What obstacles remain in GBT takeover of Full Tilt

The poker world was on cloud nine with the news Tuesday that the US Department of Justice had agreed to a deal with Groupe Bernard Tapie that would facilitate players from all over the world recouping the funds that have been frozen in their Full Tilt Poker accounts, some since April 15^th, 2011.

According to Subject: Poker, the website which originally broke the story, the deal would see the US DOJ in charge of repaying US players, while Groupe Bernard Tapie would take on Full Tilt Poker debts from the rest of the world.

Unfortunately, as good as this news is, it still leaves many questions unanswered. Here is a look at some of the major questions that still need to be answered, as well as a few of the roadblocks that could trip up the deal:

• The 2/3 Vote is the real key

Like most thing Full Tilt Poker the ownership group, and just how the dividends that saw key individuals receive 8-figure payouts, were dispersed remain a mystery. My assumption is that anyone with stock in Full Tilt will simply want to wash their hands of the company (or perhaps transfer their ownership share to the new GBT company), BUT if certain owners feel slighted (Imagine you have a 2% share of the company and decide to take the payment at a later point -like Chris Ferguson did with some $65 million) they may try to block the vote until they feel they have been compensated properly.

• Will payments by the DOJ be in full, and will they include FTP point balances?

This will be very crucial if Groupe Bernard Tapie wants to salvage Full Tilt’s reputation. If the DOJ short-changes US players, or doesn’t honor FTP’s and other non-monetary assets there could be a very loud uproar. Also, how will the DOJ deal with the $140-$160 million shortfall from eCheck depositors?

• Will the DOJ tax these payouts?

This one speaks for itself, but my guess is that these checks will come with a standard tax form.

• How will the deal with Full Tilt shareholders shake out? Will current owners be allowed to stay with the company?

Enough said!

• Will US accounts be terminated, or will they be kept in a queue for possible access at a later date?

This could allow US players to overlook not being compensated for their FTP’s and such.

Finally, there is also the issue of how GBT will cover the rest of the world’s funds they are taking on as debt? Will Groupe Bernard Tapie payout all players, or as has been proposed, offer other non-monetary methods of repayment, including shares in the company? Or possibly reopen player accounts while operating with their own shortfall for the foreseeable future?