At a hearing held in London over six days, it emerged that FTP had fundamentally misled
AGCC about their operational integrity by continuously reporting as liquid funds balances
that had been covertly seized or restrained by US authorities, or that were otherwise not
actually available to the operator. Serious breaches of AGCC regulations include false
reporting, unauthorised provision of credit, and failure to report material events.
Full Tilt Poker and Groupe Bernard Tapie Sign Acquisition Agreement
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.
‘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."