And it's not Citibank (the lender) who's asking for the money. It's another bank that may or may not buy Citibank.

I don't understand why Tapie Group can go after accounts receivable, when they don't have any intentions of covering accounts payable

Fair enough. They could have also been "secured" by his contract paying him for representing FTP. From Mike's perspective, the amount he won't get paid could cover the amount he owes. That's wrong, but I can see how Mike thinks that's how it should work. Barry Greenstein, a more sophisticated individual, essentially believes the same thing.

In any event, GBT looks like it is laying the groundwork to back out of the deal. If the deal is that tight that an investment of 20% more kills it, it wasn't a good deal to begin with.

I've hearrd this argument from a numebr of people who owe money, and it's pretty disgusting. It essentially boils down to "These guys paid me way too much money for my services before, using your money to do so. Then they lent me money, using your money to do so. I don't owe them the full amount because they stopped paying me way too much for my services from your money sooner than I would have liked."

That said, I totally understand that psychologically these people are used to the absurd free ride and just generally are pretty used to everyone around them floating massive debts. Doesn't mean that they shouldn't repay their loans, especially when someone else will be buying the debt.

I'm not privy to GBT's calculations, but if they think that FTP isn't worth the deal that's on the table by a huge margin, then they're wrong.

When you talk to these guys, do they understand how loathed they are? Do they get the risk their running of being harassed and shunned pretty much forever? Do they think that this is just going to blow over in a month or two?

I think this interview sums it up nicely for virtually everyone involved with FTP, including Lederer.

http://pokercast.twoplustwo.com/poke...?pokercast=199

The tl/dl version is:

1. I wasn't involved running it.
2. I signed a contract and got paid according to the contract.
3. I feel bad people didn't get their money back.
4. Therefore, don't blame me.

I dunno. I shouldn't make generalizations about these people. I've only talked to some of them, and they're all unique of course.

This isn't about sponsored pro salaries. It's about the dividends from an insolvent company. These people have a clear responsibility to return that money. I honestly wonder if they get how clear that is to everyone screwed over my this.

Do any of them that you've talked to get it (besides Durrr)?

apparently there was a deadline set for end of Feb. for the conclusion of the deal, which they have now extended according to pokerstrategy:
http://www.pokerstrategy.com/news/wo...-made.-_57107/

Because you can do an asset purchase (accounts receivable), and not purchase the whole company, including the liabilities (accounts payable).

It sounds like fraud by Taipe group going after receivables before inking a deal -

and they must be cash broke as well to not have something finalized by now, unless they figure the value of the FTP shell company is dropping 10% per month, and they will be able to get it for pennies on the pennies a year from now.

+1

Hey, I'll consider buying FTP too...everyone who owes them money, just send me a check. After they clear, I'll be happy to....change my mind. Only a fool would send money to those fools before anything legal is in place...which quite frankly is an oximoron, "legal" lmfao

I wouldnt pay either. Seems they are looking for scapegoats in case the purchase falls through.

i have a tough time believing if this is so true, how can people believe that he gives money to charities from his tourney wins. I mean this debt seems small, compared to what supposedly hes given to charities. I am guessing his reasoning for giving to charities has some beneficial gain for him that we dont know about.

Yeah, a good feeling within...sad you can't understand that. Hey, you owe somebody money somewhere i would imagine. I'm considering buying them out. Send me what you owe so I can make up my mind...before changing it after collecting from you. I'll be good with that & so will whoever you owe as you still will ONCE I then possibly change my mind.

Can you understand that...or is that just to complex?

The money he gave to charities occured years ago. He's admitted he long ago had to stop giving all the winnings because the cash games have dried up. Barry also admited to Michael Craig years ago that he didn't keep money around for long. He spends it.

The reality is that he propably can't just write a check and pay this off without some difficulty. There's a good chance he filed this in his head under, "FU guys, you didn't offer me **** when you paying out to a bunch of no-names. I'll pay you if I bink the ME. Otherwise, you'll have to wait until I clear people that have any value to me."

Too many people in this thread are not making rational arguments. I undersatnd this is due the fact that these people have lots of money tied up in FT. (me personally have just shy of $10k which is the world to and left me with out a roll and grinding out a 9-5..and will sell my ftp @ a low rate to get me out this office.) But the $400,000 loan is not affecting any deal to be made. BG clearly wants to pay the money back, and if he doesnt have the funds to hand then more credit to him for turning down a payment plan. There is no black and white with this, only a few people on this forum can understand the way in which high stakes lending takes place. No paperwork, no contract. No "PAY BY" date. so to exspect a full and prompt payment is unfair. Credit to BG for dealing with it correctly.

so a company will sell you its due income while relieving you of the money they owe.......im sure thatll happen

too complex outline plz

1.) Maybe it just makes him feel good. Its his money and he can do what he pleases with it...lord forbid that be something that pleases him. Either way, we are certainly not entitled to an explanation on how he spends his winnings any more than he's entitled to an explanation as to how you spend your paycheck.

2.) I'm going to a bank foreclosure auction, before I make my final decision I would like the previous owner to pay me everything the owe on it that caused it to go into forclosure. While I'm deciding on that house, I'd also like to get the rest of the money owed on other houses that weren't in default underwritten by the now defunct bank whose assets are being auctioned by the FDIC. If I can buy the whole ball of wax after depositing all those proceeds for a penny on the dollar when I know its going to go for at least twice that much, I'll actually consumate the deal. Otherwise, well, at least I'll have all that extra cash now. The people who were foreclosed on really won't suffer any extra as they were all ready screwed anyway. Too bad for the ones that weren't risky loans though I guess seeing as now that cash is out the window also.

In other words, it would be like sending your loan payment due to Wachovia to Chase or Wells...or in this case, a better example would be B of A; cept'in of course BoA has a much better reputation apparently than FT's prospective buyer lmfao. Why in the world would he send someone he doesn't owe money to someone else's receivables he's responsible for?

o thx bro

Id just like to say thanks to Barry for his public explanation here... He didn't owe any of us anything no matter how much you all feel entitled too. Ya ft situation is crap and we all have heard what we believe to be true..

The accusations everyone are making are just as lame as the people who follow Lindsey's coke habits and talk about how slutty she is and how it's the end of the world... When in reality there all a bunch of coke head sluts themselves.

Stop pointing fingers even if Barry walked to FTP handed them 400k right now we wouldn't get our money any faster he is right to wait the only person he owes an answer too is the Doj as I'm sure his attorney advised.

For my last rant if your house loan from boa was still about 400 k and they got closed by the Doj wouldn't you wait for a response from them too no matter who else was screwed bank funds???

barry is a smart man

I think this situation is different. If you owe a home invasion robbery guy money that he loaned to you after he stole it, you don't pay him back, you pay the victim of the crime.