I agree with you there. I also think he is probably wrong if he thinks failing to agree to pay GBT once they own the debt will improve or guarantee compensation for US players.

I don't know for sure. I should have phrased it more carefully to make it clear I was givng my opinion. Given what we know about Barry, and the timing of things, I think it is much more reasonable to believe that he took out the loan with the intention of repaying it. Also, it is my policy not to say or even imply anything defamatory without solid evidence. Are you suggesting he took out a loan with no intention of ever paying it back? If not, and since I haven't noticed anybody else make such a suggestion, I took it to be general consenus that it was a loan taken in good faith. This would put him in the category I assigned him to.

Not necessarily. It might have expedited higher distributions to shareholders, or more loans to more degenerates, or more lobster dinners.

What seems clearer is that a commitment at this time to pay what is owed where it is owed once a deal is complete would probably expedite player compensation.

And if the deal doesn't go through, the DoJ will be paying ROW players as well as US players. They just won't have enough money to cover full balances.

Just because they took money from FTP in the past doesn't mean that money is most likely available available to pay players. The money has to have been seized in relation to an offence related to the offence which caused the victim's loss. How do you know that the cause of those past seizures will very likely be judged to be related to FTP players losing their deposits?

No but when you don't have the money and have no intention of paying unless money owed to you is payed we have a problem.

Barry like the others was enabled by a system that quite frankly was doomed to fail even though everyone wanted to ignore it.

Barry borrowed that money under the pretense it was an interest free floating loan. With a company that was out of control with an anything goes attitude and a bunch of degens playing HL cash.

Did Barry know the extent of the problem? We will never know. What I feel he did know is that there was a Golden Goose and everyone took part in it.

It's shady, dishonest and totally criminal. Personally anyone that plays FTP is an idiot. The site should have went down hard. Very hard. Leave it up to the DOJ to go after Barry and others so players can be paid and be done with it already.

Getting 50% of the money 2 years from now has no value for me. Why should I support that deal?

I have the same policy


why pay a debt now, when I can pay it in the long future.

The first mention of the setting up of such a fund had the DoJ doing it. I don't remember if it was the DoJ themselves who said it, or the FTP/GBT source of the description of the GBT/DoJ deal.

The DoJ is already going after Lederer, Ferguson, Bitar and Furst. Don't expect to see any compensation from the DoJ until that pursuit is completed.

While I think it is far from certain, it is also not impossible that the DoJ will also fund player compensation from BF and maybe pre-BF bank account seizures.

Since GBT doesn't yet own the debts, if the deal fell through after the debtors paid GBT, they'd still owe the money to FTP, but with no deal in place, GBT would have no obligation to refund any players. All players lose in that case.

I think what players with money stuck on FTP should want is for those pros to guarantee now that, once the related legal matters are settled, they would pay whoever becomes the legal owner of the debt. OR alternately, they should want GBT's deal to be amended to exclude the debt asset and have the purchase price reduced accordingly, while the DoJ sets up a player compensation fund now, and both the DoJ and FTP agree that payment by the debtors into that fund would satisfy the debt obligation.

The second suggestion is a slightly better assurance to US players that they will benefit from the payment of the debt. ROW players fare equally well under either approach.

Actually, it is a "scraping off the top" type of a operation. SGT RJ, as she usually is, is correct about this.

Under AGCC regulations, FTP was allowed to keep all the money in one pot. Effectively the bottom part, up to the full amount of player balances, was player money. Only the amount in excess could be used for anything else.

Of course, under AGCC regulations, such loans were not allowed at all.

Um, I was agreeing with you. You want to have the DoJ only paying US players. That only happens if the GBT deal goes through. Also, if the deal goes through, the DoJ might have more money available for compensaton.

There is no other realistically available mechanism for US players getting more money, or any substantial money sooner, than through the DoJ.
I'm sorry that 2 years and 50% might be the best you can get. Hopefully, it will be more and faster. If the GBT deal falls through, you'll get less than what you'd get otherwise, and it might take longer.

For ROW players, if the deal falls through you wil definitely get less, and it will definitely take much longer.

yeah just borrow $400k and leave it 4 years, no problem

+1

I've seen no evidence that the DoJ will pay US players in full under the current deal. If the fund does not have the full amount, payment can't begin in a timely fashion. Therefore, the solution on offer represents no value to US players that need the money to move forward. They will be broke or no longer in need of the money when it is paid. There is no reason that the only people that should suffer any real price are US players. No deal should be constructed which does not force the owners to pay what they owe to the players. The gap to pay US players is less then 70m. That is 7 months of dividends all from when the company was clearly insolvent. It represents 15% of dividends paid to all owners, which does not including loans or salary. It represents 39% of the money paid to the board of directors. Not paying US players is completely disgusting. Supporting such a deal is unconscionable.

exactly this-I can't imagine that the people arguing for the Pros NOT to pay have got any money stuck on FTP.

Also DoTheMath,have you got money stuck at FTP?Do you work for Stars?Or why do you invest so much energy in such a (strange) manner?