Tapie Tries to Tempt Full Tilt Staff

Of all the cheek? We have heard it said that Group Bernard Tapie (GBT) has been found to be somewhat a little less than above-board when making business deals. There are rumours of prosecutions/convictions in France, but as this company was the one to turn around Nike, we gave them the benefit of the doubt. So, when Group Bernard Tapie came on-board in an attempt to bail out Full Tilt Poker (FTP), despite a frown or two regarding their chequered past, and a few worried clicking of tongues; for the most part we believed that a deal would be a good thing; in particular for FTP members.

The deal recently fell through.

Obviously while conducting due diligence, GBT learned a good deal about the online poker industry. Now a few short weeks into us learning that they would no longer be bailing out FTP, we learn that Group Bernard Tapie are interested in getting their own online poker site started.

Ouch!

As the story goes, in the wake of failed negotiations to acquire FTP - Laurent Tapie sent an email to the employees of FTP who were involved in the supposed re-launch of the site. The reason for the email was to express his keenness to start-up a new online poker website - how bold?!

It is obvious that Laurent Tapie (the younger Tapie) does not want the six months spent negotiating and learning about this business to go to waste. With the prospect of the online poker industry in the USA looking a little brighter, one can only imagine that Mr. Tapie has been lured by the potential to generate even more wealth. Basically all “Pocket Kings” (FTP Parent firm) key personnel have been asked to join in the fun and games, and that he aims to launch a new “best of breed” online poker website in about 6 - 7 months time.

The email explained that following on the negotiations between FTP, the US DoJ and Group Bernard Tapie breaking down; an alternative option had been offered to Ray Bitar. This option was to license FTP assets temporarily in order to preserve these, re-launch the site and eventually sell it off on auction to themselves as a bidder. Ray Bitar did not agree with this idea at all and would not do it without the DoJ agreeing. While Tapie maintained this was legal; Bitar had his doubts due to the insolvency of FTP.

Right now Tapie’s plans are to make use of the funds that were set aside to acquire FTP. What better way to do this, than launch a new poker site?

The business model calls for launching under his Game Cubed company, Pocket Kings' staff joining him, and for Full Tilt players (except the USA) throughout the world to be offered the opportunity to recover the funds that they lost.

There is no doubt that Laurent Tapie is ambitious, he comes from ambitious stock. He is looking for a non-disclosure agreement with the FTP staff he has approached, and has said "I have the money to make this happen"! Presumably he also has the know-how now.