Big News: PokerStars Purchases FTP(?) Cliffs in OP Last update 4/24 1:02PM PT - Poker News

PS<3FTP · 04-24-2012, 06:43 AM

PokerStars has reached an agreement with the U.S. Department of Justice to buy FTP. The things I heard:

* All players will be refunded 100%
* Both sites back online
* Both sites have promotions
* Employees remain in both places

Expect more news today.

Mod note, NoahSD:

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.

Mod note, PP
GBT Statement

Quote:

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 Tilt Poker 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.”

Update April 24, 2012 1:02pm PT

Clarification from NSD:

Stars has been in settlement talks with the DOJ for over a year now. They weren't revealing anything new or surprising by saying that. They're simply acknowledging that people have been talking about this and saying that because the topic of this thread involves their confidential discussions with the DOJ, they can't comment.

OMG_LadyGaga · 04-24-2012, 06:48 AM

So glad it all worked out very well. Thank you OP for the excellent news.

this_passing · 04-24-2012, 06:53 AM

yessss

acecatcher26 · 04-24-2012, 06:54 AM

Just wanted in on the first page just incase...

lancelott_ · 04-24-2012, 07:04 AM

so howard lederer ferguson and ray bitar will be their new ps team pros? yes! cant wait to see their faces on main ps lobby, its been a while. good move pokerstars!

bandonlooper1 · 04-24-2012, 09:16 AM

i believe

NoahSD · 04-24-2012, 09:17 AM

I don't know if this is actually true or not, and I'm no longer in the business of researching this stuff. However, I got unsolicited contacts from a number of old sources saying that this thread is worth keeping open, so I'm keeping it open.

OldRod_KS · 04-24-2012, 09:19 AM

If this is true... epic first post!

If it's not true... FU OP!

Of course, it doesn't matter to me either way... I'm in the U.S. so I can't play even if they do buy it

But if it gets me my money back... damn, now I don't know whether to believe this or not. I'm so conflicted...

zerosum79 · 04-24-2012, 09:20 AM

Quote:

Originally Posted by NoahSD

I don't know if this is actually true or not, and I'm no longer in the business of researching this stuff. However, I got unsolicited contacts from a number of old sources saying that this thread is worth keeping open, so I'm keeping it open.

In on frist page of possibly epic thread!

zero

lillou · 04-24-2012, 09:20 AM

I also believe

YeyDrek · 04-24-2012, 09:22 AM

in on epic thread

mithras · 04-24-2012, 09:22 AM

Short PARTY/BWIN stock and make a fortune?

QueenOfClubs · 04-24-2012, 09:24 AM

true

Stinky Stu · 04-24-2012, 09:25 AM

Wait, did I really wake up or ... ?

ULcajun · 04-24-2012, 09:25 AM

More news TODAY? thats impossibru!

suitedjustice · 04-24-2012, 09:25 AM

zerosum79 · 04-24-2012, 09:26 AM

Curious if GBT deal fell through and PS was in the wings with a backup offer to DOJ?

zero

SeaKing · 04-24-2012, 09:26 AM

OoOoOoOoO interesting.

mitch_gach · 04-24-2012, 09:26 AM

I've been saying this since day 1. https://forumserver.twoplustwo.com/29...efuse-1089377/

YeyDrek · 04-24-2012, 09:26 AM

thank you op for awaring us, can't wait to start playing without rb!

**Mike Haven** · 04-24-2012, 09:27 AM

I can't confirm that this is true, because of NDA reasons, but I can say that a welcomed press release may follow in the near future.

1.61803399 · 04-24-2012, 09:27 AM

Pokerstars playing Monopoly irl. Surely to surreal to be true?

(Time to use my One time

)

NoMeansYes_ · 04-24-2012, 09:28 AM

Quote:

Originally Posted by NoahSD

I don't know if this is actually true or not, and I'm no longer in the business of researching this stuff. However, I got unsolicited contacts from a number of old sources saying that this thread is worth keeping open, so I'm keeping it open.

This could be the greatest level in 2p2 history

Asgrow13 · 04-24-2012, 09:28 AM

Would assume there was a 0% chance this was true if not for Noah specifically leaving it open, but still pretty incredulous... would be crazy if true.

ULcajun · 04-24-2012, 09:28 AM

Quote:

Originally Posted by Mike Haven

I can't confirm that this is true, because of NDA reasons, but I can say that a welcomed press release may follow in the near future.

this is confirmation enough for me to get giddy =)