Speedy Progress being made in Full Tilt Takeover
The takeover of Full Tilt Poker by Groupe Bernard Tapie (GBT) is progressing faster than expected meaning that players may soon get their money back. The U.S. Department of Justice is watching over the deal which will see GPT pay $80 million for Full Tilt Poker.
It has not yet been decided exactly how former players at Full Tilt will receive their payments, the DoJ has taken responsibility for repaying US players and GBT will refund players from the rest of the world. Until the refunding procedures have been decided upon no assets can be transferred.
The acquisition deal has been approved by the majority of Full Tilt Poker shareholders. Under the terms of the deal the current owners can own shares but on a limited amount. Furthermore, the current owners are restricted to a passive role in the running of Full Tilt; they cannot influence decisions taken by the new management.
At present GBT is preparing to re-launch the poker room, they have applied for licenses and are hoping to expand the service to include Spain.
At the same time the Alderney Gambling Commission has begun a review into the procedures it followed and subsequent actions taken in the Full Tilt Poker case. The review is intended to clear up any confusion players may have about whether or not it is safe to gamble at Full Tilt.
Unlike PokerStars, which also lost its position in the US following Black Friday, Full Tilt was unable to immediately pay back its US and UK players which has resulted in significant reputation loss. The review is being headed by Peter Dean, the former Chairman of the British Gambling Commission. The AGCC has said that it is confident that the review will find that they acted correctly at all times.