Unpaid Debts Tapie's Out
The big news surrounding the sale of Full Tilt Poker is the revelation by Groupe Bernard Tapie that 19 poker pros owe a combined $16.5 million to the poker community.
GBT claim that these debts could indeed force them to back out of purchasing the company.
Poker Junkie blogger Compncards wonders if this is just the Tapie Group's way of finding an "out" from the deal.
Give Us More About Who Owes What
We now know which players owe money to Full Tilt Poker.
However, we don't have any actual confirmation on how much players owe outside of Barry Greenstein.
Yes, Card Player claimed to have "sources" that said Ivey and Lindgren owe $4 million each, but I view that as rumor until we get some type of confirmation.
Also, how long have these players owed this money? Have Full Tilt pro players been getting distributions during the time they owed this money to the company?
GBT should go ahead and release this information if it really wants to put some pressure on these people.
Players Need to Get Off Their "Moral High Horse"
I entirely agree with Tapie's opinions regarding pros who claim they will pay if the "money goes to repay players."
Players being repaid is contingent on the sale going through.
If the sale doesn't happen and the loans are part of the reason, everyone that owes money will be lumped in as a reason players got screwed.
The money is owed and the money should be repaid.
Those that act like they are helping the players by refusing to pay the money owed are just adding to the problem.
This isn't about helping the players. It's about the players trying to spin themselves into a postive light.
What Are the "Other Liabilities?"
Something that has been glossed over are claims that there are other international liabilities for Full Tilt in addition to the player loans.
According to the initial reports it was both the loans plus the other liabilities that may force GBT out of the deal.
While $16.5 million isn't anything to sneeze at, how much do the other liabilities add up to?
If these other liabilities are going to influence the sale, it would seem that the public has the right to know what may prevent them from getting paid.
Smart Business or a Way Out?
The question is now whether the revelation of these debts is just a way for GBT to raise some equity for the new company or a way to get out of a deal they may now regret getting into.
Without knowing more about the liabilities and the due diligence already worked through, this just looks like another stall tactic in a saga riddled with them.
To me, it's looking more and more likely that GBT is going to back out of the deal and players will be left high and dry.
If that happens, I feel bad for those with outstanding loans to the company and the legal and personal trouble that could befall them in future months.