April 24, 2012 at 8:22 pm #25255AnonymousInactive
In a recent development, it is being speculated that PokerStars has purchased Full Tilt Poker for $750 Million.
Chili Poker CEO Alex Dreyfus posted on Twitter on Tuesday, “PokerStars buys Full Tilt for a consideration of $750M, including settlement with DOJ and full balances of players ($330M). I’m impressed.”
iGamingFrance (IGF) Tweeted on Tuesday that GBT had told the poker news site that the deal with Full Tilt, which was originally announced last September, is now off: “Laurent Tapie confirms deal is off for FTP buyout, insinuates external sabotage over DOJ negotiations. More to follow.” IGF also confirmed that a statement is reportedly due out later today: “Just spoken to Laurent Tapie re: Stars-FTP buyout, no comment, he’ll put out a release later today.”
eGamingReview (EGR) published an article around Noon ET on Tuesday confirming that the GBT deal with Full Tilt had fallen through. EGR sourced a GBT statement as reading in part, “We understand from press reports that the DOJ may have entered into an agreement with PokerStars pursuant to which PokerStars will acquire the FTP assets. If accurate, we can only assume that PokerStars determined that it was willing to accept these legal and financial risks in order to resolve its own legal situation with DOJ.”
Groupe Bernard Tapie regrets to announce that, after seven months of intensive work, our efforts to obtain final approval of the United States Department of Justice of the agreement to acquire the assets of Full Tilt Poker have ended without success.
Ultimately, the deal failed due to two major issues.
The parties could not agree on a plan for repayment of ROW players.
GBT proposed a plan that would have resulted in immediate reinstatement of all ROW player balances, with a right to withdraw those funds over time, based on the size of the player balance and the extent of the playerÂ’s playing activity on the re-launched site. All players would have been permitted complete withdrawal of their balances, regardless of whether they played on the site, by a date certain, and 94.9% of ROW players would have been fully repaid on day 1. DOJ ultimately insisted on full repayment with right of withdrawal within 90 days for all playersÂ– a surprise demand made in the 11th hour, after months of good-faith negotiations by GBT.
The legal complications surrounding the deal Â– specifically, questions surrounding the legality of the forfeiture under non-US laws Â– also proved unresolvable.
All of the key assets of the FTP companies reside outside of the United States. A non-US court well might regard the purported forfeiture as a Â“fraudulent transactionÂ” and declare it invalid or deem the acquirer of the assets responsible for all of those creditor obligations.
Given the $80 million purchase price, and the substantial amount of cash needed to relaunch FTP, those issues ultimately proved too substantial to overcome.
GBT is very conscious of the hopes it has created Â– among FTP employees that they will retain their jobs, among FTP players that they will recover their balances, and among the entire poker community that the worldÂ’s finest poker platform will be relaunched and bring a needed added element of competition to a world market that today is fully dominated by a single operator.
GBT cannot accept the end of those hopes.
For that reason, unless a concrete and legally viable solution is found in the very coming days to save the employees and repay the players of FTP, we will move to our own plan of action.
We understand from press reports that the DOJ may have entered into an agreement with PokerStars pursuant to which PokerStars will acquire the FTP assets. If accurate, we can only assume that PokerStars determined that it was willing to accept these legal and financial risks in order to resolve its own legal situation with DOJ. If a PokerStars acquisition of FTP means that all FTP players will be fully repaid immediately, we are very happy for the players, as their final and full repayment has always been our priority.
We only regret that such a deal would signal further consolidation of a poker market already dominated by a single player Â– an outcome that may raise antitrust concerns and that, in the long run, is probably not good for players and for the whole online poker industry.Â”
April 24, 2012 at 9:25 pm #32212
PokerStars hasn’t confirmed anything yet so at best this could still be speculation but I hope its true if it means that players get their money back soon.
April 24, 2012 at 10:47 pm #32214Danish ShaikhMember
According to numerous sources, PokerStars has reached a settlement with the US Department of Justice (DOJ) to buy Full Tilt Poker and settle its outstanding legal matters. No official statements have been made by either sites so far, but according to Alex Dreyfus, CEO of Chili Gaming, PokerStars has paid $750 million to acquire Full Tilt and settle its outstanding legal issues with the DOJ – $330 million will go to repay Full Tilt account holders.
These news, if they are true, come as a big surprise since the French investment group Group Bernard Tapie were known to be the buyers of Full Tilt Poker until now. And there has been lots of news in the past few weeks indiciating that the deal was as good as done. Now, however, it seems like new owners might be PokerStars, the world’s largest poker site.
April 25, 2012 at 8:43 am #32215
April 25, 2012 at 10:40 am #32218AnonymousInactive
Eric Hollreiser – Head of Corporate Communications for PokerStars, posted the following comment on the PokerStars Blog.
April 25, 2012 at 2:36 pm #32222
April 25, 2012 at 4:28 pm #32224
Hehe nice name StarFULLpokerTILT.com 🙂
April 25, 2012 at 8:57 pm #32226AnonymousGuest
i want my ninja avatar back.. one time plz
July 24, 2012 at 5:28 pm #33348Rishab SinghviMember
July 28, 2012 at 10:56 am #33355
July 31, 2012 at 9:35 pm #33364Danish ShaikhMember
Full Tilt Players To Be Paid – PokerStars Aquire STP and DOJ Agreement Settled
It’s the news that online poker players around the world have been waiting for. PokerStars have finally reached an agreement to acquire the assets of Full Tilt Poker and pay back its players funds outstanding after the sites closures in the wake of Black Friday. The agreement has been authorised by the US attorney’s office and will involve Full Tilt relinquishing all assets to the attorney’s office who will then transfer certain assets to PokerStars.
The forfeiture of the assets will be completed in return for all civil forfeiture claims and money laundering charges against the Full Tilt companies being dismissed with prejudice (the civil and criminal charges against individuals including those from within Full Tilt’s management team however remain unaffected).
PokerStars have also agreed to pay $547 million to the US government to fend off the money laundering claims over a period of three years.
The biggest news as far as the players are concerned is that PokerStars have also agreed that within 90 days of the completion of the asset transfer that all monies will be repaid to all non US players, totalling around $184 million. Furthermore, although not part of the agreement PokerStars have alluded to the fact that players will also be compensated in some form or another for FTP points and other bonuses/extras they may have been usually entitled to.
The situation regaring repayment is a little less straightforward but it still looks as though the approximately $150 million outstanding will be paid back on application. Players will have to file a petition for remission with the U.S. Department of Justice, Asset Forfeiture Money Laundering Service (AFMLS), taking into regard the PokerStars forfeited funds, to seek compensation for their losses. A potentially more lengthy process but nevertheless one which will more than likely lead to the repayment of outstanding US player funds.
As part of the deal we will also see the Canadian-Israeli founder of PokerStars, Isai Scheinberg step down from any managerial role within the PokerStars group of companies, effective 45 days from closing. If Scheinberg is eventually cleared of any of the charges currently hanging over him since Black Friday then this decision may or may not be reversed.
PokerStars hasn’t yet given a date when Full Tilt will be up and running but the likelyhood is that it will be sooner rather than later. See PokerStars press release for more details of their perspective on these latest developments
For further details on the settlement and its conditions you can refer to the report released recently from diamondflushpoker here
July 31, 2012 at 10:06 pm #33365AnonymousInactive
August 2, 2012 at 9:13 am #33373
August 2, 2012 at 10:08 am #33374
looks like both will operate on same network…
25K runners in 215$ buyin sunday million and 100K runners in 11$ buyin sunday storm will produce an insane amount of prize pool..
August 2, 2012 at 9:13 pm #33378
Great News for Online players that at least the money is being returned. Well always help to have a few players rather than just a clear market leader but given the circumstances can`t really complain!
August 5, 2012 at 12:28 pm #33391AnonymousInactive
August 9, 2012 at 7:38 pm #33439
weee deal compleated today …fulltilt will be relaunched in 90 days…that means by october a better software will be available… ..
not sure of prize structure ….pokerstars have very bad prize structure…if both ftp and PS run on same network….prize structure will be same as pokerstars ……rush poker tourneys will be nice…anyways poker economy will improve with FTP money thats sure…
August 9, 2012 at 9:24 pm #33440AnonymousInactive
PokerStars has announced that it has officially closed on its deal with the US Department of Justice to purchase the assets of Full Tilt Poker.
Lee Jones, a representative of PokerStars, confirmed the closing: “We’re delighted to announce that we have officially closed our deal with the U.S. DoJ as of today, August 9th.” He continued to state that Full Tilt Poker will be “live” no later than November 6.
As part of the purchase agreement with the DOJ, PokerStars was to forfeit $547m over the course of three years. The first payment of $225m which was due “within six business days” of the Court filing the appropriate documents, was the trigger for the asset transfer to officially take place.
PokerStars now has ninety days to “make available for immediate cash withdrawal … the online poker account balances of all non-US players of the Full Tilt Group, as of June 29, 2011.” Though complete details are not available on how the $184m owed to rest-of-world (ROW) players will be distributed, most payments and transfers will be facilitated through the Full Tilt poker room.
Specific details regarding the process US players will need to follow to obtain their funds has yet to be officially announced, though it is believed that the Asset Forfeiture and Money Laundering Section (AFMLS) will help facilitate the compensation of victims via the Victim Asset Recovery Program (VARP).
Over the next three years PokerStars will make additional yearly payments of $125m, $100m and $97m to complete their financial obligations. In total, PokerStars will have paid $731m. As part of the deal, PokerStars does not admit to any wrongdoing, and is “explicitly permitted to apply to relevant U.S. gaming authorities to offer real money online poker when state or federal governments introduce regulation.”
August 15, 2012 at 10:18 am #33461AnonymousInactive
September 30, 2012 at 1:43 pm #25256Arpit JainKeymaster
On Monday, PokerStars revealed its plan to repay $184 million to former Full Tilt Poker customers who live outside of the United States. It was also announced that FullTiltPoker.com will relaunch during the first week of November.
On Aug. 9, 16 months after online poker’s big three were indicted by the U.S. Department of Justice, PokerStars closed on a deal to acquire Full Tilt Poker for $731 million. As a part of the deal with the U.S. Department of Justice, PokerStars agreed to make available all outstanding balances Â— totaling $184 million Â— owed to non-U.S. customers who had their money frozen on Full Tilt Poker.
PokerStars has been working with regulators in various jurisdictions to make sure that the repayment process follows local regulatory requirements. The repayment process varies in different jurisdictions.
Full Tilt Poker customers living in France, Spain, Denmark, Estonia, and Belgium will be repaid through the locally licensed PokerStars platform. Players will Â“pairÂ” a PokerStars account with their Full Tilt account, and then can either withdraw or use their balances on the licensed PokerStars site.
In Italy, PokerStars is continuing to work with regulators, and the details will be announced as soon as possible.
In all other markets (except the United States), Full Tilt Poker customers will have full access to their accounts when FullTiltPoker.com relaunches.
As part of the agreement with the U.S. Department of Justice, PokerStars paid $547 million to the U.S. Government, part of which will be distributed to U.S. customers.
The repayment of U.S. players who had funds stuck on Full Tilt Poker will be administered by the U.S. government. Details of the process have not been made available at this time.
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