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Full Tilt Players One Step Closer to Repayment

There was some good news yesterday for Full Tilt Poker players who are hoping to receive their money in the near future. It was announced that Groupe Bernard Tapie (BGT) has now signed the deal to buy the Full Tilt Poker assets for $80 million.

The deal between Full Tilt Poker, Groupe Bernard Tapie and the US Department of Justice has been finalised meaning players are now significantly closer to receiving their money.

As part of the deal Full Tilt will be surrendering their assets to the US Department of Justice. They will then be sold on to GBT. Then the Department of Justice will then pay back US players an estimated $150 million while GBT will pay players from the rest of the world an estimated $240 million. However, before the deal is finalised it needs to be approved by at least 2/3rds of the Full Tilt Poker shareholders.

It has been reported that the US government will dismiss the civil forfeiture proceedings which removes a potential liability for shareholders. This is because it will remove all pending proceedings against Full Tilt; however, it will not affect any individual proceedings.

Full Tilt has announced that they are pleased that the terms of the agreement have been finalised and that under the agreement all players will be repaid. They claimed that repaying their customers has been their number one priority since black Friday.

Ray Bitar, the 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.”

Full Tilt went on to thank all their players for their patience whilst the situation has been dealt with.

OCA News Editor