Pokerstars Buys Full Tilt Poker - Deal Complete!

Debi

Debi

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At last!! pokerstars buys full tilt poker and we will get our money back - you can all be happy now!

Full Tilt will be forfeiting all assets to the US government who will then in turn transfer some of those assets to Pokerstars. Pokerstars wil refund money to non US players within 90 days. US players will be refunded separately by the US government.

Pokerstars expects to have Full Tilt Poker back up and running within 90 days.

Details can be found here:

http://diamondflushpoker.com/2012/0...ull-tilt-poker-assets-doj-agreement-complete/

"Provided for in the deal, PokerStars agrees to forfeit the amount of $ 547,000,000. to the US government over three years. By doing so, all civil forfeiture and money laundering claims, as specified in the amended civil complaint against all named PokerStars companies shall be dismissed with prejudice."

"US players with account balances outstanding, will be compensated separately. U.S. victims of the offenses allegedly committed by the FTP companies or other members of the FTP group as put forth in the amended civil complaint, shall have the opportunity to file a petition for remission with the U.S. Department of Justice, Asset Forfeiture Money Laundering Service (AFMLS), taking into regard the PokerStars forfeited funds, to seek compensation for their losses. The value of the remission applications is expected to be approximately $ 150 million. For clarity of compensation purposes, US players and “rest of world” players shall be categorized based on their verified and approved locations on the Full Tilt site as of April 14, 2011."

"At this time, a specific date for relaunch of the former Full Tilt Poker site is unclear, but PokerStars sources confirm that it’s a priority to see this happen as soon as possible, certainly within the prescribed 90 day time frame as set forth in the agreement."

And from Pokerstars:

http://www.pokerstarsblog.com/corpo...rs-settles-with-united-states-doj-096492.html

"We plan to re-open the Full Tilt site and, most importantly, we will make available all funds for players outside the U.S. within 90 days of the formal close of the deal, which will occur in the next seven days. The money paid to the US Government will in part be used to reimburse former Full Tilt Poker customers in the United States, through a remission process to be administered by the Department of Justice."

"Paying back Full Tilt players was a key component in our agreement to acquire the assets. This is not only important to the individual players who have had their bankrolls tied up for more than a year, but it's also vital to re-building trust in online poker and instilling confidence in the global poker economy. It's too early to begin disclosing many details about our strategic plans for Full Tilt, but our first order of business is to re-open the site, pay back all of the players and begin rebuilding Full Tilt's reputation. Going forward, we will operate Full Tilt as a separate brand, giving players another leading and trusted platform to enjoy the game. The re-launched Full Tilt site will bring back the innovative features, the authentic poker and the cutting-edge software that made it so popular with millions of players worldwide."

And the DOJ Press Release:
http://www.justice.gov/usao/nys/pres...ettlement.html
 
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baudib1

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Pokerstars Acquires Full Tilt Poker

SUPER TUESDAY YAY
 
micromachine

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Full Tilt Poker Players Will Be Repaid

Wow that's awesome news for all you guys who had money on there. Congrats!!
 
O

only_bridge

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Does this count towards the record of big wins?
Cause if it does Im top 10.
 
Debi

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I added some quotes from the 2 announcements that I thought would interest you!
 
Dorkus Malorkus

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"Provided for in the deal, PokerStars agrees to forfeit the amount of $ 547,000,000. to the US government over three years. By doing so, all civil forfeiture and money laundering claims, as specified in the amended civil complaint against all named PokerStars companies shall be dismissed with prejudice."

"Pay us some bribe money and we'll make everything go away".

:rolleyes:

I mean obviously this is great but screw the US government.
 
WVHillbilly

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Wonder how long it will be before US players see a dime?
 
B

baudib1

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IDK but I'll be rubbing imaginary $50 bills on my titties till then.
 
dj11

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Huge caveat for us USA players. We will have to petition the DOJ for our moniez.

NOT the outcome we were expecting/hoping for.:(
 
WVHillbilly

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I don't really care who writes the check as long as I can cash it. Would obviously rather sooner than later. DoJ should be held to the same 90 day window that they gave Stars imo.
 
JohnBoyWWFC

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Much better outcome than it would have been had Tapie got a hold of the company though.
 
fletchdad

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I don't really care who writes the check as long as I can cash it. Would obviously rather sooner than later. DoJ should be held to the same 90 day window that they gave Stars imo.


Second that. But those funds need to be identified, dont they???

The volume of protest players will reach if the DoJ takes too long will get pretty loud.... Can they really get away with trying to steal the money?
 
ziggymom

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This is great news .........finally will get are money back
 
WVHillbilly

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Second that. But those funds need to be identified, dont they???

The volume of protest players will reach if the DoJ takes too long will get pretty loud.... Can they really get away with trying to steal the money?
They already are. The reason for the remission applications is to make it a hassle or scare some players into not submitting. There will be MILLIONS in unclaimed funds. Either because people don't know how to apply, they are afraid because they haven't been claiming their winnings or they think online poker is/was illegal, or the process is just too much hassle for smaller BRs. All that unclaimed money will eventually end up in the DoJ coffers.
 
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GWU73

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Now the DOJ just needs to start writing some checks. :)
 
Pascal-lf

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my version of cliffs:

- formal deal will be completed within 7 days
- from deal completion, funds must be paid back to ROW players within 90 days
- FTP will be relaunched as an independent site (within 90 days) with newly appointed management team: more info on this will be announced soon
- USA players have big fund set up, can apply to DoJ to get money back
- all criminal charges dropped, can apply for license in future
- "fair" resolution for points and bonuses

more info here:

http://forumserver.twoplustwo.com/2...stars-announcement-regarding-ftp-doj-1228781/
- Isai steps down
 
WVHillbilly

WVHillbilly

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And some AP/UB news from the DOJ press release:
In a related matter, the U.S. Attorney’s office also filed a motion requesting that the Court enter a settlement agreement reached with Absolute Poker/Ultimate Bet that requires the company to forfeit all of its assets (the “Absolute Assets”) in order to fully resolve this action. The motion also requests that the Government be permitted to liquidate the Absolute Assets, with the net proceeds of that sale to be held pending the resolution of claims filed by other parties who have asserted an ownership interest in the Absolute Assets.
 
absoluthamm

absoluthamm

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Happy, but I'm still not celebrating yet basically because of what WV said. Not only that, but the government has never been very quick to do anything that isn't going to directly benefit themselves, so I don't see them being very quick on this. Also, they are reaping the benefits of the interest every day they extend it.
 
WVHillbilly

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Just another little tidbit from the DOJ release:

PokerStars is prohibited from offering online poker in the U.S. for real money unless and until it is legal to do so under U.S. law.

I think we all knew as much but that line makes it official.
 
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