November 18, 2011 6:36 PM
Cozen, Axinn Veltrop Hold Cards on Sale of Full Tilt Poker
Posted by Brian Baxter
At least three firms are working on a proposed $80 million deal under which troubled online gambling operator Full Tilt Poker—whose assets were seized by the Justice Department earlier this year—would be sold to a French investment group.
The deal calls for a group led by French businessman Bernard Tapie to buy all of Full Tilt’s assets, says Cozen O’Connor litigation partner Barry Boss, who represents Full Tilt and its related entities. The bulk of those assets are in the form of cash seized from Full Tilt players’ bank accounts by the Justice Department, as well as money in Full Tilt’s own accounts held back by various banks, says Boss, the managing partner of Cozen’s office in Washington, D.C.
The Justice Department shut down Full Tilt and two other online gambling operations, Absolute Poker and PokerStars, by seizing the assets of all three in conjunction with a criminal indictment against 11 individuals and a civil complaint against the sites’ operators in April. The day is known as Black Read More from the Article Source: Full Article
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