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Old 12-15-2011, 11:47 AM   #1
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FTP and GBT reach agreement

It's official: http://www.subjectpoker.com/2011/12/ftp-gbt-agree/
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Old 12-15-2011, 11:48 AM   #2
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Re: FTP and GBT reach agreement

one step closer !
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Old 12-15-2011, 11:49 AM   #3
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Re: FTP and GBT reach agreement

bink
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Old 12-15-2011, 11:49 AM   #4
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Re: FTP and GBT reach agreement

yes!
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Old 12-15-2011, 11:50 AM   #5
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Re: FTP and GBT reach agreement

insta 5*.

NOW MAKE IT RAIN!!!!!!!!!!!!!!!!!!!!!!

Last edited by kelnel; 12-15-2011 at 11:54 AM. Reason: hookers&blow obv
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Old 12-15-2011, 11:51 AM   #6
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Re: FTP and GBT reach agreement

BOOM
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Old 12-15-2011, 11:52 AM   #7
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Lol.was first but deleted I guess before I could edit into real post...awesome News to wake up to!
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Old 12-15-2011, 11:52 AM   #8
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Re: FTP and GBT reach agreement

Great!!! One step closer, I think we will see our money guys!!
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Old 12-15-2011, 11:53 AM   #9
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Re: FTP and GBT reach agreement

Hopefully the next steps don't take quite as long.
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Old 12-15-2011, 11:55 AM   #10
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Re: FTP and GBT reach agreement

Good news -- let's hope it starts a surge to legalize poker!
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Old 12-15-2011, 11:55 AM   #11
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Re: FTP and GBT reach agreement

Ah finally the good Christmas news for players. Meilleurs voeux
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Old 12-15-2011, 11:56 AM   #12
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Re: FTP and GBT reach agreement

Next up UB?

Spoiler:
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Old 12-15-2011, 11:56 AM   #13
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Re: FTP and GBT reach agreement

Does anyone have an idea as to what steps are left in this whole process? Yeah good **** guys

Last edited by SGT RJ; 12-15-2011 at 12:05 PM. Reason: circumventing the profanity filter
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Old 12-15-2011, 12:00 PM   #14
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Re: FTP and GBT reach agreement

Quote:
Originally Posted by Huskermoney00 View Post
Does anyone have an idea as to what steps are left in this whole process? Yeah good **** guys
they need licences

Last edited by SGT RJ; 12-15-2011 at 12:05 PM.
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Old 12-15-2011, 12:00 PM   #15
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Re: FTP and GBT reach agreement

Good news indeed, Merry Christmas everyone (or whatever you celebrate)
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Old 12-15-2011, 12:01 PM   #16
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Re: FTP and GBT reach agreement

Thanks for all the help on this guys. So when does the whole DOJ/GBT start to get their whole business out of the way?
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Old 12-15-2011, 12:05 PM   #17
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Re: FTP and GBT reach agreement

pretty good news, i thought i'd fail, coz it took so go damn much.
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Old 12-15-2011, 12:05 PM   #18
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Re: FTP and GBT reach agreement

I was just writing the DOJ an email about this subject when I bumped into this article....good news maybe??? I'll keep you guys posted if they write anything back about the subject.
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Old 12-15-2011, 12:06 PM   #19
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Re: FTP and GBT reach agreement

SHIP!!!!!!
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Old 12-15-2011, 12:08 PM   #20
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Re: FTP and GBT reach agreement

Vive la France
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Old 12-15-2011, 12:09 PM   #21
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Re: FTP and GBT reach agreement

Great news for those outside the US. Still keeping positive about the US positions being made whole. Looks like this was the last big hurdle though for those outside the US.

GG ROW
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Old 12-15-2011, 12:11 PM   #22
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Re: FTP and GBT reach agreement

And one step closer to get howard lederer and chris ferguson back on televised poker. Just hasn't been the same without these two legends of the game.
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Old 12-15-2011, 12:14 PM   #23
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Re: FTP and GBT reach agreement

Quote:
Originally Posted by Disinterested View Post
And one step closer to get howard lederer and chris ferguson back on televised poker. Just hasn't been the same without these two legends of the game.
SHUN THE NON-BELIEVER SHUUUUUUUUUUUUUUUUUUUUNNNNNNNNNNNNNNNNNNNNNNNN

SHUUUUUUUUUUUUUUNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNN
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Old 12-15-2011, 12:16 PM   #24
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Re: FTP and GBT reach agreement

Quote:
Originally Posted by Huskermoney00 View Post
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.
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Old 12-15-2011, 12:18 PM   #25
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Re: FTP and GBT reach agreement

I'm glad
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