dude, most americans have not been able to cash out for even 90days previous to black friday, that explains why alot of people have more money on FTP than they would normally keep there. You find people w "stable/normal" jobs and ask how they would be if they had 0 income for 4months w no unemployment benefits. I didnt "save" extra for a rainy-day 4month period because I am trying to pay off my student loans as quick as possible.

Yeah, it has, ITT.

Doug thanks for showing up. Really useful information.

kiss your money goodbye

I give you major props man. You are the first person I have seen come out and admit this..

No need to feel ashamed, however it is common knowledge that you should have 6 months expenses saved up if you are playing pro. Most say more (1 year +). This is bankroll management 101.

Because the money is secure in frozen accounts. It isn't going anywhere.

That's effectively it.

It is possible that they were a bit short because of uncleared deposits. If so, and if they couldn't cover that out of retained earnings, they were in violation of their licence terms.

It is also possible that they had the float covered, so they did have enough funds until BF.

No they couldn't. They can freeze the money, but is difficult for them to actually take it out of foreign banks without a conviction.

Why should we? US banks are specifcally allowed to keep a fractional reserve. Online gambling sites licenced in Alderney are not.

Don't get all emotional because of your badly founded speculation.

There's plenty of factual stuff to get upset about.

Doug,

FTP should negotiate with the DOJ so that you can pay "as you go." You should pay players 50% of their outstanding balance as soon as you can, or 33% if you can't do half. Also, hire more/better accountants because "it's more complicated than we thought" means that the ones you have suck. If you were to hire high-stakes online pros (they'll actually have assets that would be threatened by the 10-page non-disclosure you'd make them sign), I bet they'd work 15 hours a day and slice through this crap in no time. Since the so-called professionals you've hired apparently can't do so, you need to make a change.

Signed,
soon-to-be-homeless guy

Stars can pay out NP 3-4 weeks ago, yet FTP is sitting on their hands, biding time, to load up the yatchs with $100 dollar bills....LOL gl ever seeing money from fulltilt.

Would of been nice to see in FTPdougs message, an 'it shouldnt be that much longer' concerning payouts, that didnt happen, I would suggest, just planning on a couple months before receiving any money at this point, or sometime soon after the WS is over and all of TeamTilt is back into hiding.

The entire staff is just a monkey with a typewriter.

Yep, agreed. but, I seriously think that this was not Doug making the post. I think Doug is gone or has been gone for quite some time. This was just too vague of an update.

isn't it funny that people say "dont pressure the DOJ pressure FT" is it not true that the only reason that the companies got their domain names back from the DOJ is SPECIFICALLY to refund the US players? if so then we should all tell the DOJ "hey i havent seen my money from FT, PS cashed me out. why not take back the domain name again until they pay us what we are due. if that means thatyou must release a few more bank accounts than do so. " just a thought, i really dont see how they can get away with this BS when the only reason the DOJ gave them the domain names was to pay us back. and if they do not pay us i would like to start a fund that pays criminals to stuff all sorts of jagged objects up the a$$es of the leaders of FT.

Do you not think that maybe FT is doing what the DoJ needs to see in order to get that $$$ released? They didn't seize it only to release it again for ****s and giggles.

All good stuff, but it is even more complicated than that.

When a player signs up on FTP they are not signing up with Full Tilt, or Pocket Kings, or Tiltware. Depending on where their IP indicates they are, players are signing up with one of Vantage Ltd., Oxalic Ltd., or Filco Ltd. These three companies, plus a new one formed within the past year, hold the eGaming licenses from the AGCC. Vantage serves North Amercia. Oxalic serves Germany, and Filco serves most of the rest of the world.

It is entirely possible that there are restrictions on transfers of funds between these companies.

After saying that (and probably truly believing it) a few times, then not being able to deliver, I don't think FTP is ever going to give a timeline that they are not dead sure about. I would not be surprised if the next time they give a time is when they announce US players can make withdraws.

Also, from experience, unscrewing books is a long tedious process. I'll speculate that FTP has woven quite a tangled accounting web.

So getting a loan (unsuccessfully) on the open market would be easier? If FTP wanted to I'm sure the lawyers and accountants could structure some type of loan from the parent company.

dude all I needed to keep online was 50-100bux to do the $4.40 rush on demands w/o going busto. Always sent everything else back home. And I never once had a week of negative income playing those so why would I need to keep 6-12months expenses?

+1

Intelligence FTW.

I was pretty adamant in stating FTP should provide a timeline, even a lengthy one, but given the damage to their reputation already in evidence, it seems unlikely that they'd deliver this unless they were close to 100% sure it was accurate, and given the tangled web of accounting issues, that seems unlikely to happen. Frozen accounts, limbo funds, floated funds - some their fault, some not, but without knowing a whole lot more about how long it takes to do this type of accounting, I think everyone saying it should be done already is probably talking out of their ass.

I'd be interested to hear from someone with a great deal of business accounting experience. It's my opinion that 6 weeks isn't really very long, given the issues at hand, but someone who actual knowledge about this type of thing could maybe give us a better idea of how long something like this should take.

Let's imagaine that you met FTPDoug in mid 2008. You ask him if he is married. He says "no". You go your separate ways and you don't speak to him about marriage again until April 2011. In late 2009, FTPDoug meets this wonderful girl. In March 2010 they get engaged and in November 2010 they get married. When you see FTPDoug in April 2011 he tells you he is married. Did he lie to you about his marital status at any time?

There is no reason to accuse FTP of lying about fund status. You might think that you have a right to complain that FTP didn't tell you when they changed from segregated to non-segregated player funds. However, under the terms of their license, they were not obligated to tell you about this change.

They only truly valid complaint regarding FTP's statements about customer funds is that until recently, FTP failed to disclose that player funds were not protected. One might argue that they still do not directly disclose this. (They say player funds are not segregated, but that's not what the AGCC says they need to tell players.)

FTPDoug,

Please clarify:

The DOJ claims to have released funds to you to return to players.

But you say:

We are raising capital to ensure that the US players are paid out in full as quickly as possible.

FTP openly admitted before BF that player accounts are not segregated?

What makes you think that is what happened? Perhaps the recent unfreezing of an account in Ireland is because that account had nothing to do with US operations, or only held non-US player funds.

It's not too incredible when you consider that US players were signing up with a different company (Vantage) than European players (Filco or Oxalic).

I"m sorry, but didn't you say/imply that you played for income to pay of your student loans, needed your money to live and for future income, etc. Now you mention $50-$100 balance and $4.4 turbos.