FTP US Player Update 5/30 - Page 6 - Internet Poker

Clever Nickname · 05-30-2011, 07:28 PM

It's possible that they do have the money, but the funds are currently frozen for the foreseeable future, and so they're trying to raise funds in the meantime so that they can pay back players sooner rather than later. Not saying that this is the case, but it's possible.

**SGT RJ** · 05-30-2011, 07:28 PM

Quote:

Originally Posted by synth_floyd

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.

Meh, there were already plenty of rumors about this anyway. Doubt this is really a surprise to anyone.

And hey, they admit in this announcement that they've handled this badly.

But yeah, sorry to everyone who was predicting a big announcement payout this week. What are the odds they would release this, then announce payout later this week. Not good, IMO.

OldRod_KS · 05-30-2011, 07:28 PM

Wow!

I just don't know what to say anymore...

Just Wow!

nbajam · 05-30-2011, 07:29 PM

Quote:

Originally Posted by YoureToast

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

I would suggest a reading comprehension class in your spare time. They said exactly this.

CrazyNL · 05-30-2011, 07:29 PM

LMAO

Fulltilt poker just ruined their business forever, what a ****ing joke.

Everyone who sees Lederer in Vegas has to punch him in the face! this is really ridiculous,

i am so glad i cashed out my money and moved to stars.

Go Get It · 05-30-2011, 07:29 PM

Quote:

Originally Posted by Decker711

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.

Or FTP could have not broken the law in the first place?

Your statement implies that the DOJ has taken this action with almost no evidence, when, if you read the incitements it is clear the big three were all breaking the law.

Ur Phate · 05-30-2011, 07:29 PM

Quote:

Originally Posted by Decker711

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.

Are you kidding???

FTP should have maintained funds to cover every deposit they had. They knew the risk of operating in the unfriendly environment of the US.

CigarMike · 05-30-2011, 07:30 PM

Quote:

Originally Posted by Solid up arrow

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.

Charles Ponzi is spinning in his grave cause he isn't on Team FTP.

Posemuckel · 05-30-2011, 07:30 PM

Quote:

Originally Posted by jrobb

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.

European players got their money, all cashout requests from April have been approved and transfered. (Neteller, LBT)

DaycareInferno · 05-30-2011, 07:31 PM

Quote:

Originally Posted by SGT RJ

And hey, they admit in this announcement that they've handled this badly.

doesn't that just make it worse considering that they are still handling it exactly the same way?

CollegeKid0303 · 05-30-2011, 07:31 PM

Quote:

Originally Posted by FTPDoug

Hi all,

Here is a brief official update from Full Tilt.

Doug

Sounds like you guys are not fullfiling your deal even with the DOJ stepping in to help.

Alderny should have its lisenced revoked and FTP should be audited by frank katana.

TNixon · 05-30-2011, 07:31 PM

Quote:

Originally Posted by Decker711

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".

None of this applies to poker sites, which are REQUIRED BY THEIR GAMING LICENSES to keep enough cash on hand to pay all player deposits.

The difference between stars and full tilt is that stars took steps to protect player funds in cases like this (and were required to do so by their license), while Full Tilt did no such thing (and weren't required to do so by their license).

vig · 05-30-2011, 07:31 PM

So you need to raise capital to pay an operating expense. Seriously who's accountant are you using. This is very serious.

Bhoober · 05-30-2011, 07:31 PM

Quote:

Originally Posted by hobokes

at least ScottMatusow looks like a total joke here

When was he ever a reputable source? not saying that you thought so, but he is a waste of space like his brother.

**SGT RJ** · 05-30-2011, 07:32 PM

Was this what Tony G was referring to when he said to give them two weeks and that big news was coming soon? Nice prediction, there, Mr. G.