Chief Restructuring Officer To Replace Full Tilt Poker Board?

Subject:Poker broke the story earlier today that part of the acquisition agreement between Groupe Bernard Tapie and Full Tilt Poker contains language requiring an independent entity to oversee and protect the current and future assets of the poker site until its final sale. All board members would be replaced by the the chief restructuring officer who would have final say over all financial and managerial company decisions, save mandatory obligations like employee salaries.

The voting and ultimate ratification of the overall sale agreement, which requires two thirds of current owners, is currently going on now with results due in the next few days.

The chief restructuring officer hasn't been hired yet, but under their immediate purview would be the cessation of all dividends and disbursements to shareholders during the ownership transition. Current Full Tilt ownership has no say in who is hired or how they run things once the sale agreement is ratified.