In an interview with iGamingFrance (IGF) on Friday, Groupe Bernard Tapie Managing Director Laurent Tapie revealed that the company has no plans to ditch the Full Tilt Poker brand name. Earlier today, Groupe Bernard Tapie announced that it had signed an exclusive acquisition agreement with the fledgling online poker room conditioned on several factors, including the site reaching an agreement with the U.S. Department of Justice.Tapie was adamant about preserving the Full Tilt Poker brand, telling IGF on Friday, “The brand is not in question, it’s a well-known brand and the technology is widely recognized as being possibly the best in the industry. The management of the company is being questioned and it will be changed [should the takeover be concluded]. I believe we have the tools necessary to once again make the site one of the leaders in the online poker sector.”
Among other innovations, Full Tilt rolled out Rush Poker in early 2010, which it notes on its website is still patent-pending. It also developed Cashout Tournaments and, in its last software update prior to having its license suspended and ultimately revoked, Full Tilt introduced HA Mixed Limit games, 10-Game Cap tables, and 2-7 Triple Draw Pot Limit with Antes.
Brand name changes have occurred following high-profile setbacks like the one Full Tilt Poker endured. For example, in 1996, ValuJet Flight 592 crashed into the Florida Everglades, killing over 100 passengers. One year later, the embattled ValuJet merged with the parent company of AirTran Airways, but chose to drop its name after the considerable amount of bad press.
Tapie added that the reincarnated Full Tilt could be up and running as soon as January. Groupe Bernard Tapie boasts that it has a considerable amount of experience turning around sputtering companies, the most notable of which is the sportswear outfit Adidas.We’ve had several posters on PocketFives.com ask how much Tapie’s organization put down in order to acquire Full Tilt Poker. To that end, IGF quoted its Managing Director as saying, “We have shown that we have the funds necessary to repay player debts. We want to find ways where we don’t have to put in all the money and will be talking to the U.S. Department of Justice next week.”
According to today’s press release, the conditional sale will result in all players being refunded. This week, the Alderney Gambling Control Commission (AGCC), which revoked Full Tilt’s license on Thursday, revealed that the U.S. Department of Justice had seized over $330 million in Full Tilt Poker’s funds over the last four years.
IGF speculated whether the DOJ could, in turn, aid Tapie in paying back customers: “A potential solution could therefore see the DOJ agreeing to return as much of that money as possible to players, while pursuing its civil and criminal cases against Full Tilt’s management. Tapie would then be able to finance any outstanding debts (which would be considerably less) and reopen the site.”
Among those keeping a close eye on the acquisition was Poker Players Alliance Executive Director John Pappas, who told PocketFives.com on Friday, “This is promising news and, at the moment, it represents the best opportunity for the players to be repaid. We would encourage the Department of Justice to swiftly conduct its due diligence and approve this deal.”
Also on Friday, AGCC Executive Director Andre Wilsenach told eGamingReview (EGR) that Full Tilt, not a lack of oversight by the AGCC, was to blame for the pickle that players found themselves in: “I blame it absolutely on Full Tilt. In my view, it’s absolutely right that the Commission has decided to revoke their licenses… If your operator doesn’t tell [you about seized funds], then there’s no way you would know.”The EGR interview, which also appeared on Poker Strategy, added that at no point in the AGCC’s investigation of Full Tilt was it in communication with the DOJ. Wilsenach concluded, “Don’t for a minute think that in April Black Friday was the first time they froze funds... What in fact happened, over a period of time, is they were freezing funds in payment processors’ accounts and every time the fund was frozen, the operator moved to another payment processor, funds are frozen, and they moved again. Eventually, it leaves a trail of payment processors with frozen funds."
Check out these related stories for more information:
Full Tilt Conditionally Acquired By Groupe Bernard Tapie
DOJ Claims Full Tilt Player Refunds Possible, Could Take Months
AGCC on Revoking Full Tilt Poker's License: FTP Misled Us
Canada
United Kingdom
Costa Rica
Australia
Mexico
Denmark
Russian Federation
Sweden
Brazil
Germany
