One step at a time...but by all means feel free to write to him too....

I want to see their general reply first but doubt they will do anything as if they thought it was worth doing something about they would have done so by now already but I dont want to pre empt any reply.

April 16, Full Tilt Shareholder Meeting

Bitar: Hey everyone. The company is short the $150 million we need to pay US players. I need everyone to pony up some cash.

SH #1: Wait. What!?!?!

Bitar: It's not a big deal. I just made some bad loans.

SH #1: What!?!?!?

SH #2: How much does Ivey owe this time?

Bitar: Only $10 million, but the real problem is the $120 million I loaned the customers.

SH #1: What!?!?!?

SH #3: <under breath> I wonder how many "customers" are named Bitar.

Ray: I heard that! Look, we need this money or we're going under. Listen up everyone, so I can tell you how much your fair share is.

<Bitar lists amounts>

SH #4: That doesn't add up right. Where's your contribution?

Bitar: Me? They froze all my money. You'll have to cover my share.

SH #1: What!?!?!?

SH #5: I still don't understand. Don't we have plenty of money in the bank?

Bitar: Didn't you hear? The DOJ grabbed a bunch too.

SH #6: But not the player funds. Those were segregated.

Bitar: <looks at the ceiling, whistling>

SH #1: What!?!?!?!?

SH #7: When did we stop segregating player funds?

Bitar: After that employee lent Benyamine a few million from right out under my nose, I thought it was safer to start keeping money in accounts under my name.

SH #1: What!?!?!?

SH #8: And once we put this money in, who will take over as CEO?

Bitar: What are you talking about? I'm not going anywhere. With all my money stolen by the DOJ, I need my exhorbitant salary, bonus and perks more than ever! Besides, why would you want anyone else as CEO?

SH #1-8: <in unison> WHAT!?!?!?!?!?!

All western countries have a regime that allows insolvent/distressed companies to continue to trade.

This is because is there is usually more harm done by the company failing than by allowing them to continuing to trade under management or some sort of regulatory control.

The reason for this is pretty obvious and is the same for FTP as other businesses.

I will spell it out:

If FTP stops trading, the creditors [us], get close to nothing this is certain. But if FTP is allowed to continue to operate [under some sort of effective supervision] it has the options of:
a] trading their way out or
b] recapitalization.

I would really like to see some more nosebleed episodes from quadjacks. That **** is gold.

Having never commited any serious criminal acts or anything relating to banking fraud I sleep well at night.

Anything criminal they are guilty of is their own doing.

Lets not act as if they have no guilt in this mess and we should somehow feel sorry for them.

Lets not forget the QJ interview where Howard told them "when we are ready"

Thats just pure ****ing arrogance. They are treating the players like dirt.

He is out and about eating at nice places while people are broke and cant pay their bills.

Could you please point me to these sources?

Those that would have any proof that only $115M were frozen during past 2 years inclúdning BF.

I didn't say that they're not guilty of anything. I said to pray not to walk in their shoes bec the pressure is indescribable, which it is. If you want them to suffer I think you are getting what you want, atm.

Is there some way to get our 115M back from the DOJ? I'm referring to the money that they seized over the years that was "forfeit" by FTP, clearly they had no right to forfeit that money since it turns out that was our money.

I think we should wait until 9/19 to see what pans out. If FTP doesn't pay us, then we can put pressure on DOJ as they do have a big portion of our money. I think the best solution would be US players get paid from DOJ and FTP owners as there are no investors who are interested in paying US players. Then somebody buys the ROW portion of FTP and make ROW players whole.

Thinking outside the box why couldn't ftp sell for the row value to get the site up and running again than with the rake/deposits do partial payments with a limit of say $500 per week for u.s. players until things pick up.

Probably because the investors don't wanna give their hard-earned profit to US players and insist that FTP owners pay US players themselves. Nobody want US players as they can't play. pretty sad....

Very sad but true:-(

Its the obvious solution.

Sell RoW to an investor and let current owners of FTP pay US players and the DoJ

After all they messed up so they should sort it out as they and not any new investor are responsible.

Trouble is its probably the DoJ indictments that prevent FTP from selling their software and RoW players on as a part of the business:-(

So if FTP owners personally make themselves liable for all US player deposits and any DoJ fine no reason at all why there shouldnt be a good resolution to all this as the new investor can take on RoW liabilities and make his/her money back from that.

Easy Peasy......(I wish).

FTP mentions this specifically in their most recent press release, a link for which is in the OP of this thread.

NoahSD has stated that he believes this information is essentially accurate, and I usually defer to his much more extensive knowledge (given his sources most of us don't have) on the subject, so between FTP's claim and Noah's confirmation, that is what I based that statement on.

I'd have to check S:P to see if he addressed that figure specifically in one of his articles, but TBH I'm too lazy right now.

Nope, in fact the statement doesn't say that, Noah said it, but without pointing out his sources.

my head hurts : - /

Well FTPs statement said 115M preceding BF and they only mentioned US bank accounts.

I appreciate the swift reply but that is just one guys (altough a credible one) "view" on it. That would be one source not multiple.

And Im not trying to defend FTP if anyone believs that.

Meh, not sure why anyone believes anything FTP says at this point anyway, I don't without independent corroboration.

Which is why I primarily base my statement on NoahSD's confirmation. I personally believe that if he vouches for something, it's essentially accurate even if he doesn't specify how he knows it, but that's a personal opinion that you can feel free to disregard if you choose. I have no sources myself, so as far as that goes I'm in the dark and just repeating what I've read like the rest of you.

Theres no value in paying out 150 million to US players where there is not a return from them

To me he sounded not arrogant but insecure. He was quite shocked to see a TV team on a somewhat dark parking lot.

I realize that you may have made promises etc., but it'd be amazing if you even hinted what the terms and reasons for it falling through were.
Also who the 3 shareholders willing to chip in are, obviously...
But anyway, having the opportunity, wanted to thank you for immensely contributing to the thread etc.

The three shareholders will have to divulge it themsleves as I have no ontention of doing good PR for them..they have to do it for themsleves.

I'll give more details of deals at a later stage but its premature at rpesent...I need to wait for hearing and their next announcement

If they do the usual nothingness then I will embarass them publicly

One thing I will say though is the Sameer Al Ansari negotiations are definitely thought to have been a scouting non serious exercise/expedition and was never going to happen and that Phil Ivey had to withdraw the lawsuit for them to talk with him but that the withdrawal was at one of the owners requests and not SAA. I previously thoguht it was the investor who insisted on the lawsuit withdrawal. Also he was not a plant by Phil Ivey but who exaclty am not sure.

rather like goign to view a car and kick the tyres as someone said....probably eyeing up the compnay out of interest with maybe a view to getting someone involved but he was never really serious.

I bet you're not married. If you are, you wife is one special lady...

While you can argue that it's good to put some pressure on them, I think you're mostly jumping the gun on this. Anybody in the Epic Poker League's situation is going to take the "wait and see" stance right now until it's 100% clear that FT is done for. As dire as it may seem right now, I think it's reasonable for any entity in a situation like this to be holding on to the notion that FT might come through this, and all shareholders will eventually be seen in a different light.

Maybe some will think that they should still be penalized no matter what, but the truth is that if by some miracle Full Tilt were to pay back all players sometime in the future, the vast majority of people would forget and forgive relatively quickly.

I like how you keep totally ignoring the fact that a number of players are suffering from financial hardship yet keep turning it around to how people like Howard and Jesus are suffering........

The big difference is the players did nothing to bring about their situation......

sweet! at least i got that going for me!