Behnam Dayanim, legal counsel for Laurent Tapie, revealed possible financial structuring of the deal between Full Tilt Poker and Groupe Bernard Tapie. Though the amount that Groupe Bernard Tapie would invest is uncertain, the attorney for the younger Tapie – slated to be in charge of Full Tilt when the deal closes – provided some insight into the possible financing routes of the pending deal.
According to the Wall Street Journal, Dayanim confirmed that Groupe Bernard Tapie is “seeking new investment from the site’s existing owners.” However, the existing owners “wouldn’t be involved in managing the company,” he added. Any involvement by the current owners would likely require the approval of the US Department of Justice.
Perhaps the most interesting of financing avenues this deal might eventually take involves account owners with the largest outstanding balances on the site. In the idea – discussed in poker forums since Full Tilt ceased operations when license was suspended – equity shares in the resurrected company would be offered in lieu of full payment. No details were provided identifying which players would be asked to forgo full reimbursement or how such equity shares would be calculated.
As suspected, one contingency of the deal is the ability of the new ownership to obtain an operating license. In the Alderney Gaming Control Commission’s (AGCC) statement that accompanied its decision to revoke Full Tilt’s license, it declared, “It is important to note that the revocation of FTP’s license does not, as has been suggested, prevent a reactivation of the business under new ownership and management.”
Scrutiny of Bernard Tapie’s past, which includes a conviction for fraud and a jail term for fixing a soccer match, could pose a final stumbling block if all other pieces fall into place. Reputable regulators may frown upon the checkered past of the Managing Partner, but Full Tilt still owns a secondary license issued through Kahnawake Gaming Commission (KGC), a regulator that still licenses Absolute Poker and UB even after cheating was discovered to have taken place by its owners.
Representatives of Groupe Bernard Tapie met with the DOJ on Monday. Though an agreement between them has yet to be reached, it is likely that the terms of that deal will shape the eventual financing of the sale.
