The French investment firm Groupe Bernard Tapie has signed a deal to buy Full Tilt Poker, the online gambling site that was shut down by the federal government for allegedly operating a Ponzi scheme.
GBT has agreed to acquire Full Tilt Poker for $80 million, in a deal that was brokered by the U.S. Department of Justice, according to TK. As part of the deal, Full Tilt Poker had to agree to forfeit its assets to the U.S. government, which then sold the assets to the GBT.
Full Tilt Poker owed as much as $390 million to international players who had gambling accounts with the company when it was shut down by federal authorities in August. About half of those losses are held by players in the U.S.
As part of the deal, the French firm will take responsibility for the burned players outside the U.S., while the Department of Justice will facilitate paybacks to the American gamblers who lost about $150 million. American players will have to apply to the DOJ for compensation.
The federal government has seized the Full Tilt Poker site, which is currently embossed with the seals of the DOJ and the Federal Bureau of Investigation.
The government plans to dismiss the civil forfeiture proceedings. This will have no impact on individual proceedings, but it removes a potential liability for shareholders, as it removes all pending proceeding against Full Tilt.
The U.S. Attorney's Office for the Southern District of New York pounced on Full Tilt on August 31 and charged executives with raiding the accounts of gamblers who had been promised winnings and keeping the money for themselves.
Source:
http://finance.yahoo.com/news/Groupe-Bernard-Tapie-buy-Full-cnnm-734536333.html?x=0&l=1
3 comments:
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