Agreement Reached between FTP and GBT on Transfer of Assets [Updated]

neFull Tilt Poker and Groupe Bernard Tapie have reached an agreement which will pave the way for the transfer of the company's assets. A majority vote of current Full Tilt ownership was received in order to make this possible.
Subject: Poker has reported that Full Tilt Poker and Groupe Bernard Tapie (GBT) have executed an agreement which will enable the United States DOJ to receive Full Tilt's assets and in turn sell them to GBT for the previously agreed upon $80 million.

A majority vote of Full Tilt ownership was necessary to execute this step, and it was received. In the case that any current owners maintain ownership in a reopened company, their shares will not come with voting privileges, and thus those owners would have no actual managerial control over the company. Members of the previous Full Tilt Board of Directors will not be granted the ability to purchase shares at all.

Laurent Tapie is currently in Dublin, and he has allegedly been speaking with employees about the future of the company.

Full Tilt Poker's assets will need to be transfered to the United States Department of Justice in order for GBT to take control over them.

PokerStrategy.com has verified the details of this story. This page will be updated as we receive additional information.


Update 17:23 GMT

The purpose of today's deal is provide assurance to Full Tilt Poker that if they forfeit their assets to the US Department of Justice, that GBT will buy it. There are also certain stipulations, including some that have already been mentioned in other related agreements, including assurance that GBT will repay debts owed to non-US Full Tilt account holders.

PokerStrategy.com has learned that one additional step must take place before the DOJ can take control of Full Tilt's assets. That step is for Full Tilt to create an official inventory, a process that will likely be overseen by GBT. At that point, the US DOJ can file a motion to take control of the assets catalogued in that inventory.

Attorneys representing both parties declined to comment.

by Matt Kaufman