Orinic Limited, Full Tilt Poker' subsidiary, has withdrawn the application for a gaming license that was made to Alderney Gambling Control Commission (AGCC). This was reported by AGCC in a press release 2 days ago. Also, this means that the scheduled public hearing next Thursday is canceled.
This doesn't come as a surprise since Group Bernard Tapie, the investment group that was going buy Full Ti[...] Read more » Full Tilt Poker: Orinic withdraws license application
Joined: Apr '09
Age: 37 (M)
We can’t forget that Group Bernard Tapie can still try a new agreement with the United State Department of Justice, if both are available to release some of the pressure on some aspects of the previous agreement. We all read that declaration from Group Bernard Tapie, but they can try to find another way to reach the objective of acquiring FTP. They just have to look for what can compensate the fact of having to pay immediately the values owned to old players with money on the account. Is it that difficult? They must have done a lot of market studies, how long would they have to wait till they would reach profits, already paying their investment and the money paid to players? More than two years? Don’t think it would take much longer, it also depends on how the players would react to their re-entrance on the market.
Joined: May '09
Age: 42 (M)
The best of the possible buy of FTP (money back apart) is that we can forget to the horrible/thieves/incompetents AGCC. Pokerstars works with other regulator and i think the new FTP will work with the same as Pokerstars.
Joined: Jan '11
Location: United States
Age: 53 (M)
Well we know the DOJ are going to sale the assets one way or another because they're about the money so eventually something will happen. Even if it's 8 more months down the road. It's just crazy that so much money is being lost by there not being many sites that will allow U.S. players so I can't believe it's gone on this long.
Joined: May '08
Age: 52 (M)
This had to be expected. Stars is licenced in the isle of man. I guess they will apply for a licence for their new poker room there too. So it makes little sense to go through the open process in Alderney.
Joined: Mar '11
Location: United Kingdom
Age: 33 (M)
Posted by Fakiry: We can�t forget that Group Bernard Tapie can still try a new agreement with the United State Department of Justice, if both are available to release some of the pressure on some aspects of the previous agreement. We all read that declaration from Group Bernard Tapie, but they can try to find another way to reach the objective of acquiring FTP. They just have to look for what can compensate the fact of having to pay immediately the values owned to old players with money on the account. Is it that difficult? They must have done a lot of market studies, how long would they have to wait till they would reach profits, already paying their investment and the money paid to players? More than two years? Don�t think it would take much longer, it also depends on how the players would react to their re-entrance on the market.
i dont think gbt will be going any further with their interest in taking over ftp. they were working on it for 7months and they couldnt come up with a solution with the DOJ.
personally i think they got a better offer for the assets from stars so they changed their minds last minute about doing the deal with gbt. otherwise the deal would be going through and that hearing on may 3rd would still be happening.
Joined: May '09
Age: 42 (M)
@ bullettooth1: I agree, sure Pokerstars offers more to the DoJ than GBT. @K0_ot: I don't believe that Pokerstars leaves FTP have better promotions than Pokerstars have. And for players who can not be Supernova at Pokerstars the rakeback+Iron Man+No deposit promotions in FTP were so much better.
Joined: Mar '10
Age: 68 (F)
bla blabla bla blablabla FULL TILT bla bla bla 06/2011 bla blabla bla 09/2011 bla bla FULL TILT bla bla OPEN bla blabla bla bla 03/2012 bla blabla bla OPEN bla blabla FULL TILT bla bla blabla 05/2012 blabla OPEN bla bla OPEN blabla bla JUHHUUU bla bla
Joined: Jan '12
Age: 24 (M)
I really hope full tiltpoker comes backs with a relived management if i will defiantly open up an account there as well as still play on stars of course. Apparently poker stars have brought them out this will mean they will have a monopoly over the poker market.
Joined: Apr '12
Age: 30 (M)
"Groupe Bernard Tapie regrets to announce that, after seven months of intensive work, our efforts to obtain final approval of the United States Department of Justice of the agreement to acquire the assets of Full TiltPoker have ended without success.
Ultimately, the deal failed due to two major issues.
The parties could not agree on a plan for repayment of ROW players.
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.
The legal complications surrounding the deal – specifically, questions surrounding the legality of the forfeiture under non-US laws – also proved unresolvable.
All of the key assets of the FTP companies reside outside of the United States. A non-US court well might regard the purported forfeiture as a “fraudulent transaction” and declare it invalid or deem the acquirer of the assets responsible for all of those creditor obligations.
Given the $80 million purchase price, and the substantial amount of cash needed to relaunch FTP, those issues ultimately proved too substantial to overcome.
GBT is very conscious of the hopes it has created – among FTP employees that they will retain their jobs, among FTP players that they will recover their balances, and among the entire poker community that the world’s finest poker platform will be relaunched and bring a needed added element of competition to a world market that today is fully dominated by a single operator.
GBT cannot accept the end of those hopes.
For that reason, unless a concrete and legally viable solution is found in the very coming days to save the employees and repay the players of FTP, we will move to our own plan of action.
We understand from press reports that the DOJ may have entered into an agreement with PokerStars pursuant to which PokerStars will acquire the FTP assets.
If accurate, we can only assume that PokerStars determined that it was willing to accept these legal and financial risks in order to resolve its own legal situation with DOJ.
If a PokerStars acquisition of FTP means that all FTP players will be fully repaid immediately, we are very happy for the players, as their final and full repayment has always been our priority.
We only regret that such a deal would signal further consolidation of a poker market already dominated by a single player – an outcome that may raise antitrust concerns and that, in the long run, is probably not good for players and for the whole online poker industry.”
This of course is the biggest question on poker players’ lips since Black Friday last year and has continued to overshadow them since.
The thread was started by an apparent ex-poker pro who states: “I don’t know if this is actually true, but a number of inside sources contacted me to tell me to undelete this thread. So, this thread is staying open for now.”
To add to the heated rumours, the forum also saw a comment and tweet from ChiliPoker CEO Alexander Dreyfus on Twitter: “Pokerstars buys FullTilt for a consideration of $750m, including settlement with DOJ and full balances of players (330m). I’m impressed.”
As the speculation unravels minute by minute, another poker player is quoted as thinking that a “PartyStars” could be on the horizon:
It has been reported that Laurent Tapie is set to put a release out later today in regards to the FTPnews, this is now believed to announce the failure of GBT to come to a deal with the US DOJ over the assets of Full TiltPoker.
The iGaming Post previously reported that Tapie had invested 1 million into a new company. We reported that FTP registered two new subsidiaries in Malta. These were “FullTilt Holding Ltd.” & “New FullTilt LTD.” It has also been reported that Laurent Tapie has been named Director and Secretary of these. Other reports claimed that the site was going through a re-vamp, getting ready to switch its lights back on in the world of poker.
Others within the thread have called the latest claims “surreal.” Others have said that they “knew this would happen from day one.” Another poker player doesn’t even want the rumour to be true: “God I hope this is not true. It would mean the “new” FullTilt2″ could not come to the US when we finally get legislation.”
What is certain now is that GBT will not be opening up FTP2, but will PokerStars ?"
Joined: May '09
Age: 42 (M)
Thank you diogojsm for post this news. I agree with Macubaas, mounths waiting for a solution and when all seems to end... all begins again with new partner. Pokerstars have always good comunication with players, i jope they have it too with the old users of FTP and bring us news often.