The next step necessary for Groupe Bernard Tapie to acquire Full Tilt Poker, and more importantly pay out its players, is finally complete. Both GBT and FTP have come to an agreement that will facilitate the transfer of assets from FTP to the United States Department of Justice and then from the DOJ to GBT. This complicated process started about a month ago and will hopefully come to an end quite soon.
According to the agreement between the DOJ and GBT, GBT is allowed to purchase assets that is to be forfeited by FTP to the DOJ for $80 million. The GBT must repay non-American players who are owed over $150 million. The DOJ, on the other hand, is to repay the $150 million owed to US players and dismiss any civil complaints of forfeiture against Pocket Kings, Ltd. (Full Tilt Poker’s parent company).
The forfeiture of FTP assets to the DOJ are rumored to be taking place in the very near future. Hopefully this process continues with haste and all players on Full Tilt Poker receive their money back.