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Pros' debts to Full Tilt is a potential deal breaker, GBT says
A number of pros still owe substantial amounts of money to Full Tilt Poker. If the money doesn't come in, it could jeopardize the deal, says investor group Groupe Bernard Tapie.
The ongoing Full Tilt Poker saga continues to twist and turn.

Yesterday Groupe Bernard Tapie, the investor group looking to take over the company, said to be hoping to end the deal already by the end of this month.

However, today Groupe Bernard Tapie's lawyer, Benham Dayanim, said that as much as $10 to $20 million is still owed to Full Tilt Poker by a number of well-known pros, and this according to Dayanim's statements could represent a real "obstacle" for the deal to go through.

"GBT doesn't want to acquire assets which will need to be litigated over later" Dayanim told PokerStrategy.com.

"In total, the sum owed to the company is between $10 and $20 million. Several of the players who owe money and have not yet expressed a willingness to pay their debts include Phil Ivey, Layne Flack, David Benyamine, and Erick Lindgren. Barry Greenstein, Mike Matusow, and others owe a smaller but still significant amount," he added.

"If the money doesn't come in, it creates a serious obstacle to completion of the deal. This isn't the only issue with the takeover, and the deal won't end on any one issue - but this is a substantial item."

So far, the only player to have addressed the claims is Barry Greenstein, who posted a public response on TwoPlusTwo.

In this, Greenstein admits to owe Full Tilt Poker $400,000, but stresses that he only wishes to pay back the money if is used to repay players from the insolvent poker site.

"The consensus in the poker community is that all money owed to Full Tilt or taken by investors after the company became insolvent should be used to pay back player’s funds. If I were to make a deal with you it would look like I had turned my back on the best interests of the American players," Greenstein writes in his statement to Groupe Bernard Tapie.

"Even though the terms are easier for me if I deal with you and it will fulfill my legal obligation, I have to see how things work out with the DOJ and try to make good on my moral obligation to the US players. I assume at some time in the future the DOJ will establish a pool of funds from Full Tilt’s assets that will be used to pay off some percentage of the player balances that are owed," he adds.

As said, Greenstein is the only of the players mentioned by Dayanim to address the claims so far.

It further remains unknown just how much each of the other players still owe Full Tilt Poker.

Poker.org will be following the case as it develops.
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By David Michael Barnwell
Poker.org News Editor
Related News
PokerStars, Full Tilt Poker and the Department of Justice are reported to have reached an agreement on paying back Full Tilt Poker players after a recent court hearing. An announcement will be made at the end of this month, the report says.
A leaked email to Pocket Kings employees in Dublin indicates that Laurent Tapie is not completely done with the online poker industry. In the mail, Tapie claims that he now aims to launch a brand new brand if he can get the support of former FTP key staff.
Groupe Bernard Tapie lawyer Benham Dayanim has denied allegations that the investor group was hesitant in finalizing the takeover of Full Tilt Poker. The group was prepared to move ahead but was obstructed by the DoJ, Dayanim claims.
Comments
818
4 months ago
GBT wants to be as safe as possible which should be the first criteria for anybody doing such a big deal. I like Greensteins thoughtfulness willing to pay back only if the money is used to help other poker players who have lost their cash good article lets hope GBT solves the problems and revives FTP not sure if they gonna rename it though.
423
2322
4 months ago
Hmm, not very good news in terms of getting FTP back online shortly.
Hopefully they can solve these issues. Would love to see FTP back in the market.
633
211221221
4 months ago
I think we need to forget that this year FTP will be alive
21
3 months ago
Well roocius i think, i mean i have a premonition they will open in july-aug something like that but for sure not in march liek they said.. to much trouble to go trought.
21
3 months ago
Well roocius i think, i mean i have a premonition they will open in july-aug something like that but for sure not in march liek they said.. to much trouble to go trought.
36
4 months ago
Are you kidding me 80 million???? well my friend mr ferguson , and i apologise of this offends anybody but.. u know what u can do with ur extra 14 million.
279
3
4 months ago
Loans is there for paying back the money, just wish I were a PRO so I could loan a few millions dollar before Black Friday haha. :D
14
4 months ago
The pros were always reloading when they busted out. If they want to keep their goods reputations, they should pay up.
28
4 months ago
Greenstein has a great point. Why pay these guys when everyone has lost their entire bankroll and it's been years and no one has seen a cent.
Also, how do the Pros owe them so much money? Did FTP loan them money to play on there for promotional purposes?
252
32
4 months ago
Oh, what a mess. Glad I lost hope on this a few months ago. I'm not even sure I want to deal with the DOJ to get some fraction of my bankroll back.
215
2
3 months ago
So when will this crap is over, so want to see their money back, if nothing small
92
2
3 months ago
Dam doesnt sound like my big money is coming in soon
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