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Author Topic: Black Friday and the aftermath: Online Poker Implications  (Read 174719 times)
tikay
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« Reply #900 on: November 29, 2011, 11:41:59 AM »


From "Poker-King" .com......

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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« Reply #901 on: November 30, 2011, 11:53:52 AM »

Anymore news on how the payback is going to be structured? I know for the big balances they have to settle for a stake in the company as a form of repayment but I wonder how much they are going to give back in cash.

Would be nice to see something back from an amount I struck off as never going to get back.
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« Reply #902 on: November 30, 2011, 01:59:00 PM »

Is it safe (enough) to play on Stars just now?
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« Reply #903 on: November 30, 2011, 02:08:17 PM »

Is it safe (enough) to play on Stars just now?

yeah.
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« Reply #904 on: November 30, 2011, 03:40:48 PM »

Facebook rumoured to be looking to launch real money poker in the UK 

http://techcrunch.com/2011/11/30/facebook-in-talks-to-open-platform-for-real-money-gambling-in-the-uk/

Bodog's relaunched site to be all-anonymous tables.

http://calvinayre.com/2011/11/30/press-releases/bodog-poker-network-launches-all-site-anonymous-tables/
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« Reply #905 on: November 30, 2011, 03:45:09 PM »


You read the original version on EGaming, or the re-hash on PokerStrategy, DrMarbles? Wink
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« Reply #906 on: November 30, 2011, 05:19:51 PM »

Anymore news on how the payback is going to be structured? I know for the big balances they have to settle for a stake in the company as a form of repayment but I wonder how much they are going to give back in cash.

Would be nice to see something back from an amount I struck off as never going to get back.

People on 2+2 are buying at around 55c per dollar i think.
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« Reply #907 on: December 16, 2011, 11:50:59 AM »

Players with funds stuck on Full Tilt Poker could be in line for some Christmas cheer as reports suggest that the deal between the beleaguered site and Groupe Bernard Tapie is one step closer to completion.
According to Subject:Poker a deal has been agreed to further the transfer Full Tilt Poker's assets to the French consortium.

The latest move comes a month after the Department of Justice agreed a deal to allow Groupe Bernard Tapie to take over Full Tilt's assets for $80m. GBT would take responsibility for paying the estimated $150m outstanding to non-US players with the DoJ repaying US players.

Subject: Poker quotes multiple sources who have said that a majority of Full Tilt's shareholders have now approved the deal. The next step on the road to the takeover is the actual forfeiture of FTP to the DoJ. The DoJ will then dismiss civil charges against FTP.
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« Reply #908 on: January 05, 2012, 12:26:16 PM »

Full Tilt Poker in Deeper Trouble as Brits Advised to Call Police


Full Tilt Poker in Deeper Trouble as Brits Advised to Call PoliceThe Alderney Gambling Control Commission (AGCC) have told British customers of beleaguered poker website Full Tilt Poker to contact their local police if they believe “they are a victim of crime”.

The Channel Islands-based AGCC – who withdrew Full Tilt Poker’s licence last September – released a statement that advises all British customers of the poker room to “report the matter” to the police if they reckon they are owed money.

This piece of advice from the AGCC is probably the last thing Full Tilt Poker shareholders wanted to hear, but it does appear that the poker room’s owners have been dragging their heels over the return of millions of dollars to customers, so it may well come as no great surprise to poker insiders.


Groupe Bernard Tapie deal goes unmentioned

However, the AGCC – which had recently been silent over the demise of Full Tilt Poker until this statement – did not refer in any way to the agreement reached between the US Department of Justice (DoJ), Full Tilt’s shareholders and French firm Groupe Bernard Tapie (GBT) for the last named to purchase the struggling poker website for $80 million back in November of last year.

Of course, Full Tilt Poker was one of several poker rooms – including PokerStars and Absolute Poker – shut down by the DoJ on Black Friday as the government body made accusations of alleged violations of gambling laws when processing money transfers on April 15 last year.

The poker room has also been deemed off-limits to British poker players since June 29 of last year, when the AGCC suspended their licence.

2012 Starts Badly for Full Tilt Poker

While the deal with GBT is expected to be completed in the near future, no details have emerged over exactly how players will be compensated for accounts frozen by the DoJ – even with an estimated $150 million sitting in those accounts.

It’s a new year but the same old story for Full Tilt Poker. The frustrations felt by their customers must be reaching boiling point, so it is likely that many will contact their local authorities.

In fact, the AGCC believes “that a number of civil actions have been initiated by players against Full Tilt, some as class actions representing multiple players by UK, US and Canadian lawyers”.

Expect more news on this latest development over the next few days. We at Poker News Report will, of course, keep you updated and informed.

The AGCC still Logging “player complaints”

The full statement released by the AGCC reads:

“At the request of the police, AGCC will continue to log incoming player complaints: these records will be made available to the police.

“However, following the revocation of the licences, AGCC no longer has authority to intermediate or arbitrate on player issues or disputes with Full Tilt (excepting for players registered under a Swiss address).

“Players may have the following alternative options:

“1. Full Tilt has been requested to provide a specific player contact: this is awaited and will be incorporated here upon receipt.

“2. Any player who believes they are a victim of crime, as a result of their dealings with Full Tilt, should in the first instance contact their own local police in their country of residence and report the matter to them. These reports will then be coordinated centrally.

“3. It is understood that a number of civil actions have been initiated by players against Full Tilt, some as class actions representing multiple players by UK, US and Canadian lawyers. Details of the firms concerned can be found through internet search.”

http://www.pokernewsreport.com/full-tilt-poker-in-deeper-trouble-as-brits-advised-to-call-police-6944
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« Reply #909 on: January 05, 2012, 03:38:01 PM »

The AGCC statement is actually a statement from October that was accidently republished today.
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« Reply #910 on: January 05, 2012, 04:00:58 PM »

lol!

& did anyone hear about those 6 guys who got turned over in vegas?........................................
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« Reply #911 on: January 05, 2012, 04:02:35 PM »

lol!

& did anyone hear about those 6 guys who got turned over in vegas?........................................

Nope, let me tweet about it first then you can tell me all about it.
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« Reply #912 on: January 05, 2012, 04:21:49 PM »

lol!

& did anyone hear about those 6 guys who got turned over in vegas?........................................

Nope, let me tweet about it first then you can tell me all about it.

lmao
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« Reply #913 on: January 05, 2012, 07:19:16 PM »

lol!

& did anyone hear about those 6 guys who got turned over in vegas?........................................

Oh, please God, don't bring that up again, I get abuse every time it's mentioned!
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« Reply #914 on: January 17, 2012, 01:19:12 PM »


From EGR, today....

"...Gabi Campos, the first ever CEO of the world's largest poker website, will step down from his position after just 14 months in charge, eGaming Review can confirm.

Following reports late last night that Campos's position was in doubt, sources within PokerStars have confirmed to eGR that he will leave in two weeks time.

An official statement released to Pokernews earlier today, but not sent out on general release, said: "PokerStars announced today that Gabi Campos has decided to step down from his position as Chief Executive Officer, effective Feb. 1, 2012, to pursue other opportunities. The company thanks Gabi for his hard work and commitment and wishes him the best in all his future endeavors. A search for Gabi’s replacement is under way."

As exclusively revealed at the time by eGR Campos joined Stars from 888's B2B division Dragonfish on 19 July 2010 acting as a "non operational consultant" and officially began his role as PokerStars' first ever CEO on 4 October 2010.

Stars founder Isai Scheinberg remained on board as chief technical officer, while his son Mark assumed the role of chairman. eGR has learned from two individual sources within the company that Isai, indicted on several charges including alleged money laundering alongside Stars' head of payments Paul Tate and a number of other poker affiliated personnel from Full Tilt and Absolute Poker following the events of Black Friday, has taken a more hands on role in the last few months on projects some of his teams are working on.

In July Stars unveiled former Microsoft and Disney senior VP Eric Hollreiser as its new head of corporate communications, while a month later it appointed another Microsoft veteran, Alex Payne, as its new chief marketing officer. Since then, however a number of long-serving staff have left including European Poker Tour tournament director Thomas Kremser; John Duthie, who last month ended his contract as a Stars pro and as the CEO of the European Poker Tour which he created, while poker pros Greg Raymer and Joe Hachem have both split from Stars in the last year......"

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