i have an announcement

So why stop answering all support emails?

Emails that are not even related to withdrawals/accounting.

OK, put a freeze on withdrawals and deposits and then answer other requests.

What about the delays in making payments to non-US customers not tied to these US accounts (empty moneybookers ect ect)

Why not make regular annoucements to let the customers know what is going on.

You talk like an insider but all the things FTP has done has made them look shady to most people.

Read all the threads, most customers who played there are not happy with how FTP has handled this.

From a PR perspective FTP could not have handled this any worse.

This announcement of an announcement was actually preceded by an announcement yesterday by TheEngineer (a mod here who is a member of the PPA board) at about this same time. http://forumserver.twoplustwo.com/sh...&postcount=418

So we're going on 24 hours since the first announcement-announcement-announcement, not 3.

How long can super extra approval possibly take?

http://www.youtube.com/watch?v=9bXsTyMxSzc

so TE announced that FTPDoug would be announcing the announcement but in fact FTP doug announced the announcement of the announcement that TE announced...

Shouldn't be this long, maybe he didn't get the approval.

Here is the problem that DOJ facing: Should they allow FTP to access processors' transaction information? If they do, then FTP will know exactly which American player owes them and the amount on the uncleared Echeck deposits. In theory, FTP can come back to haunt players for payments in the distant future. That will create a whole new PR problem for DOJ. This sounds logical to me. The negotiation between DOJ and FTP results a huge delay in cashing out by FTP IMO. I think FTP has to agree to forgive the uncollected deposits by U.S. players for them to have access to processors' accounting information.

if you still need approval for an announcement then dont announce that you have an announcement

Super extra approval taking way to long

havent you ever seen "my cousin vinny"? all FTPs lawyers have to do is ask for a copy of the files that the DOJ has

IMO, its gonna be a game of semantics.


Hypothetical situation...

On a Thursday. FTP hires payment processor XYZ to pay $3 miilion dollars of player withdrawals. FTP ships XYZ $3.1 million to cover the 692 players withdrawals including the vig due to XYZ.

24 hours later DOJ seizes bank account of XYZ. In said account there is purportedly $2.4 million.

To FTP, they paid out 692 players, hence its the "players" money.
To DOJ, they didnt seize players money, they seized $ of the payment processor acting as an agent of FTP.

FTP doesn't actually "know" in those 24 hours, how much of the $.7 million made it to the players, and which players have been paid, hence their "we don't know" crap.

As a player, its MY money, when it gets to me, not before.
I gave FTP my $ for safekeeping. I did not hire XYZ, there were FTP's agent, not mine.
If your my boss and you pay your employees in cash, and you send a courier to my house with the cash, It becomes mine when I receive it and sign for it, not before. If that courier, takes the $ and hops a plane to Cabo for a nice holiday, thats your problem not mine. Its your responsibility to spend time collecting your cash back, not mine. You owe me MY cash, and I'm entitled to it now.

In the past, FTP and PS have had to eat whatever had been seized by the payment processors and still come thru to pay off its player base.
This time, its hit them much harder. Its not one payment processor, its many. Its not pennies in each processor account, its millions. Its not only processors accounts, but according to the indictment list, it includes at least 2 accounts in the name of pocket kings, which one would assume are operating expenses.
So take this possible scenario above and multiply it by X processors and add to it Other processors, who have collected funds from player deposits, that never made it as far as FTP. Then add to it the fact that thousands of deposits that FTP never collected on during the last 6 months may be lost to them forever as the statute for clearing checks has a finite number of days (180 or less?)
Add withdrawal requests from non-USA customers which are also not being paid, and ask yourself why.
Then add to that the MILLIONS of $$ its gonna cost them in litigation.

Plenty of speculation here, but seems plenty plausible to me. Only FTP knows how possible it could be to win future litigation and/or how guilty they really are in things we hadnt imagined. Could very well be the end of their gravy train. They'll never tell us this, or much of anything else tbh, so speculation is all we've got at this stage.

Just my $0.02

I think this scenario seems completely reasonable and believable, but didn't Stars likely have to work through the same issues? Especially in regard to needing to communicate with the shutdown processors to figure out where everything stands.

This is the salient point.
FTP needs to cut that "the players' money was seized" bull**** out.

lol

I know you're saying this to try to reassure people, but maybe you shouldn't.

There are two categories of people in this thread, and others like it, who are completely in the wrong IMO.

First we have the fearmongers who are screaming that the sky is already coming down in full force, that full tilt is closing up shop and taking *everybody's* money.

But the other side, who are just as bad IMO, are the ones who are blindly claiming that everything is ok, "no, no, nothing to worry about, business as usual", making excuses for full tilt, going out of their way to interpret FT's inflammatory public statements in a favorable light, and coming up with scenarios that *might* fit the scraps we've been given.

If Full Tilt's accounting of who owes them what is so ridiculously bad that there are literally MILLIONS of dollars floating out there and they have absolutely no idea what's going on with any of it, then not only are they completely incompetent at PR, but they are complete morons at money management in general. I mean seriously, you're working with payment processors who are handling millions of dollars, and you don't have daily (or at least weekly for ****'s sake) reports of exactly what's going on with those millions? The picture you're painting scares me a whole hell of a lot more than the whole "they have an angry houseplant writing their press releases for them" possibility.

If you truly believe what you're saying, maybe you should recognize there's actually a reasonable possibility that those occasional pings off your head might actually be pieces of the sky as it begins to fall.

I'm sure they did, but I think PS had already solved most of the uncollected e-checks the month or so prior to this, FTP had not.
PS obviously had the enough separate cash reserve to cover the segregated players account $, FTP? Jury still out on this.
I don't remember seeing seizure of any foreign bank accounts that we can tie to PS operating expenses, although to be fair, some accounts were just numbers and could have easily been the same.

One can assume (horrible word) that 1. PS has more liquid cash for payouts available than FTP, 2. PS had a better accounting method with their processors as to who had already been paid etc., maybe even shared software?
Again more speculation, but can't find anything to prove it not feasible yet.

+1

http://www.youtube.com/watch?v=HX0fIi3H-es

I hope the announcement is about the Royal Wedding this weekend.

Despite FT's financial mess, there is no excuse for going silent for a week right after the biggest disaster that has ever happened to the online poker sites.

Compare this to hearing that the world Trade Centers blew up in the morning, and wondering if your wife is okay but for some reason you can't get any info on the matter for over a week; meanwhile people are telling you to "Chill tHe FVCK out...''.

lol wow reaching for an analogy much?

Nah the announcement will be that FTP is signing Cam Newton as a red pro.

as much as I need the 12k I have tied up in full tilt... I think i'd be a little more worried if my wife was at the world trade center and I hadn't heard anything for a week.

Thread announcing the announcement thread would have been nice imo....