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    LAURENT TAPIE CONSIDERS “SHARES TO PLAYERS” INITIATIVE BY ITALIAN INVESTMENT PROTECTION ORGANIZATION

    Posted by Quad Jacks October 7, 2011

    On September 14, 2011, an initiative originated on this Facebook page on September 14 and was then undertaken by the Italian investment protection group SITI, to persuade Full Tilt Poker’s new ownership into converting player funds into proprietary shares. The association set up an online petition (found here) to measure and advance support of this initiative.

    On October 4, 2011, the Wall Street Journal also reported that this idea was being considered, though it did not credit SITI specifically. According to the WSJ article, “a proposed rescue of Full Tilt Poker by a family-owned French investment company could involve offering equity stakes to some of the troubled website’s thousands of customers, according to a person familiar with the matter.”

    Earlier today, October 7, 2011, Laurent Tapie and SITI National Secretary Dr. Domenico Bacci held a conference call to review the SITI initiative and discuss its potential adoption by Groupe Bernard Tapie. According to an official press release obtained by QuadJacks.com, the outcome of the lengthy discussion was a hopeful one.

    The official press release, issued by SITI, follows in its entirety:

    *** ***

    Full Tilt Poker Conference Call Between Laurent Tapie and Domenico Bacci

    Earlier this morning, a conference call was held by M. Laurent Tapie, the financier who recently launched a rescue operation for Full Tilt Poker, and Dr Domenico Bacci, Secretary of SITI (Association for the Protection of Investors’ Rights), the association representing the interests of investors and money savers.

    SITI had already proposed, prior to the French financier’s intervention, the “shares to players” initiative to save the company, as a viable alternative to collective action for damages, which remains under the study of the association.

    The financier outlined the guidelines of the rescue plan, and demonstrated knowledge and interest in the initiative by SITI, which launched an advisory (non-binding) petition to gauge the players’ opinions about the possibility of converting loans into shares. The petition is now supported by over 650 people from all concerned nations, who will be constantly updated of important developments.

    At the end of the long conference, Tapie and Bacci parted with the understanding that, once the first and most urgent steps outlined are overcome, they will resume the specific discussion regarding shares offered in exchange for credits, in an effort to represent and reconcile the different demands and guarantee concrete and effective solutions for the most rapid recovery of funds, among them those of players who wish to be represented by SITI.

    Milan, October 7, 2011
    Dr. Domenico Bacci
    SITI Secretary

    *** ***

    To learn more about the SITI initiative, visit its Facebook page here: http://www.facebook.com/pages/Full-Tilt-Poker-Where-are-my-money/128643630558209

    QuadJacks.com – Friday, October 7, 2011

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