PokerStars Acquires Full Tilt Poker Assets, DOJ Agreement Complete - Page 71 - Poker News

floppedafailure · 08-01-2012, 07:54 AM

I'm going to use my ONE TIME on actually getting my MiniFTOPS jersey + jacket.

comfortably_numb · 08-01-2012, 08:00 AM

by re-opening in nov. please just start with a MiniFTOPS

sirin · 08-01-2012, 09:12 AM

Quote:

Originally Posted by Wasp

Yesterday I've got "The News", and all of my friends didn't stop asking me "how I feel about" and "what I am going to do now".

Their curiousity was understandable: I lost all of my money (savings and work-tool) my job (I was a grinder on full tilt) then. It was more than a year ago, just when my mate carried a baby (I was the only in the family who had earning capacity) and I had to pay loan for my house and I had a pretty big alimentary endowment.

The situation was hopeless, I had less than 200USD in my bank account and that morning I have got a bill about 150.

In that moment I felt nothing. I just knew I have to be more focused and have to work harder than ever in my life before.

I have started to grind from supermicro stake and the life went on.
My second daughter was born (her name is Alice), although she arrived very early, she is healthy and beautiful

I tought it is okay that I was unlucky in "cards" and lucky on family and love matters: it's a fair trade.

But nowadays, I am playing again at 200s turbo heads ups with success and we just planned a ship-wedding on the river so now everything is perfect to me. And moreso yesterday I opened the browser and I've got these great news. (I would like to thank to all the people who worked on this solution).

And what I felt? Maybe it's strange, but I felt nothing, but a little impatience: I wanna play on FT as soon as possible again. (Money is a good thing but doesn't count much today as it counted then) I am just eagerly waiting to switch my "small fish" avatar to a smiling state, and see "Full Tilt Poker" on the middle of the table.

See you there 2+2ers!

cool story, congratulations on grinding your way back up!

bizzle03 · 08-01-2012, 09:14 AM

The speculation in this thread makes the FTP Discussion thread speculation seem very intelligent.

1) US players are almost guaranteed to be paid the full account balance amount. (Not sure on points). Anyone who says otherwise is not thinking rationally. (See quote below for extended reasons)

2) DOJ remissions process has nothing to do with taxes and everything to do with making sure you have a legitimate claim. IMO DOJ wanted to run it to be able to keep any unclaimed money, which will likely be a decent amount. At least $10 million is my guess, probably more

DOJ is not the IRS. You will need to pay taxes on the money you get in 2012. You should have been paying taxes on the money you've withdrawn. I don't believe DOJ would withhold your money because of taxes. Maybe if there is some obvious tax fraud, they will ship you your money but notify the IRS. Likely, if you have a large amount (over 10k) you are withdrawing the bank will notify the IRS anyways. If you haven't paid and are worried about it, amend your returns, make it right.

3) DOJ press office and Rich Muny (PPA) said that remissions procedures will be announced by DOJ in next couple of days, contradicting what someone said DF said (few weeks).

Quote:

Originally Posted by bizzle03

Here are the best reasons to believe the DOJ will make US players whole.

1) Can you imagine how it would look for the UNITED STATES DOJ to facilitate a deal that better protects the interests of non-American citizens than it does American citizens? Quite bad, especially in an election year. DOJ doesn't exist to protect foreigners more than Americans. It's going to want to protect both at least equally.

2) The first reason, plus the fact that Pokerstars is shipping $225 million in the next 6 days, Pokerstars is said to be giving the DOJ the amount necessary to cover US players, and US players are owed something like $150 million, makes me pretty confident we will be made whole.

3) I think we'll get it quickly, because that has been an emphasis of DOJ negotiations, again, they would not seek only quick repayment of foreigners, and delayed repayment of Americans. Also, Preet said "quick repayment" in his press release.

While I don't think we can celebrate as hard as ROW yet, I think we're all good.

antneye · 08-01-2012, 09:16 AM

Quote:

Originally Posted by bizzle03

The speculation in this thread makes the FTP Discussion thread speculation seem very intelligent.

1) US players are almost guaranteed to be paid the full account balance amount. (Not sure on points). Anyone who says otherwise is not thinking rationally. (See quote below for extended reasons)

2) DOJ remissions process has nothing to do with taxes and everything to do with making sure you have a legitimate claim. IMO DOJ wanted to run it to be able to keep any unclaimed money, which will likely be a decent amount. At least $10 million is my guess, probably more

DOJ is not the IRS. You will need to pay taxes on the money you get in 2012. You should have been paying taxes on the money you've withdrawn. I don't believe DOJ would withhold your money because of taxes. Maybe if there is some obvious tax fraud, they will ship you your money but notify the IRS. Likely, if you have a large amount (over 10k) you are withdrawing the bank will notify the IRS anyways. If you haven't paid and are worried about it, amend your returns, make it right.

3) DOJ press office and Rich Muny (PPA) said that remissions procedures will be announced by DOJ in next couple of days, contradicting what someone said DF said (few weeks).

Save your breath. Tin foil hats are gonna tin foil....These folks will be claiming conspiracy even AFTER they receive their money. I started out trying to reason with them, but now I am just going to hang out and wait for the process to be announced.

See you all in the strat threads

zerosum79 · 08-01-2012, 09:18 AM

Quote:

Originally Posted by bizzle03

3) DOJ press office and Rich Muny (PPA) said that remissions procedures will be announced by DOJ in next couple of days, contradicting what someone said DF said (few weeks).

Queue arguments on how many days a "couple" is...

CANUCKEH44 · 08-01-2012, 09:18 AM

Quote:

Originally Posted by LTU Westham

Nice story

But it got me thinking:

How many of you are actually planning on playing on FTP when you get your money back?

Pretty sure 95% of the ROW players will play on FTP. Seeing as Stars now owns and controls it.
I know I am going to play as soon as the re launch the site for sure.

If it were GBT I would have just cashed out and said cee ya.

Go Get It · 08-01-2012, 09:27 AM

Quote:

Originally Posted by bizzle03

The speculation in this thread makes the FTP Discussion thread speculation seem very intelligent.

1) US players are almost guaranteed to be paid the full account balance amount. (Not sure on points). Anyone who says otherwise is not thinking rationally. (See quote below for extended reasons)

2) DOJ remissions process has nothing to do with taxes and everything to do with making sure you have a legitimate claim. IMO DOJ wanted to run it to be able to keep any unclaimed money, which will likely be a decent amount. At least $10 million is my guess, probably more

DOJ is not the IRS. You will need to pay taxes on the money you get in 2012. You should have been paying taxes on the money you've withdrawn. I don't believe DOJ would withhold your money because of taxes. Maybe if there is some obvious tax fraud, they will ship you your money but notify the IRS. Likely, if you have a large amount (over 10k) you are withdrawing the bank will notify the IRS anyways. If you haven't paid and are worried about it, amend your returns, make it right.

3) DOJ press office and Rich Muny (PPA) said that remissions procedures will be announced by DOJ in next couple of days, contradicting what someone said DF said (few weeks).

Link to assertion in #3?

And on #2, imo you needed to pay taxes on winnings no matter if you withdrew the funds or not over the years. In the year you won the money you needed to pay taxes by April of the following year... Given how this went, legally no one should have any taxes to pay on anything except maybe Jan-April 2011, because they should have paid it already.

Also the DOJ isn't handling payouts right? It will be some department that deals with remission, even though the DOJ will prolly have some part in it, it will be up to the remission people to decide on claims and refer things to the IRS... maybe?

CANUCKEH44 · 08-01-2012, 09:27 AM

Quote:

Originally Posted by Wasp

Yesterday I've got "The News", and all of my friends didn't stop asking me "how I feel about" and "what I am going to do now".

Their curiousity was understandable: I lost all of my money (savings and work-tool) my job (I was a grinder on full tilt) then. It was more than a year ago, just when my mate carried a baby (I was the only in the family who had earning capacity) and I had to pay loan for my house and I had a pretty big alimentary endowment.

The situation was hopeless, I had less than 200USD in my bank account and that morning I have got a bill about 150.

In that moment I felt nothing. I just knew I have to be more focused and have to work harder than ever in my life before.

I have started to grind from supermicro stake and the life went on.
My second daughter was born (her name is Alice), although she arrived very early, she is healthy and beautiful

I tought it is okay that I was unlucky in "cards" and lucky on family and love matters: it's a fair trade.

But nowadays, I am playing again at 200s turbo heads ups with success and we just planned a ship-wedding on the river so now everything is perfect to me. And moreso yesterday I opened the browser and I've got these great news. (I would like to thank to all the people who worked on this solution).

And what I felt? Maybe it's strange, but I felt nothing, but a little impatience: I wanna play on FT as soon as possible again. (Money is a good thing but doesn't count much today as it counted then) I am just eagerly waiting to switch my "small fish" avatar to a smiling state, and see "Full Tilt Poker" on the middle of the table.

See you there 2+2ers!

Wasp? Congrads. Beautiful little one. Hold them tight, they grow up awfully quick now a days.
I have 3 Grand Kids aged 2 to 6 My pride and joy.

holmfries · 08-01-2012, 09:37 AM

Email from FTP support (nothing new here):

Thank you for your email.

At this time we can not provide you with any specific details on your account balance or anything else specific to your account.

We hope you appreciate that we will have a lot to review, verify/authenticate and will do our best to keep our players informed once information is available.

Finite details will not be available to players until closer to our re-launch date, 90 days from completing the agreement with the US Department of Justice. This completion will take place within the next seven days.

Please feel free to refer to the following links to view our press statement and/or relevant FAQ:

http://www.pokerstars.com/press/*
http://www.fulltiltpoker.com/*

We realize that this has been a difficult and drawn-out process. As such, we also comprehend that you may have many questions. To that effect, please note that we are working hard to answer all of your queries. However, we will need a little more time to address all concerns.

We would, nonetheless, like to stress that we will be operational within 90 days of formal completion of our current agreement. At that time, all players outside the US and US territories will be able to cash out their funds. US and US territories players will be dealt with by the U.S. Department of Justice.

Please rest assured that we will pro-actively grant regular updates to all of our players in terms of progress and as we get closer to launch date, which again, will be no later than 90 days from closing the agreement.

We appreciate your patience and cooperation.

Best Regards,

bizzle03 · 08-01-2012, 09:38 AM

Quote:

Originally Posted by Bizzle03

The speculation in this thread makes the FTP Discussion thread speculation seem very intelligent.

1) US players are almost guaranteed to be paid the full account balance amount. (Not sure on points). Anyone who says otherwise is not thinking rationally. (See quote below for extended reasons)

2) DOJ remissions process has nothing to do with taxes and everything to do with making sure you have a legitimate claim. IMO DOJ wanted to run it to be able to keep any unclaimed money, which will likely be a decent amount. At least $10 million is my guess, probably more

DOJ is not the IRS. You will need to pay taxes on the money you get in 2012. You should have been paying taxes on the money you've withdrawn. I don't believe DOJ would withhold your money because of taxes. Maybe if there is some obvious tax fraud, they will ship you your money but notify the IRS. Likely, if you have a large amount (over 10k) you are withdrawing the bank will notify the IRS anyways. If you haven't paid and are worried about it, amend your returns, make it right.

3) DOJ press office and Rich Muny (PPA) said that remissions procedures will be announced by DOJ in next couple of days, contradicting what someone said DF said (few weeks).

Quote:

Originally Posted by Go Get It

Link to assertion in #3?

And on #2, imo you needed to pay taxes on winnings no matter if you withdrew the funds or not over the years. In the year you won the money you needed to pay taxes by April of the following year... Given how this went, legally no one should have any taxes to pay on anything except maybe Jan-April 2011, because they should have paid it already.

On # 2, "What does this mean for US players’ taxes? That income that wasn’t constructively received in 2011 will likely be constructively received in 2012. That means you will need to report your Full Tilt income on your 2012 tax returns. You may need to adjust your fourth quarter 2012 estimated payment."

-Russ Fox tax specialist. http://www.taxabletalk.com/

On # 3:

It was Gary Wise, not Rich Muny.

Gary Wise ‏@GaryWise1
@MattSlocombe Any idea how non-US players receive their funds? <---speaking to DOJ momentarily, will try to answer on espn soon.

17h Gary Wise ‏@GaryWise1
For those asking about when Americans can submit Petitions of Remission, the information is not yet publicly available. to be posted on...

"Gary Wise ‏@GaryWise1
...the DoJ website in coming days.

I'm pretty sure I saw it from at least one other person, too. But since Wise spoke with DOJ, it's credible.

Go Get It · 08-01-2012, 09:41 AM

^^

Gary Wise, Rich Muny... same person imo... Obv good to see someone respected in the community say in the coming days, obv wish he could be more specific.

And yeah it seems we agree on the tax thing...

tcs · 08-01-2012, 09:59 AM

Does anyone know if we will ever get orders from the vip store that we didnt receive?

repulse · 08-01-2012, 10:21 AM

Quote:

Originally Posted by Go Get It

Link to assertion in #3?

And DF's statement of it taking a few weeks was verbally on the live QJ broadcast.

So Gary said the DOJ said "in coming days" -- doesn't seem to exclude a time period of a few weeks to me, but I'll let the semantics experts handle that one

momo_the_kid · 08-01-2012, 10:28 AM

Quote:

Originally Posted by jewbum123

Can someone please try to answer this. I have a friend that was playing on stars legit, but he was not allowed to play on ftp because he accidentally made 2 accounts a couple years apart and was banned from the site. Does anyone think he will be able to come back once ftp is back in the US?

Nobody here can answer that. Why don't you send a e-mail to Fulltilt support? They are responding to e-mails now.