The more I think about it... I can't understand why this is news all of a sudden?
There hasn't been any new public information. The only linked reference is the old ammended civil complaint from last year.
Maybe there's truth to Ferguson holding up the deal because he wants to get his "loan" back but this news coming out now seems more like a way to intimidate/strongarm/turn people against Ferguson to minimize his influence as the largest shareholder.
I think S:P is being played by the same rats that ran FTP into the ground trying to deflect blame onto Ferguson.
According to public documents. Ferguson was buying up shares from other shareholders. He kept his distributions in company owned accounts. When FTP needed money he loaned them 15Mil.
That doesn't sound like the actions of someone that knew that the company was in bad shape.
According to the amended complaint...
Quote:
The FTP Insider
Defendants were also, at all relevant times, members of the Board
of Directors of Tiltware LLC, and Ferguson was Chairman of the
Board of Directors. At all times relevant to the Amended
Complaint Bitar and Lederer were the two managing members of
Tiltware LLC and Bitar was the CEO of Full Tilt Poker. At
certain times relevant to the Amended Complaint, Lederer was the
President of Full Tilt Poker.
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I always had the sense that Ferguson was more involved with technical side of FTP and Lederer and Bitar were more involved with the business side of things. Ferguson being the COTB for Tiltware seems to support this belief as Tiltware was technically the software provider for FTP. I know there's a lot of overlap and separation for legal reasons but I think it makes sense.
I don't think Ferguson is innocent but I think it's fair to assume that not everyone at FTP was aware of what was going on with the phantom deposits and I wouldn't be surprised if Ferguson was one of those people. It just doesn't add up.
It seems that Ferguson had a lot of faith in FTP and he invested a lot into it. Not just money and he's pissed he put money back into a company when the rest of his team were likely more responsible for the screwups and didn't fork over any money to keep FTP going.