howard and friends have your money not the doj.

Faulty sample, IMO. 2+2 is a place where people who are serious about poker tend to congregate. It stand to reason there would be a greater percentage of people here with significant bankrolls stuck on FTP vs. that same percentage in the general population.

agreed.

can't hate on the guy poker skill wise... arguably hands down the best overall player there might ever be.

but as a human being? POS scum just like the rest.

I get goose bumps just like the feeling of a girl friend coming up from behind and suprises with a kiss on the side of the neck. each and every time I load a HH in to universal hand replayer with the Full Tilt skin on.

PS and FTP software was the nuts. especially FTP, so great.

lolz .

Should have him crapping FTP BUCKS

I'm stating something very simple. The DOJ made no promises to US players. If you don't believe me, try reading their statements.

I can confirm that none of the above happened. So I'm not sure why you are quoting it like it is a fact.

You think they have recently taken an oath of honesty?

My bad. I realized a few minutes after I posted I forgot him, but it was too late to edit.

All i have to say is that from 1 to 10 my frustration level is a solid 9.

Let's say hypothetically this person was a board member on April 15th. When said board member takes bows that he was responsible for such repayment, one might want to ask said person why they were the one negotiating a deal at all after April 15 when they
- had no experience handling a distressed asset sale or any large M&A deal
- had little or no connections to make such a deal happen
- had a tremendous conflict of interest

Had said hypothetical board member stepped aside and brought in distressed asset experts or any M&A experts rather than trying to handle the deal themselves, perhaps the players would have been paid a heck of a lot sooner.

Given the obvious conflicts and the lack of experience and connections, one might wonder what hypothetical motives this person might have had for keeping the deal so close to the vest and not allowing impartial outsiders in to help secure a deal in the best interest of the players.

^^

A new challenger has appeared.

One might suspect that such an outsider would take a look at the situation and then be seen leaving the premises muttering something about fraud and theft?

A serious question for those in the know here please..

Has the DOJ taken control of FTP assets?


Has the forfeiture taken place officially or do the FTP boys still own the company?

When did the forfeiture take place ?


This was a major stumbling block prior to November last year iirc?

Has this shareholder vote taken place or is it still in the hands of the old FTP BOD?

Who do I sue directly for my stolen FTP balance?

If a party of investors was seriously considering purchasing the assets and liabilities of old FTP who would they approach..

a) FTP ie HL RB RF and co or

b) THE DOJ???

Mines a 2.

Only reason it's so high is cause I'm mad I didn't sale my money right after this happened last year. 16 months, no cash, no control over when/how/what I'll get paid.

It's a joke but at this point not worth getting mad about.

thread should be renamed to FTP rumor mill

While this may be technically correct with regard to the ownership of funds; you cannot ignore that FTP made representations and inducements that player funds would be kept in secure, segregated accounts and always available for withdrawal. When it did so, it created a fiduciary obligation in itself to keep those promises. Its failure to keep those promises creates liability, the nature of which is determinable based on the facts surrounding the breach of fiduciary obligation (i.e. the facts will determine whether it was simple negligent breach of fiduciary obligation or something more serious such as intentional or fraudulent). The managing and executive principals of the organization may be personally liable for the breach and may be liable for punitive damages in state court, if someone would pursue them.

Correct, and the amended DOJ complaint with the civil suits added specifys it was Howard Lederer and Ray Bitar who jointly decided together to false represent to everyone their money was held seperate and segregated, and came up with a plan how best to do this.

FTP BOD are already being sued by players in both California and Nevada.

http://resources.pokerstrategy.com/2...09-20-2011.pdf page 63 onwards

Here's another question about Howard. Shortly after Black Friday, Alan Boston claimed Howard didn't know anything before April 15, and that Howard was not even a major shareholder. Well, it since came out in the amended complaint that Howard actually owns more than Ray Bitar (and way more than Rafe Furst). I guess one can debate whether the 8.6% makes him a major owner, but it seems like perhaps Howard misled Alan or Alan was misleading in his interview. If the part about his ownership was not true, perhaps what he knew is also in question (again, either Howard misled Alan or Alan was misleading in his interview).

But, let's just give Howard the absolute best case and give him the full benefit of the doubt that he knew nothing before April 15. Well, as a board member, he had a fiduciary duty to know. Ignorance isn't an excuse here.

And as Bill Rini pointed out in his blog, if the board knew nothing before April 15, and Ray kept all this bad stuff from the board, then why wasn't he fired the moment the board found out? Even that aside, it's virtually unheard of for an indicted CEO to remain in power. So, what did Ray have on the board to keep them from firing him?

Diamond, I don't know who your sources are, but maybe you could find out the answer to this: how much money did Ray take out of the company in salary after April 15? How could the board continue to not only keep Ray in charge, but to pay Ray a salary when every dime mattered and American players couldn't get any of their money off the site.

Very good question. I would assume if Ray spilt his guts to the DOJ it would implicate a few more people, and provide solid evidence for criminal charges on some of the FTP owners who have not been named/criminaly charged yet.

No doubt these people want to keep Ray happy and not spilling his guts to the DOJ........

2 posts and both of 'em are rippers.
You are now officially boss of this thread.

Can only hope a similar thing happpens to those behind FTP's scheme to defraud and steal

http://uk.finance.yahoo.com/news/pon...041405189.html

+1 also remove the poll

US legal system will be considered a huge joke if Lederer and Ferguson don't end up in jail after this is over,