FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP) - Page 1141 - Poker News

pineapple888 · 02-08-2012, 02:42 PM

Quote:

Originally Posted by AlphaScorpii

Odds that FTP will be up and running before BF's "1st anniversity"?

80% for me, down from >90% before the latest kerfluffle.

pineapple888 · 02-08-2012, 02:44 PM

Quote:

Originally Posted by 2Pretty2Lose

doubt there were any real terms, most of these loans have been outstanding for a very long time. Layne Flack for example is outstanding since 2007 i thought i read (and if that is true then LOL @ Tapie believing hes ever collecting on that). Matusows debt seems to be so old he doesnt even remember owing money. If there were terms, it surely doesnt seem to be documented anywhere.

Agreed. From what barryg indicated, it went something like this:

FTP:"Dude, you want $400K in your account to play high-stakes mixed games on our site?"

Barryg: "Sure!"

FTP: "OK. Done. Enjoy!"

mrkrinkle7773 · 02-08-2012, 02:44 PM

****>Bitch i guess

DoTheMath · 02-08-2012, 02:54 PM

Quote:

Originally Posted by pineapple888

Personally I find it very strange that Tapie has just now realized "ZOMG the $20M (or whatever) on the books as loans to individuals might not be fully collectible!1!1!!!!!".

I think it more likely that Tapie just realized "ZOMG the $20M (or whatever) on the books as loans to individuals is worth way less than the discounted amount in the agreement." There is no reason to believe Tapie ever thought they were worth their full face value. He just didn't realize how scummy/busto some of the pros really were.

Gioco · 02-08-2012, 02:55 PM

I doubt if GBT has invested the time, effort and expense it has to call this off on a lark.

What is probable is that the asset purchase agreement calls for a purchase price based on the assets being worth their represented value and provides for adjustments to that purchase price if the assets are not worth their represented value. An accurate valuation of each substantial asset is critical; guessing is not good enough.

It is not without possibility that, while the organizations carried these items as loans, the players saw them as salaries. Given the overall mentality of the people involved, it would not be surprising find out that they bought into the idea that they could call their salaries loans and not pay tax on those payments with some unwritten understanding that they would never be collected. Now that the DOJ is involved no one can admit that and the payments show up on the books as loans though the insiders know they were disguised (and illegally so) salaries. Regardless, in the end it just becomes an adjustment to the purchase price.

@90120@ · 02-08-2012, 02:59 PM

Quote:

Originally Posted by SGT RJ

. Not as an invite for whiny little bitches to rip on me for enforcing the filter in the first place.

....... just a forum

AntiHer0 · 02-08-2012, 03:07 PM

Quote:

Originally Posted by @90120@

....... just a forum

nvg is more than just a forum. nvg is a religion.

yesright · 02-08-2012, 03:15 PM

Quote:

Originally Posted by Zenzor

I don't know. Every pro associated with FTP is now forever associated with a bankrupt company that stole players money. Poker sites sponsor pros not only to advertise the company but also to use their reputation as a tool to instill trust and confidence in potential customers. Black Friday has tainted the reputation and consumer confidence building ability of FTP pros, and I'm not sure whether or not sponsoring the same pros as FTP is beneficial for the new brand of the takeover company.

exactly.

Look at the way these "pros" have acted since BF.

"Come play at X poker site, when things go wrong we will hide and ignore you"

The problem is that as much as some will claim they are clean, they have acted dirty. They are currently acting dirty.

Looks like the vast majority of these pros owe money even after the vast sums they were paid to promote the site.

Most realize they wont see another payday like FTP and are not willing to give back any of the dirty/stolen money they recieved from FTP.

Not only that, a number are playing high roller tournaments as if to rub it in our noses that they dont give a ****.

yesright · 02-08-2012, 03:19 PM

Quote:

Originally Posted by pineapple888

I continue to think GBT's lawyer is FOS when he says some kind of deal with the pro players is a significant impediment to the FTP acquisition.

Those debts have some value. Take your best shot at assigning a value-- it's not hard to figure out who will pay in full, who will pay some, and who is busto. Then move on with the deal if it still makes sense, or bail if you must. Collect AFTER the deal, using well-established procedures (negotiations and lawsuits).

If GBT is really saying "ZOMG Ivey pay us $4M NOW or we walk away" then they must be as messed-up as FTP, or so cash-poor that the whole endeavor is in serious doubt anyway.

Edit: Actually the one "real" issue might be that FTP's records are so screwed up (or outright false) that there is potential that the debts listed might not be debts at all. In that case, it makes sense for GBT to try to get the players to agree that they at least owe the money. But they still shouldn't need it repaid right away.

I agree with you.

Either they are lying and it isn't significant or they dont have very much money which is a worry for the ROW players like myself.

Being either a liar or broke is not a great way to encourage people to have trust in your new poker venture.

munkey · 02-08-2012, 03:28 PM

Quote:

Originally Posted by Gioco

I doubt if GBT has invested the time, effort and expense it has to call this off on a lark.

What is probable is that the asset purchase agreement calls for a purchase price based on the assets being worth their represented value and provides for adjustments to that purchase price if the assets are not worth their represented value. An accurate valuation of each substantial asset is critical; guessing is not good enough.

... Regardless, in the end it just becomes an adjustment to the purchase price.

I hope and would like to think Gioco is right there.
There's a convenient word for these recent events - empêchement

@90120@ · 02-08-2012, 03:40 PM

Quote:

Originally Posted by AntiHer0

nvg is more than just a forum. nvg is a religion.

Just saying MODS do more "whining" than anyone else

Bene Gesserit · 02-08-2012, 04:03 PM

Quote:

Originally Posted by @90120@

Just saying MODS do more "whining" than anyone else

Welcome to 2+2 You have certainly got off on the right foot with the MODS, but unless you curse, SGT RJ will put up with almost anything

canplayers · 02-08-2012, 04:12 PM

Wouldn't you think just the list of players you have on that site is worth the 80million or so it would take.

Player lists are very valuable and to have full tilts is up there in the millions for sure.

I think it will open 100% I think calling out the players is just a scare tactic to get them to pay. For me its a no brainier the site will make him back 100 times his money in the 1st year. I can see full tilt be bigger and better than it was.

DoTheMath · 02-08-2012, 04:24 PM

Quote:

Originally Posted by canplayers

Wouldn't you think just the list of players you have on that site is worth the 80million or so it would take.

Player lists are very valuable and to have full tilts is up there in the millions for sure.

I think it will open 100% I think calling out the players is just a scare tactic to get them to pay. For me its a no brainier the site will make him back 100 times his money in the 1st year. I can see full tilt be bigger and better than it was.

LOL.

You valuation of the players list, and your expected ROI are both off by a factor of at least 1000.

FBItookMyMoni · 02-08-2012, 04:40 PM

Quote:

Originally Posted by canplayers

For me its a no brainier the site will make him back 100 times his money in the 1st year.

I lolled.