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

[RANGERgfx]

yea, i'd love it if guy or "the banker" (forgot his name) stood up and bought the company - that would be balla as hell. Does anyone have contacts on them?

[momo_the_kid]

Originally Posted by RANGERgfx

yea, i'd love it if guy or "the banker" (forgot his name) stood up and bought the company - that would be balla as hell. Does anyone have contacts on them?

Andy Beal. I guess there is a chance if those owners paid him back the money they won from him. lol

[Mycology]

It would be balla as hell and it would be so, so, so utterly and sincerely appreciated by -millions- of people. I would sing his praises and devote a corner of my room to a little shrine to him, where I would leave fruits and burning candles and make sacrifices of cash money in his honor.

Yes, I would deify the individual who fixes this mess and returns my life, and many of my friends lives, back to normal. We have bills to pay.

[diodor]

Originally Posted by hitgirl

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.

US players could be asked to agree to get paid 20% of their roll right now and 80% over two three years out of company profits. Something like that, assuming the deal with the investors is close enough that with some tens of million dollars less of a risk they'd go with it.

It probably wouldn't work, not that many players would go with it, investors probably are keeping away for more solid reasons than $50M, but hey, I've already kissed my roll goodbye, I feel I have little to lose at this point.

[momo_the_kid]

Originally Posted by Mycology

It would be balla as hell and it would be so, so, so utterly and sincerely appreciated by -millions- of people. I would sing his praises and devout a corner of my room to a little shrine to him, where I would leave fruits and burning candles and make sacrifices of cash money in his honor.

Yes, I would deify the individual who fixes this mess and returns my life, and many of my friends lives, back to normal. We have bills to pay.

Yeah. Each of us will donate some money to build a statue for this guy in Las Vegas too.

[Mycology]

Momo I have enough money tied up that if I get it, it would feel like a mini-fortune for free. I plan on making a few contributions to a few organizations, individuals, and causes, which I would have already donated to if my usual money flow had not been interrupted and if most my savings (unfortunately on FTP) were not stolen too. Life goes on, just a lot more miserably.

[momo_the_kid]

Originally Posted by Mycology

Momo I have enough money tied up that if I get it, it would feel like a mini-fortune for free. I plan on making a few contributions to a few organizations, individuals, and causes, which I would have already donated to if my usual money flow had not been interrupted and if most my savings (unfortunately on FTP) were not stolen too. Life goes on, just a lot more miserably.

I hear you. Lots of people are in the same boat including myself.
There is still hope. I believe we can still get a portion of our money back if not 100% of our money. GL to all of us!

[FrozenRoll]

As yet another ex-online poker player with close to 6 digits frozen on FTP I have spent my recent months 'trolling' these forums always hoping for some sort of underground news leak, but mainly just to find uneducated teenagers with no real knowledge of the current situation, business, or reality in general. I had to make my first post after reading the comments of the p5's article that just reiterates the latest S:P article about the shortfall.
I really can't believe people on there are bragging about knowingly defrauding FTP once they found out the deposits were not being taken from their bank account. One guy talks about how he dumped 20k worth of uncollected deposits into a main account. Another clueless idiot talks about how he "stuck it to FT" by ripping them off for over 3k, and then rightfully gets his life threatened by other p5's members. Is there really nothing that can be done about getting money from people like this just because FTP mindblowingly allowed this to happen for like 8 months? I don't know what the law says in this area but I can tell you that I have zero faith in the DOJ or US government doing anything to help the players. The DOJ waiting until the evening ON TAX DAY to execute this whole thing tells you what they are really concerned about. Gotta make sure people have enough money to pay them willingly before the rest of the money is frozen up and eventually taken. Sad thing is FTP is making them look like heroes by showing how truly corrupt they were run.

[genher]

I wouldn't surprises if Ifrah decides to stop posting in this Zoo and we lose the only person who actually knows something. Shame really but who could blame him....

[Go Get It]

Originally Posted by momo_the_kid

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.

This is the bad part of the negotiations obv. that the price is almost not negotiable. Any investor has to snap pay a minimum of ~$128M just for the US players + AGCC fees + impending euro bank run that they are short + other unknown fees/dues. After all that we come up with quite a high minimum to have to invest up front imo.

[Prospace]

Last hope is to put pressure on DOJ oversight com and Inspector General to investigate Harry Reid, Jon Kyle, Caesars owners and Wynn for bribery and corruption.

[DoubleDealing]

Originally Posted by ShipItYo

Not entirely accurate. Just playing devils advocate here, but if players continued to play, the "virtual rake" would just decrease the amount of money they have to pay out... assuming no one deposits. But obviously that would be an absurd route to go anyways.

Actually this is only partially correct. I don't know the exact formula, but there is a point at which they cannot virtually rake all the money owed by them to players - but its clear they are way beyond that point.

[Willy]

Originally Posted by n0nplussed

Jeff Ifrah is not your friend, or any sort of friend to poker players. He's got a job to do, so don't be fooled by Full Tilt's latest marketing tack.

I do not consider him my friend nor do I consider him my enemy. Of course his client's interests are what motivates him. However I still think It is in Fulltilt's shareholders best interest to get the company sold and whatever money is available returned to players. Further, I still think most if not all of them recognize that. While we differ on how that can be accomplished I still think our goals are the same.
While I believe it is clear Fulltilt's management was and remains incompetent, I do not believe they set out to defraud me.
I made a bad decision leaving more than I needed to play on deposit with them, that was my mistake not theirs so I am personally unable to hold them totally responsible for any loss I eventually suffer.

[DoubleDealing]

Originally Posted by DeathAndTaxes

Sadly there are plenty of nice countries in the Carbbean which have non-extradition (or more commonly limited-extradition) w/ US who will gladly take Mr. Bitar as long as he has cash. Hell some will even grant him citizenship for a price.

The world isn't fair and this is just one example. BTW on 04/13/2011 there was a public record filing for Filco (FTP) in Ireland for a change of residence of one of the board of directors.



Looks like has owned that property for some time though. A govt filing from Bermuda on 01/09/2009


http://www.bermudasun.bm/print.asp?A...bSectionID=646

I understand (and share) your frustration but likely Mr. Bitar will live a long and happy life off his ill-gotten gains.

Nice work posting this information you guys!

He will not ever get to enjoy Bermuda on the run from the US - thats an easy place for the US to nab him - no chance he will go there to live now.

[momo_the_kid]

Originally Posted by Prospace

Last hope is to put pressure on DOJ oversight com and Inspector General to investigate Harry Reid, Jon Kyle, Caesars owners and Wynn for bribery and corruption.

Putting pressure on DOJ is definately something we will pursue if it is certain FTP can't pay us. Guess we are not there yet but pretty close.
Heard somewhere DOJ froze 140 million or sth. , which is about the amount FTP owes to the US players.