Originally Posted by vamooose
They are waiting for a extremely rich and stupid investor who absolutely adores risk which, contrary to popular belief, are few and far between
I think AGCC will insist on the money obviously being in separate account (ring fenced) and then check that account frequently (weekly whilst on parole!) to ensure not being transferred to support payroll etc i.e. must have $300m minimum on deposit in separate account at all times.Pokerstars and Isle of Man Gaming Board ensure players funds are ring fenced outside of company assets.
Be interesting to see whether AGCC insist that the ~$300m is outside or allow inside the company assets.
There would be no point ring fencing the $300m funds if the monies are ultimately subject to seizure by these 3x damages Class Action Lawsuits within the US after the licence was regranted, that's for sure!
It may well transpire that the class action lawsuits are the final nail in FTP coffin by limiting further world trade
While I agree with what you are saying..... do we know what the AGCC have done to ensure FTP have kept any player funds seperate since 29th June?
Does the AGCC have powers to check if player funds have remained unspent since June 29th?
If FTP went against the AGCC and have spent player money since that time is that not a reasonable grounds for deliberate fraud.
We know the AGCC have virtually no powers of sanction except to remove the licence but if deliberate fraud could be proven it would make future court cases interesting.
We need someone like Noah to ask questions of the AGCC before the meeting.
I think this "ring fencing" could be the most important issue at the AGCC meeting.
The AGCC gave FTP time to find an investor but on the proviso that they didnt spend any player funds.
Did that happen? I would like to know.