Originally Posted by Huskermoney00
Does anyone have an idea as to what steps are left in this whole process? Yeah good sh*t guys
Here's how I understand it:
The goal here is to get FTP's assets to GBT, with DOJ playing middle man. If this were a simple transaction without lots of odds and ends
, it would be a two-step process: First, FTP forfeits assets to the DOJ (in exchange for the DOJ settling its civil case against the companies, but not the civil or criminal case against individuals). Second, GBT buys those assets from the DOJ.
However, this is not a simple transaction. Basically, all parties naturally want assurances that the other parties will act as expected, so they sign some agreements promising to. So, what really happened is this: First, GBT and DOJ signed an agreement that essentially said that, if DOJ gets FTP's assets, DOJ agrees to sell GBT some of those assets at a set price and GBT agrees to buy. Now, FTP has promised GBT that it will forfeit those assets to DOJ and also made various assurances about what those assets contain and various legal promises, etc etc. That's obviously pretty huge.
The next step is for the actual transaction to take place, i.e., FTP does in fact forfeit its assets to DOJ and GBT does in fact buy them from DOJ.
That's a bit of an oversimplification, but that's the gist.