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As confirmed by Gambling911.com on Friday, PokerStars has been granted permission by the US Government to acquire the assets of Full Tilt Poker and ensure all players be paid. Attorney for Full Tilt Poker Jeff Ifrah has confirmed to Gambling911.com the report appearing on DiamondFlush.com.
In return for the forfeiture, the government agrees that all civil forfeiture claims and money laundering charges against the Full Tilt companies, as documented in the amended civil complaint, be dismissed with prejudice. There are absolutely no conditions that require any civil or criminal charges lodged against any Full Tilt related individuals to be dismissed or otherwise resolved, in whole or in part, as part of this agreement.
Provided for in the deal, PokerStars agrees to forfeit the amount of $ 547,000,000. to the US government over three years. By doing so, all civil forfeiture and money laundering claims, as specified in the amended civil complaint against all named PokerStars companies shall be dismissed with prejudice. No criminal charges currently facing PokerStars related individuals are in any way resolved as part of the agreement, and these charges were never a part of the negotiation for this settlement. Once the asset transfer has been completed, and within a period not to exceed 90 days, PokerStars committed to make available for immediate withdrawal, without limitation or restriction, other than required by applicable law, the online poker account balances of non USA Full Tilt Poker players.
This situation is very fluid and continues to develop.
More....just released from the law firm of Jeff Ifrah:
Washington – July 31, 2012 – Today, Ifrah Law, a boutique litigation firm, is pleased to announce the successful representation of Full Tilt Poker in a three-way transaction between the world’s largest online poker site, Poker Stars, and the United States Department of Justice (DOJ). The deal, which resolves the civil forfeiture case against Full Tilt, paves the way for online poker players to be repaid, removes the “taint” from Full Tilt’s assets, and then sells those assets to Poker Stars.
“This was the case of a lifetime -- I don't know if John Grisham could have thought this one up,” said Jeff Ifrah, counsel for Full Tilt in the transaction and architect of the Poker Stars/DOJ deal. “Full Tilt and Poker Stars had the interests of the players and the future of online poker at heart -- we knew that getting the players paid had to be a part of this transaction. A lot of people pulled together to make this a win-win and it was very exciting and gratifying to be involved in.”
A Q&A with Jeff Ifrah on the Full Tilt sale and its implications is available here.
The Ifrah Law firm worked with Cozen O’Connor’s Barry Boss and Anne Madonia as co-counsel. Poker Stars was represented by Skadden, Arps, Slate, Meagher & Flom.
Today’s agreement is the result of a 15-month process which began when 12 indictments were unsealed by the District Attorney of the Southern District of New York on April 15, 2011, a day that came to be known in the internet poker industry as “Black Friday.”
Today, Full Tilt surrendered their assets to the U.S. Department of Justice, who then sold those assets to Poker Stars for $731 million. Of that payment, $330 million will be administered by the Justice Department’s Asset Forfeiture Section to reimburse Full Tilt’s U.S. players.
Ifrah Law, founded in 2009, is located in downtown Washington, D.C. The firm represents clients in a variety of litigation settings and specializes in internet advertising, igaming, government contracts and healthcare. The firm’s attorneys author two noted blogs, www.crimeinthesuites.com, an analysis of current issues in white collar defense and www.ftcbeat.com, FTC and State AG News for Ecommerce. For more information, please visit www.ifrahlaw.com.
- Chris Costigan, Gambling911.com Publisher
