PokerStars in Talks to Buy Full Tilt Poker


05/10/2012
By Maria McCoyGoogle

It has been reported that the online poker site PokerStars is currently in discussion to purchase its rival Full Tilt Poker. The deal would conclude both online casino games sites’ ongoing legal battles with the United States Department of Justice.

The Department of Justice shut down both of the US web sites of Full Tilt Poker and PokerStars last year. The purchase of Full Tilt would be considered part of a larger settlement agreement in the civil case against the two top rated online casino games sites.

The Wall Street Journal reported that the Department of Justice had no comment. In a statement published on the blog of PokerStars, a company spokesperson wrote that the company could not currently comment on any confidential discussions with the Department of Justice.

In November of last year, Full Tilt and French investment company, Groupe Bernard Tapie, came to an agreement in which the investment company would buy Full Tilt to resolve the issue.  However, last week, a lawyer for Groupe Bernard Tapie reported that the eighty million dollar deal is no longer moving forward as there were disagreements related to the terms in which poker players would be paid back.

A statement from Groupe Bernard Tapie read in part, “GBT proposed a plan that would have resulted in immediate reinstatement of all ROW player balances, with a right to withdraw those funds over time, based on the size of the player balance and the extent of the player’s playing activity on the re-launched site. All players would have been permitted complete withdrawal of their balances, regardless of whether they played on the site, by a date certain, and 94.9% of ROW players would have been fully repaid on day 1. DOJ ultimately insisted on full repayment with right of withdrawal within 90 days for all players– a surprise demand made in the 11th hour, after months of good-faith negotiations by GBT.”

If the new agreement between PokerStars and Full Tilt Poker comes to fruition, it would include specific terms for which poker players around the world are able to recover money they had deposited with Full Tilt Poker prior to the shut down.

 


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