FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP) - Page 54 - Poker News

**SGT RJ** · 08-29-2011, 04:33 PM

Quote:

Originally Posted by coduresa

So did I understand something wrong?Wasn't there an official statement announced for today?

I don't think it was officially announced for today, but "early this week".

In any event, there's still time today, I believe at least one FTP announcement was released at around 11 pm London time.

diodor · 08-29-2011, 04:33 PM

If FTP would offer the option to exchange bankrolls fully or partially for bonuses unlocked at a rate of say a dollar for two dollars paid in rake, reducing the company's liability and the amount of risk an investor would have to take in buying the company, I think lots of people might go with it, given that odds of getting our money back otherwise seem rather bleak.

**SGT RJ** · 08-29-2011, 04:36 PM

Quote:

Originally Posted by momo_the_kid

I totally agree that we should blame FTP a hell lot more than DOJ. But it doesnt mean we shouldnt press DOJ to return the money to us when it is 100% certain that FTP cant pay us. Everybody know the money is ours. It is pretty ridiculous that DOJ punishes scumbags like Bitar and Lederer by freezing our money if you think about it. They should go after their personal assets instead freezing innocents US citizens' money. I dont see any downside from pressing DOJ through mass e-mails, calls and some media exposure if we reach that point. It will be an embarrassement for them if they dont use the money to pay players. It is a +EV move and we really dont have anything to lose at that point. One of their main duties is to protect our interest, not freeze and take our money.

No, I think seeing if pressure on the DOJ would encourage them to provide at least some payback to players is pretty much a freeroll at this point - nothing to lose and something to gain, however unlikely it is to work (IMO). I was originally just pointing out that saying the DOJ's actions should cause a "revolution" was hysterical nonsense.

I perfectly understand and agree with the DOJ being one of the targets of anger. Just seems going overboard to suggest riots because of it.

oneonth3run · 08-29-2011, 04:37 PM

Quote:

Originally Posted by coduresa

So did I understand something wrong?Wasn't there an official statement announced for today?

Sometime this week.

murdock12 · 08-29-2011, 04:38 PM

Quote:

Originally Posted by diodor

If FTP would offer the option to exchange bankrolls fully or partially for bonuses unlocked at a rate of say a dollar for two dollars paid in rake, reducing the company's liability and the amount of risk an investor would have to take in buying the company, I think lots of people might go with it, given that odds of getting our money back otherwise seem rather bleak.

Interesting idea or something along these lines might be workable.

Bene Gesserit · 08-29-2011, 04:39 PM

Quote:

Originally Posted by Wreed Platzak

While the whole share story makes little to no sense to me; turning our bankrolls into longterm loans probably does ?

It would lower their immediate debt and therefore a much smaller cashinjection is needed to re-open again. (with offcourse a big IF; would Alderney accept such a solution ?)

I have over 300k on FTP and I would be happy to turn it into a longterm loan (say 2 years) if that allows FTP to re-open and being able to generate some income again.

Thoughts ?

I "think" that if you really have 300K stuck on FTP I have no business giving you advice about money! I can't count that high

Sincere best of luck to you getting most or all your BR off in reasonable time

momo_the_kid · 08-29-2011, 04:39 PM

Quote:

Originally Posted by SGT RJ

No, I think seeing if pressure on the DOJ would encourage them to provide at least some payback to players is pretty much a freeroll at this point - nothing to lose and something to gain, however unlikely it is to work (IMO). I was originally just pointing out that saying the DOJ's actions should cause a "revolution" was hysterical nonsense.

I perfectly understand and agree with the DOJ being one of the targets of anger. Just seems going overboard to suggest riots because of it.

yeah. I understand. you guys are Americans, not French.

**SGT RJ** · 08-29-2011, 04:41 PM

Quote:

Originally Posted by diodor

If FTP would offer the option to exchange bankrolls fully or partially for bonuses unlocked at a rate of say a dollar for two dollars paid in rake, reducing the company's liability and the amount of risk an investor would have to take in buying the company, I think lots of people might go with it, given that odds of getting our money back otherwise seem rather bleak.

Since US players can't play on the site, they can't generate rake.

Plus their license is contingent upon having enough capital to cover expenses, which they don't have without an investor.

It wouldn't be a bad idea if it was only European players with money locked up, but since ~40-50% of their player base was US citizens, I don't think something like this is feasible.

hitgirl · 08-29-2011, 04:43 PM

Quote:

Originally Posted by diodor

If FTP would offer the option to exchange bankrolls fully or partially for bonuses unlocked at a rate of say a dollar for two dollars paid in rake, reducing the company's liability and the amount of risk an investor would have to take in buying the company, I think lots of people might go with it, given that odds of getting our money back otherwise seem rather bleak.

Yeah but how would the American players unluck these and good luck freeing >1m. That could take years or like forever or never and we now now FTP can get into trouble again and is not too big to fail.

nitur1984 · 08-29-2011, 04:48 PM

I like both diodor and wreed platzak ideas. Not sure if funky solutions like that are legally possible though.

blackfriday415 · 08-29-2011, 04:53 PM

Shares for your cash balance only works if there is also an investor to put up money to cover the fines to doj + advertiseing + running company ...

Bene Gesserit · 08-29-2011, 04:55 PM

Quote:

Originally Posted by nitur1984

I like both diodor and wreed platzak ideas. Not sure if funky solutions like that are legally possible though.

Don't think any of these ideas can be done, but hell I don't have any better ones either. FTP NEEDS AN INVESTOR, REAL MONEY! I was hoping for a statement from them about just that today! Gotta come back tommorrow AM and see. Good luck all!

Mycology · 08-29-2011, 04:56 PM

Whats sad is, these freaking clowns at FTP can't seem to make some billionaire somewhere realize that if that billionaire is not a clown too, FTP is a brand that could easily be recovered, restructured and made more successful than ever, even from this point. Their software trumps Pokerstars, its that simple. All they'd need to do is say "All deposits and player balances are from now on 100% guaranteed" and put in some new management. Problem solved, initial investment recouped and then some over the next few years. Wheres Guy Laliberte when ya need him... he's one clown that could easily solve all our problems.

momo_the_kid · 08-29-2011, 04:57 PM

If the price is right, they shouldnt have any problems finding an investor. I guess the biggest obstacle is still that the investor needs to pay 150 million to US players at the very beginning.
Those owners need to dip into their own pockets at some points for the deal to happen is what I guess.

coduresa · 08-29-2011, 04:58 PM

Quote:

Originally Posted by Wreed Platzak

While the whole share story makes little to no sense to me; turning our bankrolls into longterm loans probably does ?

It would lower their immediate debt and therefore a much smaller cashinjection is needed to re-open again. (with offcourse a big IF; would Alderney accept such a solution ?)

I have over 300k on FTP and I would be happy to turn it into a longterm loan (say 2 years) if that allows FTP to re-open and being able to generate some income again.

Thoughts ?

i like the idea