Depressingly funny. #WhenWillitEnd

What does this mean?

Ferguson had a claim to the Full Tilt Poker funds based on his unpaid dividends, plus his settlement is targeted for the remission fund, so this is another hurdle (possibly the last one, if they disregard Cardroom's claim) removed from the DOJ paying remission.

Thanks for calling and posting.

cliffs: January deadline passes we are told "two weeks, certainly," 3 weeks more weeks then pass and we are now again back to "two weeks" which means the processor has still yet to be selected and "begin work." Fun stuff, 2013 seeming more and more like a wish.

Its amazing at the "process" to get people their money back and taking 8 months to hire somebody, but the lack of "process" it takes to get a bill like UIGEA passed

Jesus has settled the civil suit w/ the DOJ for $2.35Milli + contents of "the Ferguson account" whatever is in that account. Should have no effect on the remission unless they decide to add his forfeiture to the pot.

What was the january deadline? For what?

For getting fake Scott Matusow to sell you oceanfront property.

Diamond Flush or 1938Ford,

Would this explain why the DOJ has taken longer than the two weeks they thought it would? Little hold ups with this settlement? Consequently, once this is finalized, we could expect a near immediate announcement on remissions?

Thanks.

figured you would know this but i guess not.

November 20, 2012—Victim Update. The United States Attorney’s Office for the Southern District of New York is evaluating applicants for the position of Claims Administrator to handle petitions for remission for U.S. victims of the alleged fraud that Full Tilt Poker committed relating to player funds. The United States Attorney’s Office expects that the Claims Administrator will be selected and begin work in January 2013.

See that's the problem with naming any sort of date or time with this whole thing. I could say, I expect that someone will post something completely idiotic in the next 3 minutes in this thread. If it takes them 5 minutes instead of 3, does that mean that they missed the deadline?

LETTER addressed to Judge Kimba M. Wood from Sharon Cohen Levin dated 02/19/2013
Appears we are not out of the woods yet.

Why would these claims matter if the government already has sufficient funds from pokerstars to cover player claims?

The government is holding sufficient funds, but may not feel they have clear title to sufficient funds until Cardroom's claim is resolved.

Cardroom agreed to have it's claim for $30M severed so that SDNY could get a final order of forfeiture for $158.5M, but then they learned that PokerStars acquired FTP and wouldn't be prohibited from entering the US market.

They then asked the new judge to let them amend their claim from the $30M they were seeking from a frivolous lawsuit to all the funds related to the FTP settlement on the grounds that they were joint owners of FTP's software.

If the judge were to agree, the final order of forfeiture could be voided, so though they technically have the money today, they might not have it tomorrow if they give any credence to Cardroom's claim.

The brief letter to the judge seems to be saying, "your honor, we need you to resolve (dissolve) Cardroom's claim."

It is MY opinion that the Ferguson settlement and/or the Cardroom claim have zero to do with the selection of a claims administrator. The Cardroom claim case MAY ultimately delay the actual distribution of remissions should it not be stricken, but, for reasons I have explained before ITT I find even that unlikely.

More likely, for me, it is just that the selection process takes time. In this case it is a very big and very valuable contract and there are many bottlenecks in the contract awards process that could be the cause for this "delay". Also, I choose to hold out some hope that the "delay" could also be because the Claims Administrator has already been selected and is already working on preparing the case so that the next announcement contains more information than just the fact the "abc claims company" has been awarded the contract, which would provide us little relief or useful information.

I agree simply saying abc company has been selected does us no good w/o some sort of remission information and how we can stake our claim. But naming the claims company signifies that progress is being made and that we may actually be getting closer to being paid...

Thats straight from the DOJs mouth/website. They gave the deadline.

You can only take dividends from a companies profit, you can't take dividends from a company that's running insolvent, he had no claim to dividends.

Yeah.

I didn't say he had a valid or credible claim, just that he made a claim based on that assertion and this settlement precludes having that claim resolved through a drawn out court process.

All these guys have been holding the players money hostage for almost two years now in order to improve their negotiating position, the fact that it worked indicates that SDNY must really feel the players are victims.

I suppose it's possible that English isn't your first language so I'll give you the benefit of the doubt here, but there is no deadline in the quote you posted.

Thats what they say they "expected" . Not a clear deadline. Did they even pick a claims admin?

It says in the claim here that the DOJ is in the process of picking a claims administrator still. Hopefully the DOJ person from talking with Jon is right and it will be next week or so.

No it doesn't. It says:

"in the process of picking" is not necessarily the same as "in the process of engaging". I grant that their statement could mean that, but not necessarily so.

Perhaps an administrator has already been chosen and they are currently being trained/briefed by the DOJ on the fine logistics of the remission process.

Nit harder.

Gentlemen, this is how you end up with 7k posts.