they were discussing what he owed 2+2 only

wait, online action? does that mean he has other threads that he took money for and didn't pay out? link?

.

Yes, he has several open BAPs over at PTP but it appears as if some of them are just loose ends as far as accounting goes. I really don't know anything about their system but from what I've read in the fergwrx threads it seems like if you don't click the link to close a BAP then it will stay open indefinitely and thus look like you owe money to investors when he may or may not actually owe them.

Either way it really shows poor responsibility/record-keeping on his part whether or not the other BAPs actually have debts associated with them.

PTP post about open fergwrx BAPs

Ok so let me explain a little about the online mtt action he sold. First of all if you are looking at his profile and see a ton of baps open, the only ones that we are worried about at the online mtt bap and the wsop bap. The rest are baps that either didn't sell out and thus didn't run and he didn't bother closing, or ones that should have closed but for some reason hasn't. But in those 2 baps he has about 85k-90k money, some of which is his (because there significant profit in the mtt bap although each investors probably is owed some makeup)

I was invested in his monthly bap but not his wsop action. So basically he got 2nd in the sunday mulligan to boost the online mtt bap to about 61k at the time. This was July 5th. I wanted it closed at the time but he said he didn't want to deal with shipping money back until he came home from vegas. To me that seemed strange but I guess perhaps I could understand not starting until your done with everything in Vegas. Then he came home from vegas and we didn't hear a word about what was happening. He then said he wanted to close the wsop bap first which again seemed strange because thats alot more complex compared to just shipping for the mtt bap.

So now we are at this point. Obviously you are concerned about your payment and in which order he makes them to 2p2 or to ptp first. But also it should be factored in that there are 2 separate baps, and so I also don't think its fair if the wsop continues to get theirs first before the online mtt bap. Just pointing out the 2 separate creditors involved.

Just explaining a little about the other action that is owed. Obviously we need to hear more about the specifics and how much exactly he is short. And how much he has left to pay on the wsop bap. There is a huge difference between having 50k but owing investors 65k and being 15k short. And having nearly nothing left at this point.

These are the links to the 2 separate baps

http://forum.parttimepoker.com/buy-p...-open-all.html

http://forum.parttimepoker.com/buy-p...-sold-out.html

For those of you who aren't aware of how PTP works, there is some info you should know.

Unfortunately for all of you who invested here, PTP's rules are designed to protect PTP investors only. The site allows horses to sell shares here and put put those shares under their own name on PTP. However, PTP does not get involved with shares sold offsite.

PTP will demand that he send back the money he has to them for distribution to all investors there. They will also seize any investments he has, but I don't think he has any. Then they will ask him to make a payback plan for the rest of the money owed to PTP investors.

You all will have to demand from Ferg a payback plan for the money he owes you, and stay on him to complete it.

This is a major reason I suggest folks join PTP to invest in PTP horses selling action here as the site offers so many more protections to investors. However, I don't mean to imply that PTP horses are more likely roll at all. I would say most if not all of the PTP horses that sell action here really are the best and most trustworthy... but you just never really know.

FYI, I am an investor of his on PTP, and I am so sorry for all of us.

is ferg just disregarding this thread? i see he made a post in that PTP thread about losing some of the money or whatever but has yet to say anything on here. also wtf is a bap?

Well it seems like its a really good idea that everyone knows everything dont ya think?

their protection is just them taking all the money he has left for themselves like they are the only person he owes? and also get first dibs on any money he makes back for the "payment plan"? seems pretty bull**** to me

BAP, is Buy A Piece...

Horse sets a plan and an $x bank roll.
Investors buy shares.
When all sold out, the system takes care of all math for us.

bap stands for "buy a piece" its just when someone is selling their action people can buy up %s of their action in the form of shares.

A SAD DAY FOR BOTH SITES......

so far I don't think they have any money (only a few investors in the wsop got some money), and we don't even know the extent of how much he owes. We have to hear more from ferg at this point to know exactly how much he can cover.

Much like a package someone would sell on 2+2. But with automated cake tracking/the ability to track a BR being used to play tourneys etc + a rail to post results/updates.

I CAN GET THIS DONE FWIW.

I would suggest that people not involved should try to not clutter this thread up. Its obv going to be where his investors here aregoing to come to get info and hopefully ferg will be good enough to update them as well at some point.

he sold money on both sites, im not asking ptp to send money to me.

i dont see how they just get to seize it first and get their asses covered first, how bout he sends the money to us and ptp can get the scraps. cuz you guys have a policy to protect you guys? doesnt make sense to me why you guys would just get all his funds first

agree 100%

This is really down to ferg but i hope you can see the benefits in this situation of people trying to work together to make sure everyone who has been stolen from gets there fair share returned? Until ferg actually decides to tell people how much hes short theres not really any reason to discuss it further.

If hes short like 10k its not going to be an issue if hes short 50k then its going to be a mess.

do u really not see what im saying? ptp is tilting the **** out of me

Ok right now you are not helping. First of all in no scenario would you have to get your money from ptp. Ferg owes you money and it will be from ferg that you get paid. Do you think ptp can just take his funds from him? He has to ship to ptp for anything to be disbursed. And so far ferg has only shipped to a handful of wsop ptpers at this point.

If we were to equally disburse all funds that he has shipped out at this point to all creditors it might be 5-10 cents on the dollar. He hasn't paid anyone in the mtt bap and from what i am gathering a small percentage in the wsop bap.

Before we start fighting over the tiny amounts that have been sent we need to know the full extent of the damage.

thats just standard policy when someone rolls on PTP. obv its gts more complicated when 2 sites are involved as it is now. ultimately its up to the horse how he plans to do the pay back.

Let me put it another way - PTP dosent get to seize anything. Its up to ferg to ship the money. If ferg decided to come here and just ship y'all the money thats his prerogative, Gl with that.

I dont know about ptp tilting you but your tilting the **** out of me. Pretty much the only way this is going to get settled in a way that keeps everyone treated fairly is to co-operate. Im not sure why you see this as some battle - ferg stole peoples money nobody on ptp. Everyone just wishes to get back the $$ they are owed in as timely a manner as possible.

I UNDERSTAND PTP IS NOT GOING TO PAY ME, OBVIOUSLY. im saying they have no right to take his money and cover theirs and their investors ass when its just as much ours as urs. jesus christ

What do you mean take his money. How do they take his money? Do you think ptp has a backdoor into his online poker accounts? He decides what he ships to ptp. Just as he will decide what he ships to you.

I wish ptp could just take his money, but its what he choses to send to ptp at this point, just like your future money will be what he choses to send to you.