PokerStars Might Acquire Full Tilt Poker
Speculation is rife in the online poker fraternity about the potential PokerStars acquisition of Full Tilt Poker.
This would come as a surprise because all through this year it was being reported that Groupe Bernard Tapie (GBT) of France was in the process of completing the acquisition of Full Tilt Poker through the US Department of Justice (DoJ). But last week, even before the breakdown of the negotiations between GBT and the DoJ was officially in the public domain, persons in the know blazed the online forums with unconfirmed reports that PokerStars had taken over Full Tilt Poker.
Later GBT did release a statement giving reasons why its bid ultimately failed. The main reason concerned the repayment of the players who held balances with Full Tilt Poker. The DoJ did not accept the phased plan of repayment formulated by GBT and insisted that the complete repayment be done within 90 days of the acquisition. GBT said that it would be unable to provide for funds so soon and had to withdraw. The GBT statement also cited uncertainty of the legal position in the jurisdictions where the Full Tilt Poker assets were actually located.
There has been no confirmation of the position from either PokerStars or the DoJ. But it has been reported that PokerStars has paid $750 million to the DoJ. Out of this $330 million would go to repay the Full Tilt Poker players and the balance would be offset against the sums owed by PokerStars to the DoJ. In this manner there would be complete closure in the DoJ cases against both PokerStars and Full Tilt Poker.
DoJ Action Against Full Tilt Poker and PokerStars
The genesis of this year long saga lies in the Black Friday action taken by
the DoJ. On April 15, 2011, the DoJ seized the domains and froze the bank
accounts of three leading American online poker sites, Full Tilt Poker,
PokerStars and Absolute Poker. PokerStars negotiated for its accounts to be
freed to pay off its members. It was also able to continue operations outside
the United States.
When Full Tilt Poker approached the DoJ for unfreezing its accounts, it came to
light that the accounts did not have sufficient funds to pay the players. The
allegation levelled was that Full Tilt Poker had been diverting players'
balances. For a long time Full Tilt Poker tried to find a buyer, ultimately
striking an understanding with GBT.
The players of Full Tilt Poker have been waiting for over a year for their money. Those who could afford to do so have filed cases in American courts against the online poker room. For them it does not matter who pays them off as long as it is done soon and in full. They are anxiously waiting for an official conformation of this deal from PokerStars.
