PokerStars: PokerStars Acquires Full Tilt – Players Breathe Sigh of Relief

July 31, 2012

Full Tilt Poker’s players can officially breathe a huge sigh of relief after more than a year during which they had plenty of time to wonder whether their Full Tilt bankrolls would ever get to be worth more than a handful of peanuts. PokerStars have announced that they finalized an agreement regarding the purchase of the operation, an agreement apparently approved by the US DoJ too.

Besides the actual takeover and the fact that Full Tilt players will finally be able to recover their monies, the agreement has much further-reaching significance: it allows Full Tilt Poker to voluntarily forfeit all its assets to the US Government. Once it does so, all money laundering and bank fraud charges against all the Full Tilt subsidies will be dropped with prejudice.

The Government will then transfer certain FTP assets to PokerStars. PokerStars’ part of the deal is about forfeiting $547 million to the US Governemnt over a 3-year period. Once this part of the deal is consumed, all Black Friday charges against PokerStars companies will be dismissed with prejudice too.

Once the deal is complete, and the assets land where they are supposed to according to the agreement, within 90 days PokerStars are compelled to make all non-US Full Tilt monies available for withdrawal. FTP Points aren’t mentioned in the agreement. Charges brought against PokerStars’ staff members aren’t covered in the agreement either.

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