GBT and FTP Talk DealPublished on November 28th, 2011 1:53 pm EST
Groupe Bernard Tapie and Full Tilt Poker are currently meeting to discuss the details of a potential deal.
After the two sides have agreed to the framework of a deal, Full Tilt Poker's shareholders will then be asked to vote on it. A 2/3rds majority is needed to OK the deal, but there aren't expected to be any issues when it comes to getting the necessary support.
Groupe Bernard Tapie and the US Department of Justice reportedly agreed to a deal last week. Under the rumored terms of the deal, Full Tilt Poker will forfeit all of their assets to the US Department of Justice, which will then turn around and sell the assets to Groupe Bernard Tapie for $80 million.
What could Groupe Bernard Tapie and Full Tilt Poker possibly be talking about?
To start, the two sides will need to fully itemize all of the current Full Tilt Poker assets, right down to the last pen and pencil. Full Tilt Poker will be forfeiting EVERYTHING to the US Department of Justice.
On top of that, there have been rumors that some of the current stakeholders in Full Tilt Poker will be offered equity positions in FTP2. This will also surely be a topic of discussion.
Price? GBT is paying the US Department of Justice $80 million (actually this amount is reportedly more like $40 million, due to the fact that GBT will be gaining access to some frozen accounts after the sale to the DoJ is completed). There is no purchase price to be negotiated with Full Tilt Poker and Groupe Bernard Tapie, as Full Tilt Poker currently has a negative value.
I would assume that GBT will also be detailing their plans to restart and rejuvenate the site during the meetings between the two sides.
I'm obviously just speculating, but I would guess that Full Tilt Poker's shareholders will be asked to vote on the deal sometime later in the week. Assuming that everything goes smoothly, the next step will be Full Tilt Poker forfeiting all of their assets to the DoJ.
When and if GBT/FTP agree to a deal, I would also expect to hear some sort of an announcement regarding the proposed relaunch date of Full Tilt Poker.
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