+ Reply to Thread
Page 1 of 2 1 2 LastLast
Results 1 to 10 of 20
  1. #1

    Breaking News: PokerStars Purchases Full Tilt - Rumour or fact?

    In a recent development, it is being speculated that PokerStars has purchased Full Tilt Poker for $750 Million.
    Chili Poker CEO Alex Dreyfus posted on Twitter on Tuesday, "PokerStars buys Full Tilt for a consideration of $750M, including settlement with DOJ and full balances of players ($330M). I'm impressed."

    iGamingFrance (IGF) Tweeted on Tuesday that GBT had told the poker news site that the deal with Full Tilt, which was originally announced last September, is now off: "Laurent Tapie confirms deal is off for FTP buyout, insinuates external sabotage over DOJ negotiations. More to follow." IGF also confirmed that a statement is reportedly due out later today: "Just spoken to Laurent Tapie re: Stars-FTP buyout, no comment, he'll put out a release later today."

    eGamingReview (EGR) published an article around Noon ET on Tuesday confirming that the GBT deal with Full Tilt had fallen through. EGR sourced a GBT statement as reading in part, "We understand from press reports that the DOJ may have entered into an agreement with PokerStars pursuant to which PokerStars will acquire the FTP assets. If accurate, we can only assume that PokerStars determined that it was willing to accept these legal and financial risks in order to resolve its own legal situation with DOJ."

    GBT Statement:

    Groupe Bernard Tapie regrets to announce that, after seven months of intensive work, our efforts to obtain final approval of the United States Department of Justice of the agreement to acquire the assets of Full Tilt Poker have ended without success.
    Ultimately, the deal failed due to two major issues.

    The parties could not agree on a plan for repayment of ROW players.

    GBT proposed a plan that would have resulted in immediate reinstatement of all ROW player balances, with a right to withdraw those funds over time, based on the size of the player balance and the extent of the player’s playing activity on the re-launched site. All players would have been permitted complete withdrawal of their balances, regardless of whether they played on the site, by a date certain, and 94.9% of ROW players would have been fully repaid on day 1. DOJ ultimately insisted on full repayment with right of withdrawal within 90 days for all players– a surprise demand made in the 11th hour, after months of good-faith negotiations by GBT.

    The legal complications surrounding the deal – specifically, questions surrounding the legality of the forfeiture under non-US laws – also proved unresolvable.

    All of the key assets of the FTP companies reside outside of the United States. A non-US court well might regard the purported forfeiture as a “fraudulent transaction” and declare it invalid or deem the acquirer of the assets responsible for all of those creditor obligations.
    Given the $80 million purchase price, and the substantial amount of cash needed to relaunch FTP, those issues ultimately proved too substantial to overcome.

    GBT is very conscious of the hopes it has created – among FTP employees that they will retain their jobs, among FTP players that they will recover their balances, and among the entire poker community that the world’s finest poker platform will be relaunched and bring a needed added element of competition to a world market that today is fully dominated by a single operator.
    GBT cannot accept the end of those hopes.

    For that reason, unless a concrete and legally viable solution is found in the very coming days to save the employees and repay the players of FTP, we will move to our own plan of action.

    We understand from press reports that the DOJ may have entered into an agreement with PokerStars pursuant to which PokerStars will acquire the FTP assets.
If accurate, we can only assume that PokerStars determined that it was willing to accept these legal and financial risks in order to resolve its own legal situation with DOJ.

If a PokerStars acquisition of FTP means that all FTP players will be fully repaid immediately, we are very happy for the players, as their final and full repayment has always been our priority.

    We only regret that such a deal would signal further consolidation of a poker market already dominated by a single player – an outcome that may raise antitrust concerns and that, in the long run, is probably not good for players and for the whole online poker industry.”

  2. #2
    PokerStars hasn't confirmed anything yet so at best this could still be speculation but I hope its true if it means that players get their money back soon.

  3. #3

    PokerStars buys Full Tilt Poker?

    According to numerous sources, PokerStars has reached a settlement with the US Department of Justice (DOJ) to buy Full Tilt Poker and settle its outstanding legal matters. No official statements have been made by either sites so far, but according to Alex Dreyfus, CEO of Chili Gaming, PokerStars has paid $750 million to acquire Full Tilt and settle its outstanding legal issues with the DOJ - $330 million will go to repay Full Tilt account holders.



    These news, if they are true, come as a big surprise since the French investment group Group Bernard Tapie were known to be the buyers of Full Tilt Poker until now. And there has been lots of news in the past few weeks indiciating that the deal was as good as done. Now, however, it seems like new owners might be PokerStars, the world's largest poker site.

  4. #4

  5. #5
    Eric Hollreiser - Head of Corporate Communications for PokerStars, posted the following comment on the PokerStars Blog.

    "We've had a lot of inquiries and there's lots of speculation on the forums, so I wanted to address the PokerStars chatter. As you know, PokerStars is in settlement discussions with the U.S. Department of Justice. As such settlement discussions are always confidential, we are unable to comment on rumors. As soon as we have information to share publicly we will do so."

  6. #6
    GBT deal was a big joke..found this article... read here

    Players own balance would have turned into a kind of Bonus...more u play more fund will be released ..lol

    i guess starting of StarsFULLpokerTILT.com will solve problem...come on onetime PS...
    in the poker game of life, women are the rake

  7. #7
    Hehe nice name StarFULLpokerTILT.com

    and amen!

  8. #8
    i want my ninja avatar back.. one time plz

  9. #9
    any updates?

  10. #10

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts