Q+A with Jeff Ifrah (A lawyer associated with FTP) - Page 2 - Poker News

thanks Jeff.

Is Raymond Bitar still the chief decision maker at FTP?

and

What has changed inside of FTP and the current culture that's caused you guys to be so forthcoming suddenly? The exclusivity agreement reportedly did not begin until well after april 15th and communication with the players have been sparse leading up to that agreement.

I can only speak for myself. I made statements after April 15 up to the date of exclusivity and am making them again now that it is over.

08-28-2011 , 01:12 AM

#28

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by mrwalken

Thanks for doing this, Jeff. I was wondering if you have any information regarding what upset Phil Ivey and why he sued FTP?

No, sorry, I don't.

08-28-2011 , 01:14 AM

#29

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by Snooks

Hi Jeff,

Hopefully a simple question, do you believe FTP will be fully operational again?

I believe they are doing everything possible to make it operational again.

08-28-2011 , 01:30 AM

#30

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by i_am_fish1

i noticed you mentioned you made statements after april 15th, however on the fulltilt site there are no press releases from April 15th until the august 22nd in regards to black Friday or the subsequent problems with the AGCC. Were your statements posted on your site? If not then where can we find them?

I meant statements to the press. EGR for example.

08-28-2011 , 01:33 AM

#31

Jeff Ifrah

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Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by V-Delaney

Jeff,

How many potential investors are interested in FTP at present?

Cheers

This will be covered in the statement.

08-28-2011 , 01:33 AM

#32

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by TheRaiderr

Is the staff still on full pay? What are they doing since there is no site to run?

Is there a real chance the company will be declared bankrupt if no investor is found?

As they are paying staff/lawyers etc what percentage of the amount owed could FTP pay back if declared bankrupt?

Sorry, I really do not know. But I will ask.

08-28-2011 , 01:42 AM

#33

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by Snooks

Once/if an investor is confirmed. How long would you anticipate it would take for the site to open again? Closer to weeks or months?

I am guessing but I would say at least 30 days. Hey, I will be back on tomorrow morning, just lost power for the fourth time and am turning in.

08-28-2011 , 08:04 AM

#34

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by darlingm

Jeff, I think what we want to hear the most is what our worst case scenario is. We realize they're trying to get investors to cover their shortfalls, and that's great.

Investors should be doing due dillegence looking through FTP financials. I don't think leveling with us would be that bad.

It would be really nice for all of us having been dragged into this mess to know if FTP gets no investors, if there's funds at all to at least refund a certain percentage of player balances, or if our balance just gets wiped out.

It would be helpful to know that the worst case scenario is we all get back x% of our balance. Not hearing anything about this makes us believe we're in a getting back 0% situation.

Obviously not looking for a guarantee, just a carefully worded statement expressing about where we're at. If you could suggest this to them at all, we'd be really appreciative of that.

I definitely will.

08-28-2011 , 08:06 AM

#35

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by Eldorian

Jeff, what law firm are you with and who is Euroean counsel with?

I have my own law firm. European counsel is with a firm called Jeffrey Green and Russell.

08-28-2011 , 08:11 AM

#36

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by RikaKazak

It was commonly accepted that Phil Ivey sued because he brought an investor to the table, who made an offer and that offer was rejected.

If that's not accurate, and I'm incorrect, why did Phil Ivey sue?

That is not correct and I don't know why Phil Ivey sued.

08-28-2011 , 11:23 AM

#37

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by bbfg

Jeff, on Subjectpoker a recent article discussed that the shortfall from american deposits is in the range of 120 MILLION. How was this allowed to happen? Were shareholders aware of that huge number? If not, who made the decision and how were there no management control functions in place to stop them?

The company refers to this as backlog. This will be the subject of an upcoming company statement that will answer the question of how this happened.

08-28-2011 , 11:25 AM

#38

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by DoubleDealing

Jeff,
Is it true, as has been stated in a recent interview on Quad Jacks, that ownership of FTP was given out on a handshake basis? And if true has this created any issues in resolving a deal?

Sorry, I don't know the answer. I have never heard this before.

08-28-2011 , 11:27 AM

#39

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by munkey

Thanks for taking the time.

1. Will FTP or their representatives led by Martin Heslop as referenced above apply for a motion at the next AGCC hearing for it to be held fully or partially in camera?

2. Without an independent statement by a 3rd party investor(s) how will FTP show actual evidence of progress in negotiations with investor(s) at the AGCC hearing?

As opposed to evidence of 'preparing the ground for investment' which is independent of an investor's actions or even the existence of one currently.

3. In the NETELLER case they released a press release ~ three weeks after the initial charges were brought stating the amount seized. There appears to have been no objection from the DoJ to make this information available.

Will FTP make a similar statement and quantify approximately the amount seized by the DoJ and what % is restrained in US and foreign (i.e. non-US) bank accounts in the forthcoming statements?

Yes, it is my understanding that this will be the subject of an upcoming company statement.

08-28-2011 , 11:56 AM

#40

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by Mycology

Jeffrey, thanks so much for answering my previous question. And if you cared, my favorite color is silver. Yep.

I have another question for you if thats alright,

This is another two part question.

1. Are you "FTPdoug" ?

2. Can you inform us who has been speaking to the 2+2 FTP community on FTP's behalf here as "FTPdoug" if it is not / has never been you?

This would satisfy the curiousity of many many people.

On a more important note- Please inform the FTP hierarchy not to underestimate the willingness of the FTP playerbase (American and non-American) to assist FTP in ANY WAY needed to get us paid back fully or even partially. I'd be willing to cough up some of my remaining funds if it means removal of FTP management and turning FTP back on so they can begin generating income again - as long as that meant I would eventually, someday, be paid my full or partial balance, even if that partial balance was in bits and pieces. I believe most players at this point would be willing to make some sacrifices - specifically with regards to bonuses / FTP points / iron man medals / etc.

I will pass your much appreciated message along. I am not FTPDoug and I do not know his or her identity. I can certainly ask.

08-28-2011 , 12:05 PM

#41

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by longobarda

Mr Ifrah

Is there the possibility that Full Tilt will come back online (obviously in Rest of the World) before US players will be paid?

And is sufficient the AGCC's OK to go back online?

Thanks in advance for answers.

No, I don't think that is an option.

08-28-2011 , 02:20 PM

#42

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by TheNaturat

Mr Ifrah, could you explain to us what is a reason of FTP being unable to pay the players?
Has our money been:
a) seized by DOJ
b) stolen by payment processor
c) frauded by owners
d) spent on company expenses
e) ...
?

Some cashouts for EU player have been running between Black Friday (I was lucky enough to save over 200k myself) and final shutdown, were they from company funds or just ongoing deposits?

I believe the company statements on seizure and backlog will answer this question. Once those statements have posted, please let me know what remaining questions you may have and if I can't answer them, I will pass them along.

08-28-2011 , 02:26 PM

#43

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by XXpokerZZ

Jeff,

When did you become FT's lawyer?

I began representing them in the class action matter about a week after it was filed. I represented them on an appeal involving Clonie Gowen earlier this year. I also represented a group of domain names including theirs and others in a dispute brought by the State of Kentucky against 141 domain names.

08-28-2011 , 02:28 PM

#44

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by insidemanpoker

I am not trying to be rude here, but Jeff, can you add any kind of new and relevant information that is not already out there?

Are you still planning on addressing the questions Noah sent to you?

The company will respond to the majority of Noah's questions by releasing three statements beginning with the first this week. I am passing all other questions posted here along and hope they too will be answered soon. I am sorry that you and others feel the information posted so far has not been new information.

08-28-2011 , 02:32 PM

#45

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by Jeffmet3

Also, are you billing for the hours that you spend on twoplustwo? I assume that you must be, and it'd be an awesome irony if FTP was wasting their remaining money paying you ~$1k an hour to dance around saying anything of substance

I appreciate that you are obviously very upset. No, I am not billing anyone for the last six or so hours that I have been trying to respond to questions. This is something that I am doing on my own free time (and in the darkness of the power outage that has enveloped my community)

08-28-2011 , 02:34 PM

#46

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by XXpokerZZ

Are you aware of all offers since Black Friday or only offers made since you became FT counsel?

I have been informed of all offers since Black Friday.

08-28-2011 , 02:41 PM

#47

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by jhn_lundgren

Jeff,

Since you represented defendants in the class action suit I assume you were present at the pretrial hearing where defendant Gordon was granted a dismissal from the suit with prejudice. I realize you did not represent him.

Can you tell me on what grounds this motion was granted ? Isn't it normally a question for the trier of fact whether or not Gordon knew or should have known about the alleged illegal activities ?

Was any consideration given by Gordon for his dismissal ? Did the plaintiffs agree to having Gordon dismissed ?

Have you made motions similar to Gordon on behalf of your clients in the same case ?

Only Gordon, his attorney and the plaintiff's attorney know the answer to this question. I can tell you that yes, I have filed similar motions - identical actually - for two individuals and those remain pending.

08-28-2011 , 02:42 PM

#48

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by XXpokerZZ

To follow up on your answer to my previous questions regarding whether there have been offers that would have paid all players in full. Are you aware of offers from MB and PS? My understanding is that both these offers would have paid players in full.

That is not my understanding.

08-28-2011 , 02:45 PM

#49

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by SGT RJ

Jesus, give the guy a break. He's a lawyer, not a owner/manager at FTP. He's doing the best he can to answer questions and seems sympathetic to the fact that people are out money right now and rightfully angry/scared about their chances of getting it back, but he can't answer what he doesn't know or cannot relay due to client/attorney privilege.

A little too much shooting the messenger going on in here, IMO. Everyone bitches when no one says anything then they gang up on the one person trying to provide whatever answers he can.

I'm very interested in whether or not the upcoming FTP announcements will reveal what you are suggesting they will, Jeff. Do you know anything about why it has taken them so long to put together these announcement? Surely you can understand that four months without substantive information from FTP has massively damaged their reputation and brand equity.

I do not really think there is one reason. And I don't think any reason will be satisfactory at this point. The company has apologized and has committed to more public statements and I hope that in time such practice will help in some way to make up for the poor communication to date.

08-28-2011 , 02:47 PM

#50

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by D2D

I don't know if there are other court document's you're refering to, but from reading the initial indictment it was my understanding that they only went directly after company assets with the rem forfiture, and that the personal asses are subject to forfiture, but probably pending the outcome of the criminal cases brought against the individuals in question.

I guess Jeff could actually settle this though, but either way it is obvious that the DOJ was not even able to freeze all company assets so it is very likely all the defendents have access to plenty of personal assets that they are free to do whatever they want with.

There was in fact a very large seizure of Ray's assets as the original poster suggested.

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