
Its been a long time coming but it looks as though the Full Tilt Poker operation is being sold to Groupe Bernard Taipe (GBT). The agreement was decided between Full Tilt, Bernard Taipe and the U.S. Department of Justice. It was a two thirds majority vote and comes almost a month after the idea of asset transfer became viable. GBT takes on Full Tilt's assets and its debts, including the paying back of American players.
Of course GBT also takes on all of Full Tilt's other debts whether related to the American portion of their company or not. Pokerlistings.com reports a $150 million in debt owed to players outside of the United States. The American player debt will be “facilitated” by the Department of Justice. Who knows if this is some sort of loan to GBT or the use of public funds. At the moment that isn't clear. There is a long way to go for the matter of Full Tilt debt to be settled.
Another part of the agreement still under negotiation is the civil charges against the company that owns Full Tilt Poker. Until these charges are dropped or followed through, the poker site cannot be put back into action. Some poker fans suggest that a lot of the American players owed money will not claim it if the Department of Justice has access to their personal files. Maybe this is exactly what the DoJ and GBT want.
One has to wonder why GBT would follow through on this deal with such determination. Do they know something that we don't know? Do they really think players will flock back to the company that found every excuse under the sun not to give them their money back? GBT has stated in the past that their main interest was in Full Tilt's gaming software but it certainly seems like a high price to pay. I'm guessing there is a lot more to his situation than is being reported in the media.