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Old 07-31-2013, 04:40 PM   #3001
journeyman
 
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

wtf is going on with this. It seems like ages since we have heard anything regarding full tilt. We should be getting 100% of our balances correct?
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Old 07-31-2013, 05:18 PM   #3002
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Quote:
Originally Posted by Jkpoker10 View Post
wtf is going on with this. It seems like ages since we have heard anything regarding full tilt.
The claims administrator has received an "extensive" (according to them) amount of data from Full Tilt.

They have said it will "take some time" to figure out what to do with it.

When a government contractor says something will "take some time" they generally aren't kidding.


Quote:
We should be getting 100% of our balances correct?
Probably.

Someday.

But nobody really knows.
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Old 07-31-2013, 05:25 PM   #3003
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Posed a fair question and asked them to give us something in terms of news. Woke up and I am censored as well. Until this I was focusing all my anger towards the DOJ as it seems they are really making the decisions but GCG's actions towards us "victims" is pathetic and I hope this situation gets enough media attention to do damage to their biz in the future.

https://www.youtube.com/watch?v=rvBJcq_OmYg
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Old 08-01-2013, 06:44 PM   #3004
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Basically anyone checking in just has to read 1938ford's posts. Ive been doing some research on this industry lately for work related reasons, and he's pretty much nailed it exactly. There's only a handful of companies that do this, everything has to be done by the book, and a big complicated case like this (yes, its complicated, with phantom deposits and processors shut down and bank accounts seized FTP's accounting was likely a mess) is likely to take years. You can vent at GCG, but any other processor that does this would likely be handling it the same way. Just have to let the process run out. We could get paid in 2014, we could get paid in 2018. It is what it is.

Stars was quicker with foreign money, obviously, but I dont think they were required to true up for phantom deposits or checks that were sent out but never reached people.
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Old 08-01-2013, 07:50 PM   #3005
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Quote:
Originally Posted by LetsGambool View Post
Basically anyone checking in just has to read 1938ford's posts and look at all the cat GIFs
Fixed.

But seriously, yes... anyone stopping by to grunch the thread would be well-served in doing a thread search for his posts.
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Old 08-01-2013, 08:37 PM   #3006
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Looks like GCG updated fulltiltpokerclaims website:

Quote:
GCG, working with the Asset Forfeiture Unit of the United States Attorney's Office for the Southern District of New York and the Asset Forfeiture and Money Laundering Section of the United States Department of Justice, has completed the review of data provided by Full Tilt Poker ("FTP"). It has been determined that the calculation formula to be used for the Petition for Remission process will be based on players' final balances with FTP as of April 15, 2011 (the "FTP Account Balances"). The claims process will begin shortly.
They also state that:
Quote:
If the forfeited funds available for distribution equal or exceed the aggregate FTP Account Balances for all eligible Petitioners, each eligible Petitioner with an approved claim will receive the entirety of his or her FTP Account Balance. If the aggregate FTP Account Balances for all eligible Petitioners exceed the funds available for distribution, payments shall be made to eligible Petitioners on a pro rata basis.
But according to DF, they have plenty of funds to cover all balances, correct? Also, what happens when you were logged in past 4/15 and still playing? I believe I stopped playing just past 4/15 into 4/16. I should getting the full amount right?
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Old 08-01-2013, 08:39 PM   #3007
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Makes it sound like people who had funds in limbo are likely to lose them (e.g. I had a $1,500 check I was waiting for when this went down).
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Old 08-01-2013, 08:44 PM   #3008
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Should be about 30 cents on the dollar. That's more than we deserve! I have a few hundred on there, but I knew the risks. I am hoping for 30 cents on the dollar. There are definitely more claims than most wishful thinkers here believe, otherwise, there would be no need to mention that it might be pro rata.

At the end of the day we are lucky to get anything, as we rolled the dice with criminals. I expect to get this money by Christmas of 2015. That is fair.
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Old 08-01-2013, 08:45 PM   #3009
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Remissions based on balances, thank god. One less stupid argument that we have to keep repeating in this thread.
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Old 08-01-2013, 08:49 PM   #3010
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Quote:
Originally Posted by kernal View Post
Should be about 30 cents on the dollar. That's more than we deserve! I have a few hundred on there, but I knew the risks. I am hoping for 30 cents on the dollar. There are definitely more claims than most wishful thinkers here believe, otherwise, there would be no need to mention that it might be pro rata.

At the end of the day we are lucky to get anything, as we rolled the dice with criminals. I expect to get this money by Christmas of 2015. That is fair.
Why on earth would you only expect 30 cents on the dollar? The amount of money owed to U.S. players is a known amount, as is the amount available for remissions, and it's theoretically enough for 100% payment. We may lose a few cents on the dollar due to administrative fees, but at the end of the day, I would be shocked to get less than 90%.
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Old 08-01-2013, 09:00 PM   #3011
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

DiamondFlush, if you are still browsing this thread, can you clarify if we will be receiving balances if we played past midnight on April 15th? It would be pretty unfair we if didn't since there was no hard-cap cutoff. FTP's account history spreadsheet also doesn't seem to calculate the money bought into the tables, so not only am I out what I won on the 15th-16th, but I would also be losing my buyins at the table.

I remember listening you on Poker Advocacy stating that you believed we would, but now that it seems like everything is settled, do you have a definitive answer on that? Thanks for all your work and info in the past 2+ years.
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Old 08-01-2013, 09:09 PM   #3012
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Here you go. A real update with some real information:

GCG, working with the Asset Forfeiture Unit of the United States Attorney's Office for the Southern District of New York and the Asset Forfeiture and Money Laundering Section of the United States Department of Justice, has completed the review of data provided by Full Tilt Poker ("FTP"). It has been determined that the calculation formula to be used for the Petition for Remission process will be based on players' final balances with FTP as of April 15, 2011 (the "FTP Account Balances"). The claims process will begin shortly. Once the process begins, GCG will email instructions on how to complete an online claim to all potentially eligible claimants identified by GCG utilizing data supplied by FTP. Account balances from online poker sites other than FTP are not included in this remission process. Petitioners must also meet all other requirements outlined in 28 C.F.R. 9.8 to be considered eligible for remission.

If you do not receive an email notice and you believe you are eligible to participate in the remission process, you may file a claim online using the directions that will be provided on this website.

If the forfeited funds available for distribution equal or exceed the aggregate FTP Account Balances for all eligible Petitioners, each eligible Petitioner with an approved claim will receive the entirety of his or her FTP Account Balance. If the aggregate FTP Account Balances for all eligible Petitioners exceed the funds available for distribution, payments shall be made to eligible Petitioners on a pro rata basis.

Please continue to check this website for updates regarding this administration.

http://www.fulltiltpokerclaims.com/index.php
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Old 08-01-2013, 09:17 PM   #3013
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Quote:
Originally Posted by 1938ford View Post
Account balances from online poker sites other than FTP are not included in this remission process. Petitioners must also meet all other requirements outlined in 28 C.F.R. 9.8 to be considered eligible for remission.
http://www.fulltiltpokerclaims.com/index.php
Great news and this sounds like it will be starting soon. What is this though?
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Old 08-01-2013, 09:17 PM   #3014
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

Here is a link to the 28 C.F.R. Section 9.8, just in case you are stressed as to what that line in the info is referring to. Nothing in it should preclude any U.S. Player with a balance as of April 15, 2011 from successfully filing a petition for remission, since the DOJ has already acknowledged former US FTP Players are victims as outlined in the complaint and in accordance with the statute.

http://www.law.cornell.edu/cfr/text/28/9.8
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Old 08-01-2013, 09:18 PM   #3015
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re: Garden City Group to be Claims Administrator for FTP Funds - Claims to begin Sept. 16 - See OP

1938ford, any insight to the question I posted above to DF?
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