FTP and GBT reach agreement
 

It's official: http://www.subjectpoker.com/2011/12/ftp-gbt-agree/

Re: FTP and GBT reach agreement
 

one step closer !

Re: FTP and GBT reach agreement
 

bink

Re: FTP and GBT reach agreement
 

yes!

Re: FTP and GBT reach agreement
 

insta 5*.

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

Re: FTP and GBT reach agreement
 

BOOM

Lol.was first but deleted I guess before I could edit into real post...awesome News to wake up to!

Re: FTP and GBT reach agreement
 

Great!!! One step closer, I think we will see our money guys!!

Re: FTP and GBT reach agreement
 

Hopefully the next steps don't take quite as long.

Re: FTP and GBT reach agreement
 

Good news -- let's hope it starts a surge to legalize poker!

Re: FTP and GBT reach agreement
 

Ah finally the good Christmas news for players. Meilleurs voeux :)

Re: FTP and GBT reach agreement
 

Next up UB?

Re: FTP and GBT reach agreement
 

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

Re: FTP and GBT reach agreement
 

they need licences

Re: FTP and GBT reach agreement
 

Good news indeed, Merry Christmas everyone (or whatever you celebrate)

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?

Re: FTP and GBT reach agreement
 

pretty good news, i thought i'd fail, coz it took so go damn much.

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.

Re: FTP and GBT reach agreement
 

SHIP!!!!!!

Re: FTP and GBT reach agreement
 

Vive la France

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

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.

Re: FTP and GBT reach agreement
 

SHUN THE NON-BELIEVER SHUUUUUUUUUUUUUUUUUUUUNNNNNNNNNNNNNNNNNNNNNNNN

SHUUUUUUUUUUUUUUNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNN

Re: FTP and GBT reach agreement
 

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.

Re: FTP and GBT reach agreement
 

I'm glad