Q+A with Jeff Ifrah (A lawyer associated with FTP) - Poker News

Jeff Ifrah · 08-27-2011, 11:09 PM

--Begin Mod note--

This thread is just a collection of posts by Jeff Ifrah, the lawyer representing many of FTP's companies and many members of Team FT in Todd Terry et al's class action lawsuit. Jeff has been responding to questions posted in this thread.

--End Mod note--

I apologize that you have to wait until next week. I have invited folks to write or call me personally for answers but only five of you have done so. So now I have opened an account here and will do my best to "unofficially" answer your questions from here.

Jeff Ifrah · 08-27-2011, 11:21 PM

Yes. Currently that is the date for the hearing.

Mod note: This was in response to this post:

Quote:

Originally Posted by blackfriday415

jeff- is the AGCC hearing going to be on Sept 15th?

Jeff Ifrah · 08-27-2011, 11:25 PM

Quote:

Originally Posted by i_am_fish1

Do you honestly believe that all players will get paid? or is Ftp just delaying things as far as they can? Is the investor possibility much lower now then it was a month ago?

Since FTP started the process of speaking with outside investors that has been their entire focus 24/7. They have made crystal clear to every investor that the US players and European players must be paid. I don't understand what you mean in your last question by "lower"?

Jeff Ifrah · 08-27-2011, 11:28 PM

Quote:

Originally Posted by ___1___

Jeff,

Thanks for coming on. Can you confirm that FTP has already turned down two deals. If so, what were the dates FTP rejected the deals (or thereabouts)?

Also, considering FTP's first priority is the payment of players, how does the company now rationalize the turning down of a deal(s) considering the current position they are in?

No, I cannot confirm this and do not believe it is true. I am not aware of a satisfactory deal that has been offered and rejected. The company statement will address this in more detail.

Jeff Ifrah · 08-27-2011, 11:36 PM

Quote:

Originally Posted by EYESCREW

Hey Mr. Ifrah,

I have two questions.

Is there any chance of all players getting paid without an outside investor providing a significant cash injection into FTP?

Is it known what date FTP will be absolutely forced into receivership if an outside investor has not been found?

Thank you for taking the time to try and answer our questions,

Mark

Personally speaking, yes, it will be very difficult for the company to meet all obligations without the help of an investor. Future statements will make clear why this is so. I do not know the answer to your second question.

Jeff Ifrah · 08-27-2011, 11:38 PM

Quote:

Originally Posted by i_am_fish1

By lower i meant: are there fewer interested investors now and are they offering less money in the deals now because the FTP brand as a whole is less valuable now, or are there still plenty of investors and its just a matter of time?

I define "satisfactory" as satisfactory to you the customers. No, I have not seen an impact of the sort you describe. The company will address this in its next statement.

Jeff Ifrah · 08-27-2011, 11:46 PM

Quote:

Originally Posted by ___1___

Thanks for the reply. One last question. Has any deal been offered that would have fully covered all player balances (after payment for any DOJ obligations)?

These are precisely the terms of any deal. Anyone who has been or will be at the table has been in discussions regarding these terms. The company will address the status of these discussions in its statement.

Jeff Ifrah · 08-27-2011, 11:49 PM

Quote:

Originally Posted by mersenneary

Are you the sort of person who would take this job if FTP were dead in the water and highly unlikely to be able to pay people back?

If I am understanding you correctly, no deal has ever been proposed that would pay people back. What reasons, if any, do people have to be optimistic about their money despite this? Why would such a deal come now and not back in May?

Thank you for answering questions and being available to the public, it's really appreciated.

Sorry, what do you mean by this "job?"

I don't think I was clear. Every deal requires the players to be paid. A deal has not closed yet but that is not because of the existence of such a requirement. Again, the company will specifically address this in its statement early next week.

Jeff Ifrah · 08-27-2011, 11:53 PM

Quote:

Originally Posted by irockhoess

Jeff, if not to stall us, what is the reason for spacing on the announcements on topics that have already been established and don't seem liable to change between now and said announcement?

To put another way, the statement topics Noah listed are all quanities known by FTP for quite some time, yet we are supposed to wait for each announcement consecutively to placate us like it's the 5th season in Lost? Other than a slap in the face, what is the official explanation for this?

The company was unable to say anything for the past eight week due to a confidentiality agreement. Now it is ready and willing to make up for that silence. The idea of separately timed statements is to make sure the statement is clear and concise instead of overloaded with information. I hope that once the statements are out this will become more evident. I realize it is somewhat cold comfort right now and apologize for that.

Jeff Ifrah · 08-27-2011, 11:55 PM

Quote:

Originally Posted by XXpokerZZ

Jeff,

Have there been offers that would have paid all players in full but were rejected for other reasons?

No.

Jeff Ifrah · 08-28-2011, 12:08 AM

Quote:

Originally Posted by joeyrulesall

Jeff the company was entrusted with our deposits. Those were deposits not loans for the company to invest where they would like. Where has this money gone? If it was stolen, used to advertise, loaned to phil ivey so he can go gamble his life away on craps, or just disapeared into the bermuda triangle, why has that become our problem? How has this company stolen our money and then not even had the decency to tell us anything??? Not one real response?? The only question that needs to be answered is, do the team full tilt owners and management plan to liquidate assets to pay us back, It wasnt there money to do anything with. We deserve it back. Sorry im not trying to shoot the messenger but enough is enough. Thank you in advance.

You do not need to apologize. The company intends to answer precisely these questions in its upcoming statements.

Jeff Ifrah · 08-28-2011, 12:29 AM

Quote:

Originally Posted by Zereth

Thanks for finally giving us some information Jeff. With all due respect:

"The idea of separately timed statements is to make sure the statement is clear and concise instead of overloaded with information."

-We're big boys and girls here Jeff, tell FTP we can handle all of the information at once.

-Could one argue that the DOJ the main obstacle here?

-Might one argue that holding players funds in "limbo" is a leverage tactic in negotiations with the DOJ?

Thanks,

~Z

No, I don't think DoJ has anything to do with this. I will pass your message along.

Jeff Ifrah · 08-28-2011, 12:31 AM

Quote:

Originally Posted by Mycology

Jeff, heres a good question, and I do not mean it in a sarcastic or rhetorical way:

1. Who authorized you to speak here on FTP's behalf? You're a lawyer, obviously you would not speak to anyone unless you were authorized, who provided this authorization, and are they monitoring your responses?

Heres a bad question:

2. What is your favorite color?

But seriously, who exactly authorized you to speak here?

Nobody did. I am answering questions that I do not believe are privileged and passing the others to the company. I take responsibility for not having been able to get the company to issue its statement sooner.

Blue, no Yellow.

Jeff Ifrah · 08-28-2011, 12:33 AM

Quote:

Originally Posted by XXpokerZZ

Jeff,

Are you representing FT and various individuals in both class action law suits?

I represent FT and most of the individuals in one of the suits. I am not sure the other has actually been served.

Jeff Ifrah · 08-28-2011, 12:35 AM

Quote:

Originally Posted by i_am_fish1

Will ray bitar still be in charge if a deal is reached? Or will the people who will be the investors be basically taking over the company, and the whole management will be changed?

The latter. This will be driven by the investor and also by the regulator. This I hope will be covered in subsequent statements.