Full Tilt Poker has agreed to terms with the U.S. DoJ in a deal that will allow Groupe Bernard Tapie to buy all of FTP's forfeited assets. The Tapie Group now hopes to have Full Tilt Poker open again "by March".
Full Tilt Poker has reached an agreement with the U.S. Department of Justice of the final terms of a deal that allows for Groupe Bernard Tapie to take over all of the company's assets.
According to several reports, Full Tilt agreed to the final terms of the agreement on January 27.
The deal will see Full Tilt forfeit all of the company's assets to the Department of Justice in return for the DoJ to dismiss civil forfeiture proceedings against the company.
This removes the liability form the company's shareholders in the case, but the individual criminal proceedings outlined in the April 11 indictments and the following amended civil complaint will not be affected.
Furthermore, Groupe Bernard Tapie will now be permitted to buy the forfeited assets for a pre-agreed sum of $80 million in return for assuming the responsibility for paying back all of the company's non-U.S. players.
Players outside of the U.S. are believed to have around $150 million still locked up in Full Tilt Poker accounts.
American players, too, are believed to be owed around $150 million, but this part will be repaid by the DoJ, the agreement says.
Laurent Tapie, who is heading the negotiations on behalf of the Tapie investment group had initially hoped for a launch for a rebranded Full Tilt Poker room in January.
According to statements made to Gaming Intelligence, Tapie says there is still "a long way to go" before Full Tilt Poker can open for business again, but that he hopes to have the site up and running again "by March 1."
Among the hurdles still remaining is to negotiate for a new online gambling license, possibly from Alderney Gambling Control Commission, who revoked the former Full Tilt license on June 29, 2011.
"We need to complete our due diligence and reactivate the license," Tapie said.