Full Tilt Poker Makes Deal With Department of Justice
A number of news sources including The Associated Press have reported on news related to the future of trouble online casino firm Full Tilt Poker. It has been proposed that the company is on the verge of sale to Groupe Bernard Tapie, a French investment firm, and that the US Department of Justice has been making arrangements behind the scenes in regards to the money currently owed to former FTP players. The total amount owed is in the region of a staggering $80 million.
Benham Dayanim, a lawyer for Groupe Bernard Tapie, was quoted lasted weeking as expressing that he had been given a signed notification of settlement from the New York U.S. attorney’s office, indicating that this could assist in the Poker website’s sale.
“This is step one in a process,” Dayanim told the Associated Press, adding “What it offers is when the Full Tilt companies agree to forfeit their assets to the United States, the United States will sell off those assets to Groupe Bernard Tapie.” The Prosecurtor’s Office has so far not commented on the situation regarding the alleged agreement.
Jeff Ifrah, a lawyer working for Full Tilt Poker, said that the proposed advances in the deal were definitely something to be optimistic about, adding that he believed Groupe Bernard Tapie would pay the $80 million in full as it is in their best interest to do so, and will do this shortly after the deal is completed.
Full Tilt Poker’s gambling license was revoked by The Alderney Gambling Control Commission last year declaring financial issues, unauthorized loans, substandard accounting, and failure to correctly report assets. These complaints have caused the general public and shareholders alike to become concerned about any action Full Tilt Poker participates in. A short while ago Full Tilt obtained $60 million in capital to cover a whopping $390 million in player balances, but had used an insultingly high $444 million to pay board members and company executives, leaving its players out of pocket to the tune of $80 million. The Alderney Gambling Commission considered these actions to be conducted in a very disrespectful manner, and were not the actions of an upstanding poker room. Because of this their license was revoked, leading to the situation we are now experiencing.