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Shareholders to vote on GBT takeover of Full Tilt Poker

The CEP of Groupe Bernard Tapie (GBT), Laurent Tapie, has announced that the company have reached a deal with Full Tilt Poker and the US Department of Justice and that the takeover should go ahead. All that is required now is for the Full Tilt shareholders and directors to agree to the deal which is not expected to prove problematic.

Laurent Tapie has announced that his company have reached a deal with the US DoJ regarding the proposed takeover of Full Tilt Poker.

The deal means that unpaid players should receive payments but it is still unclear exactly how this will occur. The Department of Justice will be taking care of payments to US customers whilst GBT will be paying the rest of the world; however, it is not known when the funds will be released. At present Full Tilt customers are owed up to $330 million in unpaid funds. US players will also be worrying that they need to declare their winnings to the Department of Justice and pay taxes on them.

Another concern is over who will licence the new Full Tilt Poker. It is expected that GBT will apply to the French authority ARJEL and pay a large sum to the Kahnawake Gaming Commission for a temporary license. Nevertheless, in order to restore customers trust the company will need fulfil the AGCC’s requirements and also hold player’s funds in a separate secure account.

However, despite all these issues, the announcement of a deal being reached subject to the Full Tilt Poker shareholder’s approval is positive news. Whilst it is expected to take some time to bring Full Tilt Poker back to life, Tapie has also said that he hopes to have the site up and running again by January of next year.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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