For those saying this is just another "non-update" in the vein of previous updates you needed to read the op more carefully.

FTP just announced publicly that they are insolvent. This is a big deal.

You think the pros contracts are not being honored?, I bet they keep getting their fat checks since BF, they all will play the WS all paid by FTP. What about the contract you had with Joe Blow the player who pays for all your luxuries?, What B.S.

No f'ing way Ivey and Lederer will be seen at the WSOP.

FTPDoug,

Thanks for the update. I would like to continue to demand that we able to use our Full Tilt Points in whatever manner that we could before Black Friday. No update regarding this is still disturbing. At best (if you went by the PokerStars standard, anyway), we should be able to receive cash (en lieu of bonuses that required gameplay), but at the very least, all players who were able to use carte blanche should still be able to use carte blanche. I would still strongly recommend that you go buy the PokerStars standard and pay everybody what they are worth, but cutting the value of the points in half and forcing people to buy merchandise would be a scummy bait and switch.

they did not do this and don't say that.

Its funny how on pocketfives the mods are all like great news thanks doug. Lmao, talk about shilling for this piece of crap site. Wonder how much they are getting from tilt. By the way i have been banned from other said site for talking about the full tilt situation. Such a joke.

good update, exactly what i expected.

i dunno what you guys were hoping for?
obviously FT doesnt have the cash on hand to pay us atm.

http://www.youtube.com/watch?v=myZU2DZoD9w

Screw full tilt

This may just be the truth but it took an attack from the DOJ to bring it out. Just like it took the financial crisis of 2008 to bring out the Madoff Ponzi scheme. Good luck to all you dudes with your $$ there. If you ever see any of it again it will be a miracle.

"We cannot pay the amount we currently owe to US players without raising additional capital" = "we are currently insolvent."

There is no other way to read this.

it doesn't sound very good to me and belows just two of copy and paste:

1) "We are raising capital to ensure that the US players are paid out in full as quickly as possible" - where is the player's funds?

2) "In all of these previous instances, Full Tilt Poker has covered these losses and intends to do the same again." - I like the word of "intends", it sounds so unsure.

But good luck every one!

at least ScottMatusow looks like a total joke here

I have to agree. Not too much surprising in this update. At first I was worried about the "raising capital" portion, but given that they clearly don't have the money, their choices are:
1) Raise capital
2) Fight the DoJ to free up accounts (almost impossible)
3) Wait to rake enough from non-US players (which would upset US players even more).

I do like getting updates, even if little is changed, but a timeline would be great.
I still like the idea of saying "It's going to be X months", but then delivering in X-1 months.

THIS DOUG

They did in fact say that, by the very definition of the word.

in·sol·vent
adj \(ˌ)in-ˈsäl-vənt, -ˈsȯl-\
1 a (1) : unable to pay debts as they fall due in the usual course of business

As they do not have enough cash to meet their debts to US players, they are by definition insolvent.

yeah thats what happens when the DOJ takes money in accounts that were holding US players funds for payout

They don't have any extra cash, why do you think they would offer cash for points? Or effectively pay cash through carte blanche?

With that said, I could not agree more, hell at this point I would take $3/1000 FTP's which is below Full Tilts market value of $4/1000.

At least they are now flat-out admitting that they're trying to raise money to pay us back because our money is gone. Before it was always because of "significant hurdles".

if you cant pay out because the DOJ seized $500 million from you then it is not a ponzi scheme. Charles Ponzi is spinning in his grave now because everytime there is any type of scandal the LAYMEN call it a ponzi scheme.

While I'm sure everyone is rightly upset by the Full Tilt payout problem, maybe a little perspective. There would be no problem in th first place if the DoJ wasn't running a shakedown on the the Big 3. This was done for one reason and one reason only. To allow MGM, Ceasars et al to operate with no competition. And while PokerStars has been the best operated & most responsive, think about this:

If every customer went to Bank of America, Wells Fargo, etc. tomorrow & demanded the money in their account in cash, do you think anyone would be paid in full. No. There would be all kind of excuses such as, "you've exceeded your daily limit", "we don't reserve that much cash", cashier's check (with fee charges) & where are u going to cash it. And, of course, the famous "we cant do that; that's BoA policy".

I am NOT being an apologist for Full Tilt. They are definately in the wrong here. All i am suggesting is that you're anger is misplaced and should be re directed to the appropriate entity.

yah, this is not a bad update. we'll get paid (in time).

Can someone please tell the Matusows to shut up?!

I can't figure out whether this is a good or a bad thing. Which is probably why they didn't announce it sooner.

you reall can say that again: Oh My God!!!! i can not believe what i just read from FTP message!