Full Tilt Poker Deal delayed again [5]

The waiting continues for poker players owed money

 

The seemingly never ending story of Full Tilt Poker (FTP) and the deal with Groupe Bernard Tapie (GBT) continues after the latest deadline of 16th March has come and will go without any official deal announced.

 

American & Rest of World poker players owed in total some $300 million by the former directors, owners and pro players of FTP1, had hoped Friday the 16th March would be the day that they were told some good news on their fate, sadly for them, their frustration will continue again for sometime.

 

GBT Lawyer, Behnam Dayanim two weeks ago said there was need for more time. It was understood by many unconfirmed news reports, from where the iGaming Post does not know, that the 16th March would be the day the deal would be official. However once again and not for the first time, more delays are ahead for all concerned.

 

The iGaming Post announced only recently that there was another company looking at only purchasing the world respected software of Full Tilt Poker for some $35 million. The longer the deal lingers for GBT, the more doubt there must be that it will fail.

 

The huge spaghetti like legal problems involved in the FTP deal, the arrangements of paying players in the rest of the World over $150 million back and the uncertainty of how successful a FTP2 would be without the US market, seems to hold up the deal continually.

Estimates put FTP2 daily profit without the US Players at best at $200,000, that would need to have every previous non US player back and playing on the website, unlikely given the damage to the reputation FTP has received. However should this be the case, then FTP2 would get in the region of $70 million a year gross.

Sounds like a lot of money, which it is of course, but that is Gross and best case scenario for GBT, whatever the outcome once the next deadline looms, the iGaming Post will keep you updated.