The acquisition of Full Tilt Poker is moving at a faster pace at present, which means that former Full Tilt Poker players might soon get back their money. The Department of Justice (DoJ) is playing the role of the middle man in getting Full Tilt Poker’s assets transferred to Groupe Bernard Tapie (GBT), the French investment company, which is in the process of acquiring Full Tilt Poker from the US DoJ for a sum of $80 million.
The civil complaint filed by the US DoJ against Full Tilt Poker and other companies associated with it has been withdrawn, but the complaints filed against individual members of Full Tilt Poker’s board of directors, such as Rafe Furst, Ray Bitar, Howard Lederer, and Chris Ferguson, haven’t been withdrawn.
The exact procedure of refunding former players of Full Tilt Poker has not yet been decided. According to the agreement between the DoJ and the GBT, the responsibility of refunding US players lies with the DoJ, and this is a huge sum of $150 million. The GBT bears the responsibility of refunding Rest of World (RoW) players. Until and unless those concerned decide on refunding procedures, the transfer of assets cannot be completed.
The shareholders of Full Tilt Poker and the members of its board of directors have Okayed the acquisition deal. A major of the shareholders have voted in favor of the deal. Full Tilt Poker’s current owners can own shares the online poker room owned by the GBT, but they can purchase only a small portion of the available shares. Moreover, the current owners can play only a passive role in the running of Full Tilt Poker and will not have any influence on the decisions taken by its new management.
Full Tilt Poker’s former US players will have to wait for the DoJ to refund them, and they can lay claims to their funds only after the DoJ issues an official announcement. But an attorney based in Los Angeles is skeptical about this procedure. Full Tilt Poker’s former US players will have to present complete details of every deposit and withdrawal they made on Full Tilt Poker; besides, they will have to furnish proof that all the payments they made on the site comply with American tax laws.
Meanwhile, GBT is gearing up to act as the full-time operator of its new acquisition. The French investment company has already submitted an application to offer online poker in Spain.