I would imagine a phone call is a lot less expensive than a lawsuit...

Nice 1st post

http://www.gamblingcontrol.org/FTP_statement.pdf

"... The AGCC has also imposed a condition that requires the licensees comprising FTP to arrange for the ring-fencing of identified players’ funds under their control. ...
5th September 2011"

I don't understand why this money can't be distributed to players even if it's only 20 cents on the dollar or whatever. It's not FTP's money and I'd feel much happier if my share of it was sitting in my bank account instead of FTP's. It would be easy enough for FTP to open a withdrawals only site, they don't need a license to do that.

I don't understand how you didn't get that. He means that when all those other sites cut off US when UIGEA came, they paid out all US players without problems(at least the dozen he played on, and he never heard of anyone getting problems), therefore UIGEA made people feel safer about their online money, and historically there was no reason to expect to lose money even if other sites stopped serving US players. And eurosites are obv just eurosites now not then...
Feel free to continue your gloating now, it's obv that you are a bit dense though. Go **** yourself.

edit: sry if I got something wrong or misunderstood your post chumpchange.

First of all the AGCC sacrificed noone. This $300m just was not there, nor was it coming from anywhere. They did the correct thing in shutting down the site. The AGCC has a large part of the blame for what has happened at FTP, but the blame lies in the fact they did not ensure FTP was sticking to the rules of their licence pre blackfriday, not that they shut down the site when they did.

Second of all yes withdrawls after black friday were being processed, but they were getting slower and further and further apart, even for small amounts. FTP did not have anywhere near the cash on hand in the ROTW balances and could not keep up with withdrawls, they were lying to players to try and get them to deposit ("business as usual"). The whole site was crumbling and eventually there would have been such a huge backlog of withdrawls anyone but the KGC would have pulled the plug. I personally know several players who had small 4fig amounts pending for 1month+ and received nothing by the shutdown.

Lastly you are advocating that players who did not know the full extent of what was going on should have been allowed to deposit, into a complete black hole, to increase your chances of getting paid, because "they were clueless fish who were going to lose their money anyway". You are no better than the people who have run the site in a way that has led to everyone losing their money and them getting rich.

I had a few 4 figure cash outs from fulltilt to my bank account in Germany prior to the shutdown and it never took longer than 4 business days.That's a fact.

I did forget to mention one other interesting thing in the motion filed to Canadian Court...

HOWARD LEDERER, CHRIS FERGUSON, JENNIFER HARMAN-TRANIELLO, ERICK LINDGREN, ERICK SEIDEL, ANDREW BLOCH, MIKE MATUSOW, and ALLEN CUNNINGHAM, care of ALAIN JEFFREY IFRAH, attorney at IFRAH PLLC, practising his profession at 1717 Pennsylvania Avenue, Suite 650, Washington, D.C., 20006-2004, USA

My understanding was that he was asking to be removed from defense team on other class action lawsuits?

So my initial reaction is : "uh???"

This is one view of what was going to happen. Another view is that when ROW players got their mid year bonuses and were being able to withdraw money faster the trust in FT would start rebuilding and players redepositing, etc. And eventually all players might have gotten payed. And it's not true that withdrawals were happening slower and slower. In fact, initially LBTs were taking more than a month sometimes, but right before the AGCC shut down the site they were happening immediately. It's true that Neteller withdrawals had slowed down, but I just don't see a confirmation for your claims overall.

Fact remains that by shutting down FT, the AGCC has effectively made it almost impossible for the people with 4+ figures on the site to get their money back. And for what? To save those who deposit 2-3 figures. Isn't THAT a better case of robbing peter to pay paul?

If that was directed at me, thank you MEJ.

I already posted this when it first came out, but here it is again:

https://docs.google.com/viewer?a=v&p...5MWY2&hl=en_US

First let me re-iterate that I am 100% for all players to get their money back.

I am not an attorney, but on it's surface, this complaint is so full of factual inaccuracies that it will never get far imo. It appears to be hastily put together, with cuts and pastes from all over the net with no cohesion. I have to assume that whoever wrote this has no clue about the circumstances, didnt bother to investigate any of it, or had some need to make a filing hastily without regard to facts.

Sad really, but I would not suggest a player put all their eggs in that basket at all. Obv JMHO

If a company simply doesn't have enough money to cover player's funds, there is absolutely no way a commission should let it continue to run. PERIOD. People live off poker and they have a right to get THEIR money whenever THEY want it. Cashouts were NOT getting faster, just read the numerous threads in 2+2.

Where do you expect FTP to pull the mid year bonus $$$$ from? Lol. It would've put them in an even worse situation.

I was reading the threads you're talking about. I was one of the people withdrawing money ffs. LBTs were working super fast, people all over the world were being able to withdraw immediately.

"People live off poker and they have a right to get THEIR money whenever THEY want it"

Yeah, people aren't getting their money on time, so let's make sure they NEVER get it. Brilliant.

First and foremost, I'm not defending the AGCC in any way, but let's be honest...wtf were they supposed to do. The problem is they didn't do their due diligence on FTP prior to BF and hence probably had no idea of the management/financial problems ensuing.

Awesome post.

LBT was actually one of the slowest withdrawal methods, people had more luck withdrawing by card.

USA players have been waiting for how long? How many months do you think it would take for FTP to rake in the $150M they would have needed? They were lying to players 'your money is safe'. Bull****!!

The AGCC pulling the plug was the best thing for customers as it should have made sure FTP got their s*** together and get an investor quick time so everyone can get payed. But no, they wasted valuable time with a stupid exclusivity agreement that amounted to nothing.

I understand your frustration as I personally was waiting for a withdrawal and would have wanted the AGCC to wait a few more months for me to get my worth. But if you look at the bigger picture, this had to be done.

Just because you were receiving cashouts post BF, does not mean everyone was sir. Congrats on being part of the "chosen/lucky" group, but Ive heard from scores of ppl that tried and got zero, including many with 6 figure balances.
In the end, just consider the fact, keeping FTP open would not have gotten everyone paid, I dont understand what part of that people do not understand.

THERE IS NO MONEY TO PAY YOU

So you think Bernie Madoff should have been kept in operation in the hopes that he could earn enough to pay certain customers off?

as a UK player, what means of legal action can I take against FTP?

Want to get as much info as I can, may consult with a solicitor at some point

I wasn't actually. I had been waiting for about 25 days for one of my withdrawals when AGCC pulled the plug. I still think I had better chances of seeing that money if they hadn't pulled the plug, compared to my chances now.

Not familiar enough with this to comment and/or make comparisons with the FT situation.

The 2 weeks before the shut down, LBT was working pretty fast. You can read the "cashouts for non-US players" if you don't believe me.

I understand that the US players were in a way worse situation than the rest, but again, I don't see how what AGCC did helped them either. They could have pressured FT to find investors without shutting them down.

Let an (effectively) Ponzi continue at the benefit only of existing US customers

No decent regulator would do this

I bet you Madoff's existing investors were crying the same line

Yeah, perhaps that could've been clearer. What I mean is: Situation 1) It is 2005, I play on some poker sites, some legal stuff happens, I can't play on some of these sites anymore, the sites give me back my money. Situation 2) It is 2011, I play on some poker sites, some legal stuff happens, I can't play on some of these sites anymore, ???.


p.s.

nope, nailed it

AGCC is a decent regulator. LOL