Subject:Poker is reporting that Groupe Bernard Tapie and the Department of Justice have agreed to terms which will allow the sale of Full Tilt Poker to be completed.
According to the report, Tilt CEO Ray Bitar sent out an email to Full Tilt shareholders confirming the deal as well.
Groupe Bernard Tapie would also assume all debt to international players, and the DoJ would set up a fund to repay U.S. customers.
In our opinion, other than “why would Tapie really spend this much money on a toxic asset,” DoJ approval of a FTP sale was by far and away the biggest obstacle that needed to be cleared. Now, Tapie must get Tilt’s gaming license reinstated (very likely) and Tilt shareholders to approve the sale (100% slam dunk).
Other questions of course remain to be answered. Will money owed to affiliates be honored? Will pro contracts be honored? How much of the Team and Red pros are actually kept? Still, these are better questions to have than, “How much can Tilt get if they liquidate their assets?”
One interesting side note, if the deal comes to fruition, and all of the old ownership is cleared out, does that open the door for a potential Tilt re-entry to the U.S. with a brick & mortar partner? While we think it’s a long-shot, it’s not out of the question either.
Read more about the Tapie-Tilt-DoJ situation here.