumption that the DOJ will indeed turn over funds.

Finally, what type of resolution is he expecting of the civil matter? Chances are they are going to still levy some type of hefty fine against Full Tilt. Where is the money going to come from to pay the fine? Do they really expect to get money back and avoid paying a hefty fine? While I don’t understand all of the legalities of the matter, I understand enough to realize that he may be asking for too much.

The Ugly – Former Owners and Players Owed Large Amounts May Be Offered Equity Shares

This is the part of the potential deal that has many going “WTF!” While they have stated that anyone found “guilty” will not be allowed into the new company, many are not going to believe that Full Tilt’s incompetence rested solely on the shoulders of Howard Lederer, Ray Bitar, Chris Ferguson, and Rafe Furst.

What if some or all of those work out a deal where they are not proven guilty. Will they be allowed to have shares of the company? What kind of trust do you think that players will have in the new group when part of that group will include the old owners?

Also, in regards to those that are owed large amounts, this seems like a way to try and avoid footing some of the money. It is possible that the players that agree to such a deal may make out better in the long run, but how much trust will they have in the new group. If I were a player, I would be asking, “Let me understand this. You want me to give up XYZ amount of money for a stake in a company that has an uphill climb from square one?”

I understand that many are viewing this as a true glimmer of hope in regards to getting repaid, but keep in mind that there are a lot of ifs in this deal and that nothing is anywhere near final. Personally, I don’t have a lot of faith on the deal based on what has been revealed. Hopefully for player’s sakes I am wrong and the acquisition deal can be completed.

[Not optimistic about the prospects myself!]
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Re: Will we ever get our money from FT?

New postby t1tpfdc » Fri Nov 04, 2011 5:43 pm

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[I also believe in Santa Claus and the Easter Bunny!]

From pokerstrategy.com 3 Nov

Laurent Tapie says deal with DOJ signed in 15 days

IGamingFrance yesterday reported that Laurent Tapie has confirmed an agreement has been made in principle between Groupe Bernard Tapie and the US Department Of Justice.

The deal will enable the French group to take over Full Tilt Poker and start the lengthy process of paying back FTP players.

While Tapie was not forthcoming about the method in which players will be repaid, it appears that some kind of resolution is imminent.

Tapie confirmed, "we will draft an agreement by the end of the week and should sign it within the next 15 days, and we will issue a statement shortly after that will provide more information".

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Re: Will we ever get our money from FT?

New postby WELSHGIT » Sat Nov 05, 2011 12:54 am

so we might get our bucks back sometime then lol

well im looking forward to my 83 bucks back lol

m8 of mine had 2k withdrawl pending when ft closed so he will deff be happy if this is true :mrgreen:
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Re: Will we ever get our money from FT?

New postby t1tpfdc » Sat Nov 05, 2011 5:09 pm

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Have a few bucks there also
Fortunately I made a withdrawl just a month before.
But then had some good luck and won some just before they closed up shop.
HOPEFULLY we will get it back
:)
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Re: Will we ever get our money from FT?

New postby adrion » Mon Nov 07, 2011 4:25 pm

no cash for nobody
FT will never return ... i have there around 200 bucks, not so big loss 8)
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Re: Will we ever get our money from FT?

New postby beardyian » Mon Nov 07, 2011 9:28 pm

what really bugged me was i was only a dollar and a bit away from withdrawing when they closed :x

oh well :|
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Re: Will we ever get our money from FT?

New postby t1tpfdc » Mon Nov 07, 2011 9:54 pm

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There's Always Hope!
Nothing to lose by hoping :lol:

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Re: Will we ever get our money from FT?

New postby gemic » Thu Nov 10, 2011 1:33 am

I really believe the site will appear next year with our funds intact 8)
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Re: Will we ever get our money from FT?

New postby beardyian » Fri Nov 11, 2011 1:33 pm

gemic wrote:I really believe the site will appear next year with our funds intact 8)


if im one cent out - i'm suing :lol:
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Re: Will we ever get our money from FT?

New postby t1tpfdc » Fri Nov 11, 2011 2:48 pm

beardyian wrote:if im one cent out - i'm suing :lol:


OMG ...
A ScottishGit !!!
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Re: Will we ever get our money from FT?

New postby t1tpfdc » Sat Nov 19, 2011 8:31 pm

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[Well, the news is good! Now can just see some results?]

From: espn POKER at espn.go.com

Lawyers: FTP deal nearly done
By Andrew Feldman
Updated: November 18, 2011, 4:47 PM ET

It appears that online poker players with funds frozen on the once-flourishing online poker site Full Tilt Poker are about to receive some positive news.

According to CNNMoney.com, the United States Department of Justice is close to finalizing a deal with Group Bernard Tapie which would involve GBT paying $80 million for the assets of the company. GBT will be responsible for the repayment of former Full Tilt players outside of the United States while the Department of Justice will be responsible for accepting applications for the repayment of players in the United States.

In order for the deal to move forward, current leadership at Full Tilt will need to agree to forfeiting its assets to the Department of Justice, the CNNMoney.com report said. Jeff Ifrah, a laywer associated with FTP, confirmed that money from the purchase price would be put into a fund that would pay players who submit claims for frozen assets.

Players from the U.S. had approximately $150 million in player balances stuck on the site on April 15, 2011 when the Department of Justice charged the site with gambling offenses.

The Deparment of Justice didn't confirm or deny the deal on Friday.

On PokerStrategy.com, Full Tilt said once again that their main priority since Black Friday has been the repayment of customers, which a deal would allow.

"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," said Ray Bitar, co-founder of FTP, to PokerStrategy.com.

Behn Dayanim, an attorney for GBT, said: "A letter of agreement with the DOJ has been executed. It states that in the event that the Full Tilt companies consent to a forfeiture of their assets, GBT will purchase those assets."

Ifrah told ESPN.com on Friday that this is a great step forward for all parties involved.

"The deal that was reached between the investors and the DOJ is going to pave the way for players to be reimburesed and it's hopefully going to pave the way for a new FTP to be re-launched. Those two together, is good for poker, good for the industry and good for the players."

Ifrah said the deal specifically permits the re-entry of Full Tilt Poker into the U.S. marketplace if online poker becomes legalized and regulated. Full Tilt Poker will still have to apply for a license and be approved.

Ifrah said he would be in Paris and Dublin over the next few days to work on the agreement between Full Tilt and GBT. At that point, all sides will return to the table and work with the Department of Justice on "figuring out how everything will work out as planned."

Andrew Feldman is the poker editor for ESPN.com.
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Re: Will we ever get our money from FT?

New postby t1tpfdc » Wed Nov 23, 2011 4:08 pm

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[Here's more 'take it for what it's worth' news]

From pokerstrategy.com

by Matt Kaufman, 17 Nov 11
Full Tilt Poker Deal Signed; Exclusive Statement Here

Groupe Bernard Tapie has signed a deal with the United States Department of Justice to acquire Full Tilt Poker's assets. Find out more.

The long-awaited deal for Groupe Bernard Tapie (GBT) to take over Full Tilt Poker has been signed. The deal is between GBT and the United States Department of Justice (DOJ), and it includes some form of repayment for all players who formerly held Full Tilt accounts. GBT has agreed to pay $80 million for the assets formerly owned by Full Tilt.

Full Tilt Poker Exclusive Statement to PokerStrategy.com
The following statement was sent to PokerStrategy.com from Full Tilt Poker:

Full Tilt Poker is pleased that the terms of the agreement between Groupe Bernard Tapie (GBT) and the Department of Justice have been finalized, and that the agreement provides for GBT to repay or make whole players outside of the United States and for the Department of Justice to permit United States players to request compensation out of the forfeited funds. Since Black Friday, repaying customers has been FTP’s number one priority.

Ray Bitar, co-Founder of Full Tilt Poker stated: “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 ."

Now that the agreement with DOJ has been reached, GBT and Full Tilt Poker will now turn to memorializing the final terms of their agreement, to bring this matter to a complete resolution as soon as possible.

Full Tilt Poker would like to thank all its customers for their continued patience since Black Friday and during this negotiation process.


Lawyers from Both Sides Comment
In order to better understand the situation at hand, PokerStrategy.com asked Behn Dayanim and Jeff Ifrah for their thoughts on the deal.

Behn Dayanim, an attorney for Groupe Bernard Tapie, confirmed that "A letter of agreement with the DOJ has been executed. It states that in the event that the Full Tilt companies consent to a forfeiture of their assets, GBT will purchase those assets. This is the first major step in the process of a sale; the next steps include Full Tilt consenting to the forfeiture and a definitive final agreement with the DOJ."

Jeff Ifrah, a lawyer associated with Full Tilt, explained that "The deal is clearly historic. It's an incredible achievement. A lot of thanks and gratitude are owed to both GBT and the DOJ. Clearly there remain a lot of questions on the logistics of a sale, including when players will get paid, how they'll file claims, and when Full Tilt will become operational. I hope I can help obtain answers to those questions quickly, and make information available to players as soon as possible."

[More 'breaking news' coming soon, I'm sure!]
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