FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP)

[darlingm]

Originally Posted by Joe Girade

Mod note: deleted quote of now deleted post

I know it's been said in this thread before, but let's really not shoot the messenger here!

I don't think Jeff Ifrah was involved with mis-appropriating our deposited money, or running any type of ponzi scheme.

He wouldn't be able to say it, but he could be as appalled with FTP's actions as we are.

FTP is in serious legal trouble on many fronts. They need adequate representation, and certainly aren't in a position to be asking for pro bono work...

If they don't hire good representation, we're guaranteed to be screwed and not see a dime. So, let's be glad they've hired attorneys rather than just filing bankruptcy. There's at least a (small) chance of something good happening this way.

Jeff, many of us thank you for saying what you can. I think many of us are surprised that you're saying anything, and commend you for that.

[darlingm]

Jeff, I think what we want to hear the most is what our worst case scenario is. We realize they're trying to get investors to cover their shortfalls, and that's great.

Investors should be doing due dillegence looking through FTP financials. I don't think leveling with us would be that bad.

It would be really nice for all of us having been dragged into this mess to know if FTP gets no investors, if there's funds at all to at least refund a certain percentage of player balances, or if our balance just gets wiped out.

It would be helpful to know that the worst case scenario is we all get back x% of our balance. Not hearing anything about this makes us believe we're in a getting back 0% situation.

Obviously not looking for a guarantee, just a carefully worded statement expressing about where we're at. If you could suggest this to them at all, we'd be really appreciative of that.

[nsoshnikov]

Originally Posted by darlingm

Jeff, I think what we want to hear the most is what our worst case scenario is. We realize they're trying to get investors to cover their shortfalls, and that's great.

Investors should be doing due dillegence looking through FTP financials. I don't think leveling with us would be that bad.

It would be really nice for all of us having been dragged into this mess to know if FTP gets no investors, if there's funds at all to at least refund a certain percentage of player balances, or if our balance just gets wiped out.

It would be helpful to know that the worst case scenario is we all get back x% of our balance. Not hearing anything about this makes us believe we're in a getting back 0% situation.

Obviously not looking for a guarantee, just a carefully worded statement expressing about where we're at. If you could suggest this to them at all, we'd be really appreciative of that.

+1, please do this and thanks Jeff

[Matacow]

LOL @ NVG getting leveled by FTP and their hired talking head.

Lawyers will save us all, the humanity!

And also listen to Noah Sd he doesn't want you to contact your government, megalomaniac.

[CubKiller]

Originally Posted by darlingm

Jeff, I think what we want to hear the most is what our worst case scenario is. We realize they're trying to get investors to cover their shortfalls, and that's great.

Investors should be doing due dillegence looking through FTP financials. I don't think leveling with us would be that bad.

It would be really nice for all of us having been dragged into this mess to know if FTP gets no investors, if there's funds at all to at least refund a certain percentage of player balances, or if our balance just gets wiped out.

It would be helpful to know that the worst case scenario is we all get back x% of our balance. Not hearing anything about this makes us believe we're in a getting back 0% situation.

Obviously not looking for a guarantee, just a carefully worded statement expressing about where we're at. If you could suggest this to them at all, we'd be really appreciative of that.

+1

[gradx]

has anyone confirmed that this poster is actually Jeff Ifrah? it seems quite odd to me that a high level attorney is posting at around 5-6AM local time, and on these forums

[MICK E JUICE]

Originally Posted by gradx

has anyone confirmed that this poster is actually Jeff Ifrah? it seems quite odd to me that a high level attorney is posting at around 5-6AM local time, and on these forums

Noah confirmed it

[coolnout]

so there's really nothing new to report other than ftp is trying to open for business again, actively seeking an investor. statements coming next week about more stuff we already know.

[jerseys]

Will players also get all their FPP or will they be reset?

[ZeeJustin]

Jeff, thank you for answering these questions.

1) Hypothetical - Let's assume worst case scenario in terms of investors: no one wants to invest a dime reopen FTP. If that happens, will players get paid back from whatever assets FTP has liquid or can sell (real estate, patents, etc.)? I understand there wouldn't be a complete payout; I'm asking if there would be a non-negligible partial payout to players in this situation.


2) What is your exact position with FTP, and what specific project have you been devoting your time to.


3) Will you ever be able to speak of the investor that had exclusive negotiations with FTP? We would all like to know who they were, but I understand if an NDA prevents you from ever saying who they were.


4) Can you give an estimate to how much money the DoJ has frozen?


5) FTP was considered to be a multi-billion dollar company 6 months ago. There must be extremely large assets somewhere, or owners with 9 figures of personal net worth. Is this not the case?

-any information you could give is very appreciated, thank you
-Justin Bonomo

[MICK E JUICE]

Originally Posted by ZeeJustin

Jeff, thank you for answering these questions.

1) Hypothetical - Let's assume worst case scenario in terms of investors: no one wants to invest a dime reopen FTP. If that happens, will players get paid back from whatever assets FTP has liquid or can sell (real estate, patents, etc.)? I understand there wouldn't be a complete payout; I'm asking if there would be a non-negligible partial payout to players in this situation.


2) What is your exact position with FTP, and what specific project have you been devoting your time to.


3) Will you ever be able to speak of the investor that had exclusive negotiations with FTP? We would all like to know who they were, but I understand if an NDA prevents you from ever saying who they were.


4) Can you give an estimate to how much money the DoJ has frozen?


5) FTP was considered to be a multi-billion dollar company 6 months ago. There must be extremely large assets somewhere, or owners with 9 figures of personal net worth. Is this not the case?

-any information you could give is very appreciated, thank you
-Justin Bonomo

This please

Clear and concise...very nice sir

[RikaKazak]

Originally Posted by daveh07

FTP had a deal set up on July 17th with an interested investor willing to cover American players balances. FTP declined the offer in hopes of holding off for a better deal,

This is what really pisses me off.

I mean, I feel disappointed by the fact that FTP didn't keep players funds segregated.

But then add that to the fact that they turned down a deal that would give me my own money back, just because they wanted "more".....now that's freerolling with MY MONEY!!!! And that's just scummy!!!!!!

If FTP ever does reopen, only way I'll ever play there again is if there's new (verifiable) owners and howard, bitar, and chris ferguson have nothing to do with the company at all (I'm fine with Ivey, after all, the whole reason he sued was to force the sale of the company imo)

[TafferBoy]

Originally Posted by Matacow

LOL @ NVG getting leveled by FTP and their hired talking head.

Lawyers will save us all, the humanity!

And also listen to Noah Sd he doesn't want you to contact your government, megalomaniac.

Lol at your acidity

For my part, I've yet to work out why Jeff would put himself into this rather awkward position - albeit I'm very pleased he has. It could just be that he 'misunderestimated' the response his friendly "call-me" offer in the recent EGR article would generate.

+1 on your second comment with the caveat that it only applies until FTP can't pay the invoices (forgive me Jeff if you're actually pro bono on this case).

As for Noah, this thread needs his discipline - he really is the last, best hope. NVG is the closest thing online poker has to 'bellum omnium contra omnes' so I don't mind if Noah's skepticism and reluctance to be drawn into speculation makes him the forum's guiding authority. Long live the king.

[TafferBoy]

.

[Eldorian]

Originally Posted by Jeff Ifrah

I meant significant progress putting a deal together. I am really not involved in this particular proceeding and will have to pass any Alderney related questions to their European counsel.

Jeff, what law firm are you with and who is Euroean counsel with?