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

[Wayru]

Originally Posted by InsidePoker

Apologies, you're right and I am wrong. From reading the long report it says it has not commenced trading so presumably is connected to the proposed .it Italian site. Or some other dot country site.

No problem.
Yes it could be that they had some other country in mind, although I still think an Alderney license cannot be used for getting licensed in Italy.

Now here is what the WSJ says:
http://online.wsj.com/article/BT-CO-...29-708951.html

[G13]

Originally Posted by exoendo

I was not stipulating the AGCC had a choice one way or the other. I do take issue with the fact that this is good for everyone, especially in light of the fact that we had a serious investor willing to buy. We honestly don't know how this revocation has affected that at the moment.

My main issue is with their claim that they are looking out for everyone, which I think is patently false.

+1

It disgusts me to see them say this is in anyones interest but their own. This is NOT in my, or the interest of anyone else with money stuck on FTP.

[exoendo]

Originally Posted by yesright

The AGCC only has powers to do one thing, revoke the licence.

Maybe they have more of the facts than we do and felt that the investor wasnt serious. (its way past the initial Sept 15th deadline with no deal in place)

Maybe they thought the investor was another scam put together by FTP?

Thats the problem when you systematically lie and defraud people, they dont trust you.

Sounds like the AGCC cant win.....if they revoke.... they are the bad guys who killed the deal.

If they dont revoke they are scum who let FTP get away with fraud and are letting them trade while insolvent........

What they did was basically both. They revoked but left one licence open if things changed quickly.

So its now up to FTP and its mystery investor.

Could you or someone else explain to me how this one entity still being suspended allows a viable pathway to having a license reinstated? I am honestly curious

[insidemanpoker]

Is there literally NO way the DoJ could ever be forced to cough up the $331million it stole from players?

[exoendo]

Originally Posted by caseycjc

please change your avatar and ask someone to copy when you do so I can take you off ignore. You know it's annoying, please change it.

I have been posting in this thread on a regular basis for weeks now and only after yesterday when I made a small joking reference to it do I have every newbie with 40 posts coming out of the woodwork telling me they dont like it. I am not changing it. use your browser to block it or ignore me, I dont care.

[Yndzone]

Originally Posted by Wayru

No problem.
Yes it could be that they had some other country in mind, although I still think an Alderney license cannot be used for getting licensed in Italy.

Now here is what the WSJ says:
http://online.wsj.com/article/BT-CO-...29-708951.html

In italy there is AAMS authority

[solddowntharvr]

It will be interesting to know what is happening with the remaining 500 or so employees, as if I remember 250 or so were just laid off, as reported by various news outlets. Surely the remainder will be let go soon.

[InsidePoker]

Originally Posted by Yndzone

In italy there is AAMS authority

The licensee in France/Italy/wherever would still be owned by Full Tilt and as such might need to be additionally licensed in Alderney. Or Full Tilt might need to hold an additional licence for its Italian/French operations in Alderney (or may want to for some reason). The report did say that FTP chose to have different licensees for different geographic regions.

[Guyra]

Originally Posted by Todd Terry

This is especially ridiculous since neither FTP nor its associates ever tried to claim any seized funds. There was actually no uncertainty over their recoverability -- they were unrecoverable.

FTP prolly didnt try to claim any seized funds bc if they did, wouldn't the news get leaked to the public? If so, all players would have prolly made a mass withdrawal.

If these numbers are correct:

$331m DOJ
$440m dividends
~$100m stolen by payment processor guy
~$120m in floated deposits

then roughly 1 billion dollars in 4-5 years generated by FT. Insane amounts of money generated by rake. wow.

There's a reason why these 3 sites are looking at a 3 billion dollar fine by the DoJ

[Yndzone]

Originally Posted by exoendo

I have been posting in this thread on a regular basis for weeks now and only after yesterday when I made a small joking reference to it do I have every newbie with 40 posts coming out of the woodwork telling me they dont like it. I am not changing it. use your browser to block it or ignore me, I dont care.

Originally Posted by InsidePoker

The licensee in France/Italy/wherever would still be owned by Full Tilt and as such might need to be additionally licensed in Alderney. Or Full Tilt might need to hold an additional licence for its Italian/French operations in Alderney (or may want to for some reason). The report did say that FTP chose to have different licensees for different geographic regions.

No, the licensees in Italy are just from AAMS, AGCC cant works in italy.
But for 2011 and 2012 No new Licensees will be gived in Italy for sure!!!
AAMS stop to give it to everyones

[InsidePoker]

Originally Posted by Yndzone

No, the licensees in Italy are just from AAMS, AGCC cant works in italy.
But for 2011 and 2012 No new Licensees will be gived in Italy for sure!!!
AAMS stop to give it to everyones

I think we're misunderstanding each other, but it's not important.

[tamiller866]

Originally Posted by Guyra

FTP prolly didnt try to claim any seized funds bc if they did, wouldn't the news get leaked to the public? If so, all players would have prolly made a mass withdrawal.

If these numbers are correct:

$331m DOJ
$440m dividends
~$100m stolen by payment processor guy
~$120m in floated deposits

then roughly 1 billion dollars in 4-5 years generated by FT. Insane amounts of money generated by rake. wow.

There's a reason why these 3 sites are looking at a 3 billion dollar fine by the DoJ

Take out the $300m owed to players and you are actually just looking at what could/should have been their profit, putting the rake number closer to $7 billion.

[EYESCREW]

Online poker sites are rake generating machines. It's amazing there's any money left in the poker community with the kind of rake the sites were generating.

[joeyrulesall]

Lol at the people saying this means nothing. Stop grasping at straws and think logically. I said previously several times. Ifrah was setting up the agcc to look like they killed a potential deal. Why would the agcc want to kill a deal that would bail them out from this nightmare? Seems pretty obvious a deal wasn't going to happen leaving them no other option. Ifrah is a pos that is playing lawyer games trying to deflect blame. I hope you read this Jeff. You will not be forgotten in all of this for trying to use us as a pawn in your legal game. For all of the people calling Jeff daily having conversations with this tool, did you really think he was having long talks with message board poker players because he found you enjoyable to talk to? Did you think he was your friend? At what point do you realize that in a huge lawsuit the lawyer of an indicted person doesn't come on Internet message boards and talk to people about sensitive info? You all got played. Now call the guy and let him know that you know. It's probably the same geniuses that believed full tilt was allowing a coffee boy ftpdoug to make statements on behalf of the company. I mean how gullible are you people? For what it's worth i had high 4 figures on tilt so don't bother typing I just thought all this because I'm a busto fish or whatever that guy I blocked is calling people. Please stop listening to the shills.

[ivvaen]

Some hope from the DOJ:

http://www.justice.gov/usao/nys/pokerstars.html