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

[Insider-96]

Originally Posted by blackfriday415

thank you jeff! i appreciate what you have done for the players here.

As i anticipated from the get go, no one would be happy with anything short of players getting paid tomorrow. I really dont understand what people expected... I think the mere fact he made him self so available to the public (and 2p2) says a lot about the character of the people FTP are seeking to help them with there issues post blackfriday.

i know ftp could have handled this better. but Jeff doesn't own, or run ftp, he is a lawyer and i think people vastly overestimate is "pull" to get stuff done in the company. I believe without jeff we would be in the complete dark. This is a big step in the right direction.

the most important part here is that FTP keeps its word, and continues to communicate with players as much as possible as we go forward (as promised in a previous statement"

No one who understands the situation places any importance on what was said here by Jeff, other than he keeps false hope alive by encouraging it. That in itself is insignificant. Jeff has no pull, there is no company left. There are a few people trying to scrape a deal together, perhaps even believing it can be done. ftp is insolvent. Their executive rent asunder, their banking non-existent. Their business model cannot be brought back to life. That is reality.

[elstunar]

Originally Posted by FTP

So where's the ****in statement?

lost in the tubes somewhere

[ShipItYo]

I SINCERELY doubt that is FTP's statement.

[FTP]

Surely Jeff has the statement? Why doesn't he come here and post it where the players are waiting instead of sending it out to a bunch of fckn idiots?

Or even better, why didn't they just put it on their own fckn site?

[Michaelooch]

Originally Posted by FTP

So where's the ****in statement?

Originally Posted by Michaelooch

When I asked Jeff where the full statement could be found he replied,

"It was sent to Pokerstrategy. I don't know why it is not up and how it got to Forbes. "

.

[joeyrulesall]

Who the hell is poker strategy and why can't they just release info on fulltiltpoker.com. This company cant do anything right. They Can't even release a statement right

[jweez]

Here is the FTP statement in full:

As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday.

The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks. While we believed that offering peer-to-peer online poker did not violate any federal laws—a belief supported by many solid and well-reasoned legal opinions — the DOJ took a different view. In addition, as was widely reported, a key payment processor stole approximately $42M from Full Tilt Poker. Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected. Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.

Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players. At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation. We have recently engaged an additional financial advisor through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players. While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations.

[gradx]

if 6 different investment groups have been in FTP's offices and there's no deal mentioned... that means one thing:

FTP's books are crappy and nobody wants to touch it. gg ftp

[aggo]

Originally Posted by Michaelooch

When I asked Jeff where the full statement could be found he replied,

"It was sent to Pokerstrategy. I don't know why it is not up and how it got to Forbes. "

pokerstrategy? which site is that?


how can you let anyone scoop you when ftp hands you a statement that's guaranteed to generate 1M views in 12h?

[dcredskins24]

As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday.

The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks. While we believed that offering peer-to-peer online poker did not violate any federal laws—a belief supported by many solid and well-reasoned legal opinions — the DOJ took a different view. In addition, as was widely reported, a key payment processor stole approximately $42M from Full Tilt Poker. Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected. Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.

Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players. At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation. We have recently engaged an additional financial advisor through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players. While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations.

[SamuraiJon]

Originally Posted by Go Get It

So no sorry, hmmmmm. Did Dogishead write it?

+1

and

Didn't get enough love

[gradx]

Originally Posted by dcredskins24

As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday.

you knew it was coming

Originally Posted by dcredskins24

The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks. While we believed that offering peer-to-peer online poker did not violate any federal laws—a belief supported by many solid and well-reasoned legal opinions — the DOJ took a different view. In addition, as was widely reported, a key payment processor stole approximately $42M from Full Tilt Poker. Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected. Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.

excuses

Originally Posted by dcredskins24

Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players. At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation.

six have made on-site visits and no deal...this is not a good sign...it means we're desparate

Originally Posted by dcredskins24

We have recently engaged an additional financial advisor through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players. While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations.

desparation. we've tried and failed and have hired an outside advisor to take the fallout. cya.

[aggo]

so basically we learned nothing new.

ftp was in the hole leading up to BF for 300mil to begin with.

it seems like there was almost no way that our accounts couldve ever been segregated the past 2 years from operating funds because of the seizures and stolen funds.

[exoendo]

Originally Posted by gradx

if 6 different investment groups have been in FTP's offices and there's no deal mentioned... that means one thing:

FTP's books are crappy and nobody wants to touch it. gg ftp

or it means they all want to buy it and are continuously outbidding each other.

see what one can do with pointless speculation? who knows how far along the talks are, or if they are all trying to work together and hammer out various details, etc. it's just so incredibly dumb to draw such simplistic conclusions. we just have to sit and wait.

[joeyrulesall]

Just like I said. A Monday or Tuesday Announcement meant Tuesday at 1159pm. Thanks for what you should have said 4 months ago. If your so committed to paying us back why has the withdrawals from black friday caught in limbo still not been addressed ? When are you going to adders any real questions? Why are you lending millions to Ivey and benyamine and spending huge money advertising if you didnt have enough money? You gambled with our money. Now sell off yOur stuff and pay us back so we can move on from this mess created by degenerates running a multi million dollar company b