one mistake?

[x] defended Russ Hamilton

[x] defended FTP owners

[x] dipped into Full Tilt piggy bank

That's 3. All 3 revolve around the poker community being duped out of A LOT of money. Poker player's gonna poke, but this guy's Robin Hood image is a joke.

GBT should just walk, it seems like FTP is dicking them around for more money and trying to pinch every last penny out of them. If they don't give them any ****ing deal then guess what, FTP gets nothing but lawsuits.

Frankly, the whole thing with GBT sounds like a smoke screen to the real issues they might be having with the deal.

They either want a haircut on the price beyond the assets on the balance sheet or are trying to find a way to get out of this high profile deal without seeming like the bad guys. They have rethought the whole buying FT asset deal and it maybe possible for them to get into the poker market in a different and less costly manner. However, if they pulled out now, they would their potential market turn against them and make it more difficult to gain traction.

From a valuation perspective with the number of fleas this dog of a deal has it would require closer to a valuation of 0.20-0.30 on the dollar on their current assets. if one thinks about it, what are they really buying? The brand name is in the toilet, a large percent of the customer base will not return due to previous experience, local legal status. Competition is going to become fierce and fragmented with deeper pockets and more experience in the gaming industry. At best this is an ego deal rather than a sound investment and perhaps they are now realizing the folly of it and finding a way to get out of it without losing face.

It sucks to lose money in FT (my balance would buy a nice motorbike) but perhaps it is more realistic to think that I will get some small percentage of it rather anything close to the full balance.

FTP wouldn t suffer lawsuits, they would be faced with chapter 11 which may not be a bad idea. Let a court appointed offical take over the company and see off the pieces, collect any out standing debts ( both from owners and from phatom deposits) then pay back the players what they can

Are Ivey and Barry still the stone cold nuts, second nuts?

Tell Ivey and them that the money is being used to make US players whole. If that doesn't put pressure on them then I don't know what will.

No.

+1

Barry has one of the very best and deserved reputations in the poker community and within 2+2. We don't know the circumstances (if the report is even true) under which he became indebted to FTP. I would assume it was quite innocent.

And, logically speaking, the odds that Barry Greenstein is holding up, or will hold up, any FTP/GBT/DOJ deal is surely less than a million to one.

this imo. How some of you think that you know the personality of mr. Ivey, mr. Dwan etc based on some gossips, few live appearances or some random interviews is beyond me. Who the hell knows who these people really are, how sincere, honest, phony, greedy are or what are their plans and what they really think about things

If you value these debts at 50 cents on the dollar, don't ever go into debt collecting.

are there past balance sheets and income statements to see? im having a hard time believing they were only raking in 30M/year. (profit not revenue) i would love to see what costs they have and revenue generated.

These numbers are from my ass...I think* low balling it, they made 200K in rev a day, so thats about 75M in rev a year....costs, taxes, all that ****...i mean i cant really guestimate what they had...they were based from BVI werent they? so they were set up in a tax haven and ****. but i dunno, thats just my $0.02

i just find it funny how at first the big 3 (PS, FTP, UB) were accused of a "ponzi scheme" for 2-3Billion....then it dropped down to 400M and so on and so fourth. IMHO even with losing players and stuff, i dont think it will be as hard as we think to get that 20M or so million in profits. i think 12 months after reopening it is very dooable.

thats as much as im going to say, i havent seen their financials so all this info ijust hot air out of my ass.

If anyone has any links to their financials, please send, id love to have a look

PStars pro indebted to Full Tilt. Ya, probably quite innocent. And if he doesn't sue whoever said that, it pretty much confirms its truth because Barry's reputation is worth quite a bit of money because of saps like you and that would be a slam dunk case.

Seeing how Barry was towards the bottom on a list of about 8 names, his debts probably aren't the most significant and won't be the main underlying cause when this deal falls through, but you do realize you say less than a million to one, right? That could mean even money. I will say the odds on Barry not being a super shadeball are probably about a million to one.

If it wasn't your money to lend in the first place, then YES.

i have no experiance in debt collecting nor do i know the margins, id assume they would pay a lot lot less to the dollar. i just used this as an example, dont hold it in stone

Better watch out, Mike. DtM has 15 paragraphs of amateur legal reasoning to refute the obvious.