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Full Tilt and DoJ Agree to Forfeiture; Tapie Hopes for March 2012 Relaunch

by Wicked Chops Entity on 1.31.2012 in Poker News | no comments

Sacreblue! Savior faire is everywhere!

Full Tilt Poker has agreed to final terms with the U.S. Department of Justice (DoJ) to forfeit the company’s assets.

This completes the latest complicated move which would allow Groupe Bernard Tapie (GBT) to take over the company–after it pays the DoJ $80 million ($40 of which it essentially gets back) for those aforementioned assets.

GBT still must get Full Tilt’s gaming licensed reinstated from the Alderney Gaming Control Commission (AGCC) before the site could operate again.

In an interview with Gaming Intelligence, Laurent Tapie said that he hopes to have a re-branded Full Tilt Poker launched by March 1.

We’ll post analysis of these latest developments on Wicked Chops Insider on Wednesday.
Read more about the story on Poker News here.

Tagged as: Black Friday, featured, Full Tilt Poker, Laurent Tapie, Poker News

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Full Tilt Agrees to Transfer Assets to Groupe Bernard Tapie

by Wicked Chops Entity on 12.15.2011 in Poker News | no comments

Out with the old...

According to Subject:Poker, Full Tilt Poker shareholders have agreed to transfer the company’s assets to Groupe Bernard Tapie.

Now that the asset transfer has been agreed upon, GBT can move ahead with its agreement with the U.S. Department of Justice. From here, Full Tilt assets (via the DoJ) are moved to GBT, and GBT gets one step closer to opening the virtual doors at Tilt again.

Of note, S:P reported:

Any current owners that are interested in receiving equity in the new company will be required to purchase minimal shares at an agreed-upon price. Such equity will always remain passive, with no managerial control, or voting privileges.

The catch here is not a lot of ownership is liquid enough to buy shares anyway, but it’s interesting the option remains open to do so.

Read more about the agreement here.

Read 3 Things This Deal Means for You on Insider here.

Tagged as: Black Friday, featured, Full Tilt Poker, Groupe Bernard Tapie, Poker News

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Wicked Chops Podcast: Talking Bitar and Tilt

by Wicked Chops Entity on 11.30.2011 in Poker News | 1 comment

Dave F-Train Behr takes us along for a ride in discussing the rise and fall of Ray Bitar.

We recorded a two-parter podcast yesterday. Part I is now live and discusses The Rise and Fall of Ray Bitar WCi feature with its author, Dave “F-Train” Behr.

In it, F-Train details the interview process for the feature, as well some conclusions that could be drawn about the man who helped make Full Tilt Poker the giant it once was.

Read the Bitar piece (by signing up for Insider) here. We’ve included some excerpts from the feature after the jump as well.

Part II of the podcast–a panel discussion all about The Walking Dead–will go up later today.

Podcast: Play in new window | Download

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Tagged as: Full Tilt Poker, Podcast, Poker News, Ray Bitar

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The Rise and Fall of Ray Bitar

by Wicked Chops Entity on 11.29.2011 in Poker News | no comments

We try to figure out what Ray Bitar is thinking in our latest Wicked Chops Insider post.

For our Wicked Chops Insiders, a new post is live detailing the rise and fall of Full Tilt Poker CEO Ray Bitar.

It’s a fascinating read as Dave “F-Train” Behr conducted interviews of people who know Ray first-hand and constructed a tale that attempts to shine a light on what the man was like, and how he could’ve possibly led Tilt down the path that he did.

It also potentially coins poker’s next catch-phrase: “Fuck Juanda.”

Read the post in full on Wicked Chops Insider here.

A podcast on the post will be uploaded soon as well.

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Tagged as: featured, Full Tilt Poker, Poker News, Ray Bitar

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Groupe Bernard Tapie Officially Acquires Full Tilt Poker

by Wicked Chops Entity on 11.17.2011 in Poker News | 2 comments

Vive la France!

It’s officially official.

Groupe Bernarnd Tapie (GBT) has acquired Full Tilt Poker.

From the leaked Yahoo! Finance story:

GBT has agreed to acquire Full Tilt Poker for $80 million, in a deal that was brokered by the U.S. Department of Justice… As part of the deal, Full Tilt Poker had to agree to forfeit its assets to the U.S. government, which then sold the assets to the GBT…

As part of the deal, the French firm will take responsibility for the burned players outside the U.S., while the Department of Justice will facilitate paybacks to the American gamblers who lost about $150 million. American players will have to apply to the DOJ for compensation.

Also of note and very important, no further prosecution of Full Tilt shareholders will take place.

Full Tilt is expected to have a statement up late afternoon Pacific Time on Thursday. We’ll add more to the post at that time and have analysis of the deal later on Wicked Chops Insider.

In related news, holding true to our word, no more French jokes on WCP. Good thing we got one last shot in this morning.

UPDATE: Read Full Tilt’s official statement, including a quote from Ray Bitar, here.

Tagged as: featured, Full Tilt Poker, Groupe Bernard Tapie, Online Poker, Poker News

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