Groupe Bernard Tapie (GBT) CEO Laurent Tapie has announced that the takeover of Full Tilt Poker (FTP) by GBT will be confirmed as soon as all the permissions are authorized. Tapie also stated in an interview that the takeover first needs to be approved by all the shareholders of FTP and is waiting for the US Department of Justice (DoJ) proceedings to conclude.
However, the decision regarding the method by which ex FTP players worldwide are going to be reimbursed has not yet been made. While the DoJ has decided to refund all the US players who had accounts at FTP, GBT has agreed to refund ex FTP players from other parts of the world. However, the GBT has not yet decided how exactly it is going to refund players from other parts of the world and how long it is going to take. GBT is yet to make up its mind regarding whether players are to be refunded immediately or if it will take time to do so.
Besides, the French investment company has to clear certain issues before it can start refunding ex FTP players. GBT has to consider issues related to players from the rest of the world who were not allowed to request payouts following Black Friday. Even the DoJ might find it difficult to identify players who benefited from FTP’s failure to pay players through certain online payment solutions.
Meanwhile, FTP still does not have a gaming license. GBT is now making attempts to get a license via a French gambling authority called ARJEL. The investment company also intends to get a temporary gambling license from the Kahnawake Gaming Commission (KGC). FTP is required to meet all the conditions set by the Alderney Gambling Control Commission (AGCC), which includes putting player funds in secure accounts, if it wants to renew its AGCC license. GBT might find this a problem because it does not intend to spend too much money.
Pulling the fallen online poker giant to its feet might prove to be more difficult than GBT imagines. Laurent Tapie is quite confident about designing a way to refund FTP’s ex international players once FTP’s shareholders cast votes in favor of the acquisition deal, but the way to rebrand FTP as an online poker gaming service for the European market might turn out to be too long. Tapie has, however, announced that FTP will be functional by next January, but not before FTP’s board of directors come to a consensus regarding the acquisition deal.