Group Bernard Tapie unable to collect money from Ivey, Benyamine, etc. - Page 8 - Poker News

Jah Onion · 02-02-2012, 04:25 PM

time to mount a twitter campaign on them "pros"?

NutRush · 02-02-2012, 04:28 PM

Barry Greenstein truly is the Robin Hood OF POKER. Steals from the poor to give to himself.

Gazillion · 02-02-2012, 04:29 PM

Quote:

Originally Posted by PokerFan2008

While this whole thing is teetering on a total collapse, I find it telling that Barry G. has not made a post here, He is pretty straight forward and has not hesitated to make a post in the past weather defending his name or his boy's.

Quote:

Originally Posted by NutRush

Barry Greenstein truly is the Robin Hood OF POKER. Steals from the poor to give to himself.

Give him a chance for crying out loud. This thread is a few hours old, Barry has not posted on this forum for over a month, and for all we know he hasn't even seen this thread or the news article it refers to yet.

Barry's track record and reputation on this forum are impeccable, and as such I really think he needs to be given the benefit of the doubt at least until he has had a chance to respond or more information comes to light. Calling his absence "telling" just because he hasn't leapt on the thread yet is doing him a huge disservice imo. If anybody has earned some slack being cut for them due to their reputation on this forum, it's him.

DoTheMath · 02-02-2012, 04:29 PM

Quote:

Originally Posted by 2Pretty2Lose

as others have said this wont be why a deal isnt done,...

Think again:

Quote:

Originally Posted by Alex_Striker

He was interviewed by PokerNews as well.

Quote:

... some professionals have said things like that. ... we’re talking about professionals who owe the company money.

The reality is this. If we are unable to resolve some of these substantial obstacles that stand in the way of the completion of the deal, we won’t be able to complete the deal. If we don’t complete the deal, then the rest of the world players won’t be compensated nor made whole because we won’t be there to do it, and the government would have less money than it otherwise would to pay the U.S. players to the extent that it plans to do so. That’s the reality. We really need to resolve some of these issues in order to be able to purchase the company. This is a significant issue.

The inference I take from the two interviews is that there are multiple serious issues, several of which could kill the deal if they remain unresolved. The pro debt payments is one of them. It would be interesting to know what the others are.

Alex_Striker · 02-02-2012, 04:31 PM

Quote:

Originally Posted by DoTheMath

Think again:

The one thing is he says 'some of these substantial obstacles'. That to me means that they COULD survive without getting the money from the pros, but the other missing pieces would fall into place.

What this is, I'm not sure. Maybe this is their way of trying to force the pros to, at the very least, sign back on with FTP.

Fiveafterfive · 02-02-2012, 04:36 PM

The dates of these loans would be very interesting.

Most have said that GBT wouldn't like what they found once they dug deep into the FTP financials.

starvingwriter82 · 02-02-2012, 04:36 PM

Quote:

Originally Posted by Webjoker

Also I know Ivey would never not pay something he owes

So, how long have you known Ivey IRL? Just curious.

Haupt_234 · 02-02-2012, 04:36 PM

and the plot thickens...

Big Bad · 02-02-2012, 04:38 PM

Quote:

Originally Posted by J_Phil

If I had any significant money tied up in FTP, I would do everything in my power to bring these degenerate pros to their knees. It's unfortunate that some of the biggest names have done a great deal to harm the community at large. It's selfish, greedy and immoral. These guys ought to be blacklisted if their unwillingness to pay debts prevents the acquisition of FTP and the payout of players all over the world.

Couldn't agree more

GutPunch · 02-02-2012, 04:41 PM

How to Embezzle: by Full tilt poker?

justfoldpleaseok · 02-02-2012, 04:42 PM

Quote:

Originally Posted by DoTheMath

Debts owed to the company are assets of the company. They would have been reported by FTP to GBT (and probably the DoJ) as assets. Given FTP's treatment of other debts owed to it, they were probably valued at their nominal amount. GBT now has reason to think these debts are worth much less than the ~$15M of nominal value. An asset you have to litigate for to realize value is worth less than its nominal value. Therefore GBT probably want to reduce the price they are willing to pay by a similar amount. I doubt Tapie has a preference between the debtors paying up or the price being reduced. Remember that before accounting for recovery of these ~$15M debts, Tapie is only out of pocket $40M to purchase the assets (he pays $80M, buts gets a $40M account). If he was valuing the assets at nominal value, in the end, he was only going to be out of pocket about $25M. I can certainly understand why he wouldn't want to pay full value for those debts if they are unrecoverable. He stands to lose up to 60% of his purchase price. That could be enough to scuttle the deal.

IF these people are receivables cant FTP or GBT sell there accounts to debt collectors for lets say 50c to the $1....they collect 10M of the 20M that they needed to get from these people and then let the debt collectors worry about the rest? i mean, debt collectors will piss the **** out of them if they dont get their money. those people are like leaches and i think its full tilts best bet. since they will get at least something rather than nothing.

A mafia would be very handy in situations like these i think.

NutRush · 02-02-2012, 04:43 PM

Quote:

Originally Posted by Gazillion

Give him a chance for crying out loud. This thread is a few hours old, Barry has not posted on this forum for over a month, and for all we know he hasn't even seen this thread or the news article it refers to yet.

Barry's track record and reputation on this forum are impeccable, and as such I really think he needs to be given the benefit of the doubt at least until he has had a chance to respond or more information comes to light. Calling his absence "telling" just because he hasn't leapt on the thread yet is doing him a huge disservice imo. If anybody has earned some slack being cut for them due to their reputation on this forum, it's him.

I really thinks he's an [expletive expletive]. Glad he got caught dipping into the Full Tilt piggy bank. Doesn't surprise me one bit, this is the guy who defended Russ Hamilton when UB superuser scandal hit.

DavidNB · 02-02-2012, 04:49 PM

Quote:

Originally Posted by justfoldpleaseok

IF these people are receivables cant FTP or GBT sell there accounts to debt collectors for lets say 50c to the $1....they collect 10M of the 20M that they needed to get from these people and then let the debt collectors worry about the rest? i mean, debt collectors will piss the **** out of them if they dont get their money. those people are like leaches and i think its full tilts best bet. since they will get at least something rather than nothing.

A mafia would be very handy in situations like these i think.

If they legally owe the money then I would expect they can be taken to court. A loan is a loan, you can't just walk away from it.

Its hard to say whether the information we are receiving is true or not. Some parties could be doing the fancy dance here to get a better deal

pbear24 · 02-02-2012, 04:52 PM

Quote:

Originally Posted by NutRush

I really thinks he's an [expletive expletive]. Glad he got caught dipping into the Full Tilt piggy bank. Doesn't surprise me one bit, this is the guy who defended Russ Hamilton when UB superuser scandal hit.

I'm not sure how he defended Russ Hamilton but it seems harsh to presume his guilt just because of one mistake in the past.

DoTheMath · 02-02-2012, 04:55 PM

Quote:

Originally Posted by Syzzzurp

how much revenue do you think a site like FTP would make per week in rakeback? If its not gonna take them to long to make the 20million back they should just reopen with the understanding no-one can withdraw for 1 month or something.

Rake is not profit. From rake you must subtract all expenses to get profit. It seems like FTP's average real profit over the last four years was roughly $30M/yr (dividends distributed minus cash shortfall, divided by four). FTP2 will lose its US players, who accounted for roughly 1/2 of rake, and they will lose more ROW to cashing in (or being in newly nationally licensed countries whose tax makes it unprofitable to operate) than they will gain in new players, at least for a while. I doubt their revenue will be much more than 1/4 what it used to be. Profit per $ of revenue may drop, because many of their costs are relatively fixed. They do lose the huge cost of payment processing in the US, and support costs will shrink somewhat due to a smaller player base (though one would hope they would take the opportunity to improve quality of support), but most of the rest of their operating costs will remain almost unchanged. It might take multiple years to realize $20M in profit.