Full Tilt Poker's Board of Directors has signed an acquisition agreement with the Bernard Tapie Group. Here is the FTP press release:
Dublin, Ireland (September 30, 2011) Laurent Tapie, Managing Director of Groupe Bernard Tapie announced today that the group has signed an exclusive agreement with the Board of Directors of Full Tilt Poker to acquire the company and all of its associated assets. This agreement, which includes the repayment of Full Tilt Poker’s world-wide players in full, is subject to several conditions; the first of which is a favorable resolution with the United States Department of Justice. Discussions with the United States Department of Justice will begin immediately.
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| Bernard Tapie |
Groupe Bernard Tapie has over 30 years of experience in the salvation of financially distressed businesses, with over 40 companies acquired and managed to profitability, the most well-known being the sport equipment giant, Adidas.
Bernard Tapie is a 68 year-old French businessman, politician, entertainer and one of the more famous celebrities in France. He is a sports team owner whose teams have won the Tour de France and the French National Soccer championship. Tapie's son Laurent is representing the group in this acquisition and you can read more about the acquisition
HERE In his first interview, Laurent Tapie says he believes in the Full Tilt project and has the funds to repay players, but admits there is “still a long way to go”.
FULL TILT POKER BLACK FRIDAY TIMELINE
April 15 the Department of Justice (DOJ) shuts down Pokerstars, Full Tilt Poker (FTP), Absolute Poker (AP) and Ultimate Bet (UB) in the United States. By
April 26 Pokerstars allows US players to cash out. FTP does not allow US players access to their funds, nor cashout. At the WSOP at the
end of May Phil Ivey, Chris Ferguson and Howard Lederer are all no-shows. Ivey releases a statement stating he will not be attending on principle. On
June 01 Phil Ivey files suit against to get out of his non-compete clause and later in June, it is reported Ivey was FTP's world headquarters in Dublin meeting with FTP executives. Ivey's filing of the lawsuit led to a response by FTP in which they cited millions of dollars in "loans" to him which remained unpaid.
On
June 29 the Alderney Gambling Control Commission (AGCC) suspended FTP's gaming license. At this time, Full Tilt Poker is completely shut down to all players around the world and Phil Ivey dismisses his lawsuit against FTP the following day.
A hearing is scheldued for
July 26 to reveiw reinstatement of FTP's liscense, but it is re-scheduled for
September 15 by the request of FTP attorneys. At the end of August, FTP issues a statement claiming $115 million dollars has been seized over the previous two years by the DOJ. FTP also claims investors are interested in purchasing the site. FTP lawyer Jeff Ifrah then files a motion with the court asking to be relieved as attorneys for the defense. Ifrah cites representing FTP was creating an unreasonable financial burden on the law firm. On September 15, the hearing between FTP and the AGCC to determine if FTP would get the gaming license reinstated was re-scheduled for
September 19. The hearing was to be a two day affair.
The second day of the hearing (September 20) , the DOJ announce it had amended their civil complaint to include charges against Howard Lederer, Chris Ferguson and Rafe Furst -- for running a "global ponzi scheme". The AGCC cut the proceedings short as a result, and announced on September 29 -- three of the four licenses for the corporations that make up FTP are revoked. Full Tilt has now announced this agreement with the Bernard Tapie Group.