PokerStars Deliberated Buying Full Tilt Poker

05/10/2012
By Tommie ClarkGoogle

Reports have circulated that PokerStars is currently in negotiations to purchase rival online casino games company, Full Tilt Poker. The deal would put an end to both companies’ ongoing legal battles with the United States Department of Justice.

The Department of Justice closed the US facing Full Tilt Poker and PokerStars wesbites last year in a crackdown on top rated online casino games sites. 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 Department of Justice did not comment. A company spokesman for PokerStars wrote that the company would not currently comment on any confidential negotiations with the Department of Justice.

Last November, Full Tilt and French investment company, Groupe Bernard Tapie, came to an agreement in which the investment company would purchase Full Tilt to resolve the legal issues against it. However, a lawyer for Groupe Bernard Tapie reported a few days ago that the eighty million dollar deal between the two companies failed to progress as there were differences related to the terms in which poker players would be paid back.

A statement from Groupe Bernard Tapie read partially, “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 deal between PokerStars and Full Tilt Poker moves forward, it would include precise terms for which poker players are able to recuperate money deposited with Full Tilt Poker prior to its closure.  

 

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