Originally Posted by coolnout
doesn't make any sense. Tapie decides to string the deal out as long as possible, then at the last minute tries to throw a short list of pros under the bus? Tapie will still end up looking bad.
Looking bad to whom and for what?
How can Tapie come out of this looking bad? He actively is trying to make a deal where a significant portion of 400 million dollars stolen by others might be repaid by him.
On what bizarro world is someone who tries to do that subject to looking bad?
Originally Posted by tamiller866
It's amazing to me that any 'FTP shareholder' would still have any credibility with Matt, let alone the rest of the poker community. Matt calls them out for not speaking up and they whisper stories to him about fear of Tapie playing a blame game.
Tapie will walk away from this deal if it's a bad investment, FTP shareholders speaking out isn't going to cause him to give up an opportunity to make money.
Back when this deal was first announced Tapie wanted to appoint an RFO to begin due diligence, but FTP couldn't agree, I thought the reason might be that their ROW liabilities were far greater than anyone knew.
They probably thought that if Tapie negotiated a deal with the DOJ first, he would be less likely to back out when he learned the bad news.
FTP had $240M in ROW debt on BF, and apparently 'borrowed' money from CF to stay afloat, ran numerous deposit bonus promotions right up until June 29 yet somehow their ROW debt raked down to a reported $150M while many ROW players were reporting limbo withdrawals.
The reality is more likely that the ROW debt decreased on the books due to limbo withdrawals prior to their license suspension, meaning Tapie recently learned that he would liable for closer to the $240M because of withdrawals that were never processed.
So while the <$20M owed by pros may have only made the deal less tempting, and finding out that FTP has $20M liquid rather than $40M may be tough to swallow, an extra ~$80M owed to the ROW players might make it inedible.
Additionally, the value of an AGCC license is much lower than it was when he began negotiations as the European market is now largely segregated, and he may have missed the boat on forming a partnership with a major US B&M casino chain for intrastate licensing.
The shareholders seem to be reaching out to spread the word that they were once again 'victims' of a less than serious investor, but I have no doubt Tapie was serious and had their been no surprises the deal would have gone through - and still might go through if Tapie can restructure the deal and/or secure a major partner.
All good points. I think some people are of the impression that without the theft FTP would have been a valuable business. It is clear the business was horribly run and even without the theft would not get much in a sale. Add the theft into it and it approaches being worthless.
People need to realize just assuming row deposits is probably way more than FTP is worth so they have to work to offset and mitigate that. FTP is not worth anywhere close to 200 million dollars. As you note it is possible they found more liabilities and less assets.
Originally Posted by DePokerGod
I for one welcome ANY info on the FTP2 situation. DJ Ricco should not be attacked just for trying to help. Think, if DJ has any info that he wishes to share in the future, you idiots just convinced him not to do so.
Please keep posting all that you personally see postworthy DJ, and ignore the trolls.
Lol he even admits his sources make stuff up to make him look dumb.
I wish anyone with FTP/ pk sources actually stop posting as they are horrible sources and almost none of them will have access to legitimate information before us.