Skalln,
Your post made me look up the definition of illiquid. I gotta find a new word now .

Dude, someone like Ifrah needs like 500k up front for representation for 3-4 months max.

He gets that in his client account and starts work. If between those ten plus defendants they can't raise that then not only is FTP bust but so are most of the bigger games at Bellagio and Aria.

NP at all. AT S:P btw, you won't be finding ads, so we are never biased

Also, if you hover over any link, you will find what it is before clicking.

Nobody is acting in the best interest of "the players". Not even the players.

99% of FTP regs would happily take their cashout today even if they knew nobody else would ever get paid (a la 'trunk of Howard's car' scenario).

Remember;
1. Alderney want to preserve it's position on UK whitelist, and will burn everyone else on this list to preserve that.
2. Ray wants to stay out of jail. There is no cap on the amount of head he will give to make this happen. He has a huge fear of confrontation.
3. Chris / Howard / Phil want to be able to still play poker and work in poker business
4. Average FTP staff want to keep their job, score another job (preferably in PaddyPower), and/or get some severance
5. Other s/holders are praying praying praying for something for their ephemeral holding.
6. Nelson wants to go back home to Canada without being extradited to the US, and if he can strangle Gil/Ray on the way to the airport, all the better.
7. Players want their rolls.
8. Noah wants his story.

Good luck to all. Except Ray/Gil etc.

Quality! Excellent overview. Poast more IMO.

Pretty sure this "random user" person actually played poker on Lederer/Ferguson's site. So you cannot expect an unbiased opinion from this person either.

No, I didn't google that term. I'm not a lawyer, nor have I ever claimed to be. Still, despite what you think, I'm smart enough to understand what "unreasonable financial burden" means in plain English.

Given what we know of FTP's overall financial situation AND Mr. Ifrah's claim of "unreasonable financial burden", I think that one possible interpretation of this is that Mr. Ifrah knew that FTP would not be able to pay for the amount of work that would be necessary to put up a proper defense.

My entire posting history during the FTP situation has been pretty measured and reasonable.

Again, you can feel free to disagree with my opinion, but it's pretty irritating that just because you disagree with me, you imply that I lack the cognitive skills necessary to gather information and form an opinion.

Thanks again sir, you obviously know what you are talking about here. I am sure its going to be OK. Thanks for the facts rather than the usual NVG silly speculation!

Just want to stroke Noah's ego and say he's doing a superb job with SP.

As much as I'd like to know everything he knows, I trust that his decisions to wait to release info is in everyone's best interest.

Noah are you attempting to contact Ifrah with regards to why he resigned? It seems very strange to me that he just randomly resigned. I saw the reason he cited, but it seemed kinda vague as to what it might mean. But still since he was so open in communications with us, have you contacted him asking him why?

What are you talking about? You were the one in cahoots with the thieves, not me.

Or am I mistaken in my belief that Lederer/Ferguson were on the board of your organisation during the time youa re saying you believe they had funds to cover player's deposits?

Is that a segregated ring fenced client account ;-)

...and who licenses him? The New York or Illinois Bar Associations

Yep that would be my take. He was probably told that we have a buyer and everyone will be paid and the lawsuit will go away. Sale falls through, not enough retainer, no chance to keep their license and some parties looking at bankruptcy. (the confidential communication he can't talk about at this point)

The other side wants to take depositions in far away places and spend a lot of time obtaining a lot of documents that FT may not want to produce. FT not paying anymore money, talking about including his legal bill into the bankruptcy and are going to lose their license in 2 weeks.

in plain English.

Yes, the whole point is it is not vanilla - it is used in a legal context. Didn't notice? Maybe your response to it should be based on the context in which it is written?

skills necessary to gather information

What information gathering do you do outside of reading NVG threads, then, if not google?

I'm bored of this derail. Feel free to infract/ban - but it's like the lunatics are running the asylum.

Most likely this "random user" didn't receive funding from Lederer/Ferguson to finance his hobby. Skall, if you and the PPA have always put the players' best interests ahead of everyone else's, you have nothing to be defensive about.

LOL - Yeah it's generally called a "Trust Account"

haha...

...on a serious note we have had many lawyers in The UK who have been disbarred for dipping into their client accounts and ironically it is often associated with the lawyer having a gambling problem (Seriously).

...and I am NOT suggesting Jeff Ifrah is doing this hence the smileys previously.

The class action suit filed by Todd Terry et al, is on behalf of the class of players resident in the US situated similarly to the named plaintiffs. In other words, only US-resident players (and their lawyers, OFC) will get anything from the suit.

The suit seeks treble damages because of alleged RICO violations. If the defendants are unable to defend, and the court awards the requested damages, then the award will be greater than the amount owed to all players no matter where they are in the world (we assume that US players had in excess of 33.3% of the total deposits.). If the US courts are able to get their hands on all assets under the FTP umbrella, that might be enough to cover the judgement. Given the alleged size of the deposit shortfall, it seems more likely that US players would get all the liquidate-able value of FTP, though probably only after the DOJ took its bite first.

The only hopes for non-US players to get anything would seem to be court actions outside the US to seize assets held outside the US, or if the suit filed by the two Canadian players is somehow allowed to proceed and gets a judgement earlier than, or coordinated with, the Terry suit judgement.

http://www.abajournal.com/news/artic...n_trust_money/

Looks like it happens in The US too......

Please don't go away sir, SGT RG and many of us got this stuff all messed up because we have not been paying attention to the flow of events like you have, and thus have jumped to these stupid conclusions. It really helps to have some one with your attitude take charge. I, for one, think SGT RG should make you her asst mod! Thank you for your support!

Alright, enough with the sarcasm already, sheesh...

For the class action suit, how would I prove the money I am owed? (All I have is a screenshot)

I can't imagine a document with player balances at time of closing would be difficult to come by if the class action suit won in court.

Grand Theft Poker

Assuming FTP were illiquid before BF, the DoJ may have known this was a good time to strike. If this can be evidenced in court, it will be apparent that the DoJ knowingly seized (assuming legal case successful) the sole remaining funds which included ROW player funds. This after DoJ playing bogus processor to catch them out.

The governments of the other 216 legal countries that FTP serves will not merely stand by and wave adiós to the tax their residents would have paid on that income. Nor will these governments allow the DoJ to place their residents under US law that do not apply in their resident country.

I doubt very much that ROW will be paying for US indecision / inability to regulate / keep the casinos happy

Wow. Surely this won't happen. If we ever see our money again, surely the class action is dropped, or the treble damages are dispersed to cover worldwide player money shortfall.

It would be pretty lol hypocritical if US players lined their pockets with extra loot than they are owed at the expense of others.