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Source: No Indication Whether Full Tilt Sale Will Close on Friday[ return to main articles page ]

By: Dan Cypra    [See all articles by Dan Cypra]
Published on Mar 23rd, 2012
We've had a number of members of the PocketFives community ask for an update on the ongoing sale of Full Tilt Poker to Groupe Bernard Tapie. With the rumored transaction deadline of last Friday having come and gone, the online poker community has been left to wonder whether a contract will actually be finalized and, if so, if it could happen by this Friday. In response, PocketFives sought an update.

A source close to the negotiations told PocketFives on Thursday morning, "I don't want to speculate. It is anybody's guess whether it is this week or next." We can safely say that when a deal is finally struck, a major announcement will be made.

Last week, a source told PocketFives that the conclusion of Tapie's acquisition of Full Tilt Poker could be near: "The deadline for a deal is Friday [March 16th], and that is possible, but next week is more realistic in my opinion." The sale was announced last September shortly after Full Tilt had its operating license formally revoked by the Alderney Gambling Control Commission. One day before, the U.S. Government called Full Tilt a "global Ponzi scheme." Read more.

Also last week, a Gambling Compliance article asserted that the deadline for a deal was Friday, March 16th: "The Bernard Tapie Groupe looks well placed to complete its agreement to buy Full Tilt Poker this week. Tapie and the owners of Full Tilt agreed to extend their deadline for completion until this Friday [March 16th] to allow for further due diligence and sources on both sides are confident that the deadline will be met." As you know by now, last Friday came and went without word of a deal.

The rumored transaction will likely see the U.S. Department of Justice pay back U.S. Full Tilt customers, while Tapie will refund players from the rest of the world. However, whether players will be paid back in full, or a percentage of their bankrolls, remains to be seen.

Even when the deal is finalized, according to EGR, there are still several tasks that need to be completed before any cash can be refunded to U.S. users: "After [Tapie] closes with the Government, the Government still has to deal with the forfeiture proceedings, as they're selling the assets through the court."

EGR also received a tip last week that Tapie had secured an unnamed external investor for the yet-to-be-closed transaction. Recently, sources close to PocketFives have speculated that Tapie either does not have enough cash to close the deal or doesn't want to spend the cash necessary, perhaps explaining the need for an external investor.

Oddly enough, Full Tilt Poker's Ray Bitar (pictured) apologized to the poker community earlier this month, rationalizing his silence by saying that he didn't want to derail any potential agreement. At the same time, he stated that he had been working "every single day" to refund players.

Nearly a year after Black Friday, however, U.S. players continue to be separated from their bankrolls. And lest we forget that in order for Full Tilt Poker to launch to the rest of the world, the site still needs a valid gaming license.

Today, the poker community has been buzzing about a Wicked Chops article revealing that Full Tilt Poker officials are "gearing up" for a re-launch. Steve "Chops" Preiss told PocketFives on Thursday, "For the last three months, we've been hearing a lot of contradictory chatter regarding whether or not this deal is going to go through. We have a couple of sources who don't believe it will go through. Recently, the loudest chatter has been from people very well connected who are providing intelligence and details saying that it's near completion and will go through."

"I am still on the skeptical side given how long negotiations have been going on," Preiss admitted. "However, I'm hearing way more now from other people who are close to the negotiations that the deal is going to happen." Preiss guessed that a "reasonable" date for the re-launch of Full Tilt Poker would be by the start of the 2012 World Series of Poker in late May.

Comments

  1. Thanks dan
  2. While we wait, lets have some soup!

    Full Tilt Tuckahoe Bridge Soup

    2 tablespoons finely chopped onion
    3 tablespoons butter
    1/2 teaspoon saltfreshly ground black pepper
    1 pound backfin crab meat
    3 cups milk
    1/2 cup heavy cream
    2 tablespoons Scotch whisky
    chopped fresh parsley

    Cook the onino in the butter until transparent. Stir in the salt and pepper and cook over low heat for 10 minutes, stirring occasionally. Add the crab meat and milk and cook in a double boiler over boiling water for 15 minutes. Add the heavy cream, and when the mixture is piping hot, stir in the Scotch whiskey. Serve immediately garnished with chopped parsley. Serves 8.
    Edited By: vicvegas007 Mar 23rd, 2012 at 02:18 AM
  3. I can't afford crab till they pay me back
  4. get a new source!
     
  5. So I replace "1 pound backfin crab meat" with; 1 pound of your finest Cheeba, gently churned in butter, 1 pinch of Kief, 1/2 tsp salt, 1 more churn of love..
  6. "I am still on the skeptical side given how long negotiations have been going on," Preiss admitted.

    This is not actually a good reason to be skeptical. I don't trust the people involved with the deal, but the fact that they have spent a significant amount of time negotiating makes it more likely that they will eventually reach a resolution.

    I have been a part of several several multi-million dollar negotiations. In the early stage you have to move very slowly and get the bidding started high, but reasonable. The amount of time invested both physically and mentally serves to encourage your opponent to prefer resolution to continued conflict. Once this happens, people slowly realize that it is in their best interest to maximize each other's compromise and come to a number that is equally offensive to their respective positions. A negotiation has failed if one side believes it was the winner.

    With all that said, I can't really believe this is going to happen. Learn, Chat, Play With the Pros? I can't imagine too many Pros feeling comfortable reassigning their name to FTP right now in its toxic state. <-- This is likely wrong. Tapie is likely arguing that it should only pay for the software and the customer list. FTP's goodwill is in the red, their payroll department is in jail or on the run, their accounting department never existed and, what's the other thing? . . . Oh yea, they owe over $100mm that they don't have. If these crooks can get a deal done and pay us back, I'll be satisfied, but I'll never trust any of them again.
    Edited By: 13Jayhawk13 Mar 23rd, 2012 at 07:20 AM
  7. chaptor 223 page 10973 commences....

    this is getting real long in the tooth
     
  8. Sweet, an update about how we have nothing to be updated on.
  9. My guess is they are waiting for the final word on exactly how much $'s will it take and on what date will their poker license be approved.
 
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