Groupe Bernard Tapie Meets With DoJPublished on 2011-10-04 01:23:00
Earlier today, the Wall Street Journal published an article titled "Full Tilt Rescue May Give Stake to Customers". (link below)
The article, which was penned by Alexandra Berzon and Max Colchester, contained a couple of interesting nuggets of information.
One of the revelations? Players who are owed the most money by Full Tilt Poker may be offered equity stakes.
From the WSJ:
"Behnam Dayanim, an attorney for Laurent Tapie, said the family would be prepared to take control of Full Tilt. Mr. Dayanim said it hasn't been determined how large an investment or stake Groupe Bernard Tapie would make. He confirmed the Tapies may address Full Tilt's liabilities by offering equity in a revived company to poker players owed the most money."
Another interesting tidbit of information - Groupe Bernard Tapie is apparently going to call upon the site's existing owners to kick in some cash:
"The family is also seeking new investment from the site's existing owners, who wouldn't be involved in managing the company, he said. The Justice Department would have to agree to allow these owners to continue with the company, two people familiar with the negotiations said."
According to the article, an attorney representing Groupe Bernard Tapie met with DoJ officials on Monday afternoon. A successful resolution of the US government's civil suit against Full Tilt Poker is required before any deal can go through.
Groupe Bernard Tapie is also conducting due diligence on Full Tilt's "financial state", and this process is apparently ongoing. On top of that, the company would need to secure a license in order for Full Tilt Poker to resume operations.
Not to be pessimistic, but it certainly seems as though there are a raft of issues that could possibly derail any sale to Groupe Bernard Tapie.
Source: WSJ.com - Full Tilt Rescue May Give Stake to Customers
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