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Full Tilt Poker: The Saga Continues

October 10, 2011

While Full Tilt Poker has little to nothing left to its name, Groupe Bernard Tapie, the French investor that is planning to take on the debts of the Full Tilt Company and rebuild the broken brand, is taking action to secure what is left. A conditional clause included in the acquisition agreement dictates that an independent party must oversee any financial transactions that the existing board of directors authorizes on top of typical operating costs.

So Groupe Bernard Tapie is now interviewing for this position. The Chief Restructuring Officer’s priority will be to guard what little is left of the Full Tilt Poker conglomerate, having the power to veto any major financial decision made by the board. Meanwhile, acquisition negotiations are still in the works, which is now 10 days in. The Full Tilt board has yet to vote on the terms set forth by GBT. The structure of the corporation dictates that more than 2/3 of the Tiltware shareholders must agree. Unfortunately Ray Bitar, CEO, is more concerned with the current state of his own assets (still frozen) than working on saving the company, and board members Howard Lederer and Chris Ferguson are nowhere to be found.

And the Alderney Gambling Control Commission (AGCC) has quieted the numerous complaints of disgruntled online poker players calling to complain about how they are owed money by Full Tilt, despite the fact that the AGCC made a statement that they were no longer going to be involved in matters of Full Tilt Poker. Their updated statement now reads, “At the request of the police, ACGG will continue to log incoming player complaints: these records will be made available to the police.”

Written by Bea · Filed Under Poker News 

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