Full Tilt Sale Details Finalized
This Week in Poker we found out a deal between GBT and the DOJ has finally been struck and discovered several roadblocks lie ahead in getting the Indian nation on board with online gaming legislation.
Details Revealed Between Group Bernard Tapie and DOJ
The deal between GBT and the DOJ has finally been struck and details released.
Full Tilt will turn over all assets to the US Government and in return the DOJ will drop the civil charges against the companies that comprise Full Tilt.
Afterwards, they will sell the assets to GBT for $80 million.
As part of the deal, GBT must retain primary ownership and former board members are not permitted to be shareholders in the new company.
The issue of player repayments has also been worked out.
Players outside of the US will be paid by GBT and players inside the US will have to file a claim with the Department of Justice for their funds.
Indian Tribes Divided Over Online Gaming
The Senate Committee on Indian Affairs held its hearing on internet gaming on Thursday.
The primary points to come out of the hearing is that the tribes are opposed to the current Barton Bill in Congress.
They feel left out of the process and also want to be able to regulate online gaming separate from the US government and also tax free.
In addition the Tulialip tribe has said it is completely against any regulation of online gaming by the government.
Bruce Bozsum, the Chairman of the Mohegan Tribe, stated that they were supportive of online gaming but they feel that it will not work on a state level but rather at a federal level.
Also, they would like to see online poker legalized first and then investigate whether to legalize other gaming at a later date.
Bozsum also feels that tribes would be best suited to form a coalition to compete against the major casino companies.
Larry Roberts, the General Counsel for the National Indian Gaming Commission, stated that some tribes are for gaming and some are against.
Future hearings will be held to address matters brought up in Thursday's hearing.