FTP US Player Update 5/30 - Page 4 - Internet Poker

It's possible that they do have the money, but the funds are currently frozen for the foreseeable future, and so they're trying to raise funds in the meantime so that they can pay back players sooner rather than later. Not saying that this is the case, but it's possible.

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05-30-2011 , 07:28 PM

#77

SGT RJ

Twitching

Join Date: Feb 2009 Posts: 49,109

Quote:

Originally Posted by synth_floyd

The fact that they need to "raise capital in order to payout the US players" means they never had all the money on them in the first place. Scary.

Meh, there were already plenty of rumors about this anyway. Doubt this is really a surprise to anyone.

And hey, they admit in this announcement that they've handled this badly.

But yeah, sorry to everyone who was predicting a big announcement payout this week. What are the odds they would release this, then announce payout later this week. Not good, IMO.

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05-30-2011 , 07:28 PM

#78

OldRod_KS

veteran

Join Date: Oct 2010 Posts: 2,042

Wow!

I just don't know what to say anymore...

Just Wow!

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05-30-2011 , 07:29 PM

#79

nbajam

adept

Join Date: May 2004 Posts: 940

Quote:

Originally Posted by YoureToast

they did not do this and don't say that.

I would suggest a reading comprehension class in your spare time. They said exactly this.

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05-30-2011 , 07:29 PM

#80

CrazyNL

banned

Join Date: Aug 2010 Posts: 3,377

LMAO

Fulltilt poker just ruined their business forever, what a ****ing joke.

Everyone who sees Lederer in Vegas has to punch him in the face! this is really ridiculous,

i am so glad i cashed out my money and moved to stars.

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05-30-2011 , 07:29 PM

#81

Go Get It

Carpal \'Tunnel

Join Date: Feb 2010 Posts: 12,506

Quote:

Originally Posted by Decker711

While I'm sure everyone is rightly upset by the Full Tilt payout problem, maybe a little perspective. There would be no problem in th first place if the DoJ wasn't running a shakedown on the the Big 3. This was done for one reason and one reason only. To allow MGM, Ceasars et al to operate with no competition. And while PokerStars has been the best operated & most responsive, think about this:

If every customer went to Bank of America, Wells Fargo, etc. tomorrow & demanded the money in their account in cash, do you think anyone would be paid in full. No. There would be all kind of excuses such as, "you've exceeded your daily limit", "we don't reserve that much cash", cashier's check (with fee charges) & where are u going to cash it. And, of course, the famous "we cant do that; that's BoA policy".

I am NOT being an apologist for Full Tilt. They are definately in the wrong here. All i am suggesting is that you're anger is misplaced and should be re directed to the appropriate entity.

Or FTP could have not broken the law in the first place?

Your statement implies that the DOJ has taken this action with almost no evidence, when, if you read the incitements it is clear the big three were all breaking the law.

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05-30-2011 , 07:29 PM

#82

Ur Phate

newbie

Join Date: May 2011 Posts: 21

Quote:

Originally Posted by Decker711

Are you kidding???

FTP should have maintained funds to cover every deposit they had. They knew the risk of operating in the unfriendly environment of the US.

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05-30-2011 , 07:30 PM

#83

CigarMike

adept

Join Date: Aug 2007 Posts: 822

Quote:

Originally Posted by Solid up arrow

if you cant pay out because the DOJ seized $500 million from you then it is not a ponzi scheme. Charles Ponzi is spinning in his grave now because everytime there is any type of scandal the LAYMEN call it a ponzi scheme.

Charles Ponzi is spinning in his grave cause he isn't on Team FTP.

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05-30-2011 , 07:30 PM

#84

Posemuckel

old hand

Join Date: Mar 2009 Posts: 1,445

Quote:

Originally Posted by jrobb

For those saying this is just another "non-update" in the vein of previous updates you needed to read the op more carefully.

FTP just announced publicly that they are insolvent. This is a big deal.

European players got their money, all cashout requests from April have been approved and transfered. (Neteller, LBT)

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05-30-2011 , 07:31 PM

#85

DaycareInferno

Carpal \'Tunnel

Join Date: Jun 2007 Posts: 18,285

Quote:

Originally Posted by SGT RJ

And hey, they admit in this announcement that they've handled this badly.

doesn't that just make it worse considering that they are still handling it exactly the same way?

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05-30-2011 , 07:31 PM

#86

CollegeKid0303

banned

Join Date: May 2011 Posts: 34

Quote:

Originally Posted by FTPDoug

Hi all,

Here is a brief official update from Full Tilt.

Doug

Sounds like you guys are not fullfiling your deal even with the DOJ stepping in to help.

Alderny should have its lisenced revoked and FTP should be audited by frank katana.

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05-30-2011 , 07:31 PM

#87

TNixon

Pooh-Bah

Join Date: Apr 2007 Posts: 5,720

Quote:

Originally Posted by Decker711

If every customer went to Bank of America, Wells Fargo, etc. tomorrow & demanded the money in their account in cash, do you think anyone would be paid in full. No. There would be all kind of excuses such as, "you've exceeded your daily limit", "we don't reserve that much cash", cashier's check (with fee charges) & where are u going to cash it. And, of course, the famous "we cant do that; that's BoA policy".

None of this applies to poker sites, which are REQUIRED BY THEIR GAMING LICENSES to keep enough cash on hand to pay all player deposits.

The difference between stars and full tilt is that stars took steps to protect player funds in cases like this (and were required to do so by their license), while Full Tilt did no such thing (and weren't required to do so by their license).

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05-30-2011 , 07:31 PM

#88

vig

adept

Join Date: Jun 2008 Posts: 1,041

So you need to raise capital to pay an operating expense. Seriously who's accountant are you using. This is very serious.

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05-30-2011 , 07:31 PM

#89

Bhoober

newbie

Join Date: Jan 2010 Posts: 41

Quote:

Originally Posted by hobokes

at least ScottMatusow looks like a total joke here

When was he ever a reputable source? not saying that you thought so, but he is a waste of space like his brother.

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05-30-2011 , 07:32 PM

#90

SGT RJ

Twitching

Join Date: Feb 2009 Posts: 49,109

Was this what Tony G was referring to when he said to give them two weeks and that big news was coming soon? Nice prediction, there, Mr. G.

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05-30-2011 , 07:32 PM

#91

she_is_disaster

enthusiast

Join Date: Dec 2010 Posts: 97

this guy must feel like a complete idiot --> http://twitter.com/#!/badams78

http://forumserver.twoplustwo.com/ne...ply&p=26068268

Quote:

Originally Posted by kratos

https://twitter.com/#!/badams78/stat...25558687858688

Quote:

Full Tilt is run by much more honorable people than Pokerstars. So you're money is much more likely to be safe there.

wow

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05-30-2011 , 07:32 PM

#92

mersenneary

Food = Love

Join Date: Sep 2007 Posts: 12,187

Quote:

Originally Posted by Go Get It

They don't have any extra cash, why do you think they would offer cash for points? Or effectively pay cash through carte blanche?

With that said, I could not agree more, hell at this point I would take $3/1000 FTP's which is below Full Tilts market value of $4/1000.

I'd rather them be honest about this and have them tell me something like "we will open up the store for merchandise items only starting June 15th, and hope to have the rest of the options open by August 1". It would get derided by people here but committing to eventually give US players a chance to receive full value for their points if they are willing to wait is the right thing to do.

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05-30-2011 , 07:32 PM

#93

Ur Phate

newbie

Join Date: May 2011 Posts: 21

Quote:

Originally Posted by vig

So you need to raise capital to pay an operating expense. Seriously who's accountant are you using. This is very serious.

Former employees of Anderson Consulting

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05-30-2011 , 07:33 PM

#94

ASPoker8

Carpal \'Tunnel

Join Date: Aug 2006 Posts: 22,836

A sincere **** you to Doug and FTP.

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05-30-2011 , 07:33 PM

#95

joeyrulesall

Pooh-Bah

Join Date: Feb 2011 Posts: 3,532

How bout the full tilt team members that have made millions off us get together and pay us back personally like tony g suggested they would do. They were the face of this company making hundreds of thousands of players feel safe depositing on full tilt poker. Do the right thing. Even the untouchable Phil Ivey is included.

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05-30-2011 , 07:34 PM

#96

cmc

centurion

Join Date: Aug 2004 Posts: 109

I think people are getting confused between insolvent and bankrupt.
This is a cash flow problem, and the original post makes this pretty clear (I think).
More cash will come from deposits/rake (slow) or new investors.

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05-30-2011 , 07:34 PM

#97

SGT RJ

Twitching

Join Date: Feb 2009 Posts: 49,109

Quote:

Originally Posted by DaycareInferno

doesn't that just make it worse considering that they are still handling it exactly the same way?

Yeah, it still does nothing for US players, I'm just shocked they admitted it at all. I figured they'd swear until the end that they've handled this the best any only way they could under the circumstances.

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05-30-2011 , 07:34 PM

#98

MannyDuuke

enthusiast

Join Date: Mar 2011 Posts: 84

First

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05-30-2011 , 07:36 PM

#99

Do Not Blink

adept

Join Date: Mar 2011 Posts: 806

Guys, While it sucks FTP hasn't paid up, Is it really there fault??? They have been covering debts outside there control for years to continue operating, Why don't you shift your blame and outrage to the United States Government.

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05-30-2011 , 07:37 PM

#100

ra]\\[dom

adept

Join Date: Mar 2007 Posts: 923

Call it what you want, but doj seized 100s of millions, what the f are you expecting from them, miracles? It's not because they spent money, its because it was seized. PS made it work sooner, but thats because: 1. US players represented smaller % on site, and 2. amount of $ also was smaller then what FTP have to pay US players (according to articles).

In the mean time feel free to move country and continue playing or withdraw your funds, it works.

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