Last week Group Bernard Tapie (GBT) and the Department of Justice came to an agreement which would allow the GBT to purchase Full Tilt Poker and its assets. Currently Full Tilt Poker and all player funds are being held by the American Justice Department.
The GBT is reportedly going to pay $80 million to the DOJ to gain title of the Full Tilt Poker assets. GBT would then be responsible for all non-USA player account balances. American players will have to apply to the DOJ for reimbursement of their balances. Also part of this deal is that the DOJ will agree to dismiss pending civil claims against Full Tilt Poker and current shareholders, allowing the GBT to start fresh when they re-launch the company. The GBT’s offer is currently under review by FTP shareholders, who are likely to approve the offer.
Bernard Tapie, head of the investment group bearing his name, has had a very colored past. He built his fortunes by buying bankrupt, but formerly profitable, companies at discounted prices. Most notable was his purchase of ADIDAS in 1989 for 1.6 billion French francs (now 244 million Euros). Tapie was involved with sports team sponsorship and ownership, including soccer and cycling. Tapie has also had some trouble with the law on more than one occasion. He spent 6 months in prison for match fixing (soccer), and was convicted of tax fraud by the French government.
Despite his past, Tapie has much experience with turning around companies who fell upon tough times. Full Tilt Poker was once a very popular and profitable site, with a solid brand name in the industry. Only time will tell if Tapie will be able to return FTP to its past glory.