FTP Buyout by GBT in the Works

The news report also cited an email which purportedly came from Ray Bitar, Full Tilt Poker’s chief executive officer. The Bitar email included information on the agreement forged by GBT with the Department of Justice regarding the FTP buyout by GBT. Several independent sources have also confirmed the existence of such an email from Bitar.

“US-based online gamblers will receive their payment from the Department of Justice and the settlement process will be initiated as soon as GBT assumes full responsibility of all accountabilities and liabilities of FTP” Bitar confirmed. The tentative agreement specifically defines the commitment of GBT to pay the ROW players.

There are still a few more things that need to be ironed out by the concerned parties and these include the acceptable time line for the reimbursements of the concerned ROW players as well the payment mode and procedure that will be followed in the said settlement between GBT and the ROW players.

Once all the terms and conditions of the proposed agreement are finalized with the Southern District’s Attorney’s Office in New York, GBT will present the proposed agreement to the stakeholders of FTP for their concurrence. To seal the buyout agreement and complete the takeover, GBT must get at least 2/3 of the total number of votes. In the meantime, the Department of Justice has not yet released any official statement regarding the reported FTP buyout.

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