FTP US Player Update 5/30 - Internet Poker

To our customers:

We acknowledge that our lack of communication reflects poorly on us, and rightfully so. We have been too optimistic in estimating how long it would take to sort through the issues we have faced since Black Friday. And as frustrating as the delays have been for us, we recognize that it cannot compare to the frustration you have been feeling.

We further recognize that our lack of communication has led to much speculation and many unsubstantiated rumors, which have often been contradictory. With this message, we hope to clear up as much confusion as we can, while at the same time keeping in mind the constraints imposed on us as a result of the cases brought in the Southern District of New York.

The most pressing questions:

1. When will the US players be paid?

We still do not have a specific timeframe for this. There has been, and remains, no bigger priority than getting US players paid as soon as possible, and we have been working around the clock to get this done.

2. Is FTP bankrupt?

No. FTP's worldwide business is healthy and, although we've had some short-term challenges, it is operating as normal.

From: http://www.gamblingcontrol.org/userf...2020110516.pdf

"The AGCC’s investigation into the affairs of it licensee Vantage Limited, trading as Full Tilt.com, is ongoing; initial investigations indicate no reason to believe that player fund transactions are fundamentally threatened by any consequence of the US authorities' actions. Delays caused by these actions are in the process of resolution, with normal service now being restored for non-US players. We understand that progress in respect of US player fund repatriation is anticipated and will be the subject of a separate statement from Full Tilt in due course. The Commission will remain engaged in this process."

3. What is the company doing to speed up payouts to the US players?

We are raising capital to ensure that the US players are paid out in full as quickly as possible.

It is important to remember that Full Tilt Poker has always paid out our players, even in the face of previous legal obstacles or factors not in our control, such as payment processor defaults and prior actions by the US government which resulted in US player funds being seized.

In all of these previous instances, Full Tilt Poker has covered these losses and intends to do the same again.

4. Why are the Full Tilt Pros remaining silent?

It is not their choice. But they are constrained by the pending legal actions.

As a final note, we understand -- and have always understood -- the effect that our brief statements have had not only on our customers, but also on our reputation. It has not been easy to stay silent and watch the damage being done to our company brand and personal reputations, but we need to be mindful of the complicated and serious legal issues raised in the pending cases.

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05-30-2011 , 06:56 PM

J2j2

journeyman

Join Date: Aug 2009 Posts: 257

Wheres my money!

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05-30-2011 , 06:57 PM

IE Mike

enthusiast

Join Date: Aug 2009 Posts: 89

standard.

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05-30-2011 , 06:57 PM

kratos

adept

Join Date: May 2009 Posts: 753

Goodbye Full Tilt Pokah

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05-30-2011 , 06:58 PM

MyTurn2Raise

Drug Free MVP

Join Date: Jun 2005 Posts: 40,622

Plz tell me that no full tilt pros are going to play in the WSOP until you guys pay out!

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05-30-2011 , 07:00 PM

AbsoluteTilt

veteran

Join Date: May 2007 Posts: 2,781

blah

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05-30-2011 , 07:01 PM

synth_floyd

Carpal \'Tunnel

Join Date: Sep 2005 Posts: 7,074

Yay another non-announcement.

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05-30-2011 , 07:01 PM

DaycareInferno

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 18,285

zzzzzz

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05-30-2011 , 07:01 PM

albert kang

grinder

Join Date: Apr 2007 Posts: 648

new update: same status.

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05-30-2011 , 07:01 PM

#10

s garnett

banned

Join Date: May 2011 Posts: 14

They arent paying.

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05-30-2011 , 07:01 PM

#11

3betu

old hand

Join Date: Jun 2008 Posts: 1,927

nice update doug same bs.

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05-30-2011 , 07:01 PM

#12

flipxpelon562

old hand

Join Date: Apr 2011 Posts: 1,607

Yawn x10000000000000000000

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05-30-2011 , 07:01 PM

#13

BustoFish

adept

Join Date: Apr 2011 Posts: 997

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05-30-2011 , 07:02 PM

#14

synth_floyd

Carpal \'Tunnel

Join Date: Sep 2005 Posts: 7,074

The fact that they need to "raise capital in order to payout the US players" means they never had all the money on them in the first place. Scary.

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05-30-2011 , 07:03 PM

#15

CigarMike

adept

Join Date: Aug 2007 Posts: 822

If they cant say, they shouldnt play.

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05-30-2011 , 07:04 PM

#16

shoemaker

adept

Join Date: May 2007 Posts: 825

Personally, I want to thank you FTPDoug for reassuring me that my money is safe and that we can expect to be able to cash it out soon.

Spoiler:

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05-30-2011 , 07:04 PM

#17

rawl316

grinder

Join Date: Jun 2006 Posts: 454

wheeee

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05-30-2011 , 07:04 PM

#18

Go Get It

Carpal \'Tunnel

Join Date: Feb 2010 Posts: 12,506

LOLOLOLOLOLOLOLOLOLOLOLOLOLLOLOLOLOLOLOLOLOLOLOLOL OLOLLOLOLOLOLOLOLOLOLOLOLOLOLOLLOLOLOLOLOLOLOLOLOL OLOLOLOLLOLOLOLOLOLOLOLOLOLOLOLOLOLLOLOLOLOLOLOLOL OLOLOLOLOLOLLOLOLOLOLOLOLOLOLOLOLOLOLOLLOLOLOLOLOL OLOLOLOLOLOLOLOLLOLOLOLOLOLOLOLOLOLOLOLOLOLLOLOLOL OLOLOLOLOLOLOLOLOLOLLOLOLOLOLOLOLOLOLOLOLOLOLOLLOL OLOLOLOLOLOLOLOLOLOLOLOLLOLOLOLOLOLOLOLOLOLOLOLOLO LLOLOLOLOLOLOLOLOLOLOLOLOLOLLOLOLOLOLOLOLOLOLOLOLO LOLOLLOLOLOLOLOLOLOLOLOLOLOLOLOLLOLOLOLOLOLOLOLOLO LOLOLOLOLLOLOLOLOLOLOLOLOLOLOLOLOLOLLOLOLOLOLOLOLO LOLOLOLOLOLOL

LOL, Scott Matusow
LOL, referencing the AGCC
LOL, "rasing capital" It's our money just pay it out or get better lawyers to negotiate with the DOJ

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05-30-2011 , 07:05 PM

#19

kratos

adept

Join Date: May 2009 Posts: 753

This could get reaally ugly

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05-30-2011 , 07:05 PM

#20

kwon234ioud

journeyman

Join Date: Dec 2008 Posts: 252

You have exceeded my expectations. I thought FT Doug was dead.

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05-30-2011 , 07:05 PM

#21

3betu

old hand

Join Date: Jun 2008 Posts: 1,927

Why is ftp still allowed to advertise here ?

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05-30-2011 , 07:05 PM

#22

hobokes

Carpal \'Tunnel

Join Date: May 2008 Posts: 6,344

Thanks for the update, Doug. (not sarcastic ... really, thanks!)

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05-30-2011 , 07:06 PM

#23

Peter Popoff

adept

Join Date: Jan 2010 Posts: 1,023

So they can't pay out now but have to raise capital in order to do so? Even after the DOJ released some bank accounts?

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05-30-2011 , 07:06 PM

#24

shoemaker

adept

Join Date: May 2007 Posts: 825

Srs tho, everyone should boycott this pos company.

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05-30-2011 , 07:06 PM

#25

porquinho

adept

Join Date: Dec 2008 Posts: 709

Sad...

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