Oh I see. The AGCC should let FTP keep their license so you and other people withdrawing can take whatever was left in the FT bank, and everyone else can GTFO?

The AGCC had no other option. Once you see past your self-interest, you will realise this was the case.

That's what I asked initially. Who benefited from what the AGCC did? **** my self interest, tell me whose interest trumped it.

anyone who would have deposited into the black void

The ONLY thing that the AGCC got right as far as I am concerned is that when they closed down FTP on 29 June they made it a condition that nobody could make any deposits or withdrawals.

As for the closure itself it certainly didnt help FTP but it did stop them from robbing potential future depositors but somehow they should have also tried to segregate all remaining money in the company which no doubt has subsequently dwindled away through lawyers and everyday running expenses.

Whether they could have actually done that or not I am not sure as maybe The DoJ indictments prevented FTP from doing anything with assets or remaining cash in bank accounts but we will never know exactly what could or could not have been done until we get more information.

Regardless of any previous to BF and 29 June criminal acts that may or may not have been committed any money squandered/spent after those dates imo is a criminal act as all of it is/was player money from that point on as it was blatantly obvious to The AGCC and FTP that it was no longer their money to spend on anything at all and would only add to any player fund shortfall.

TYVM.

Is this more money saved than the player money that was sent to hell by shutting down the site?

This is such a bad policy. They did a horrible job initially, and NOW they want to correct for their past mistakes by making it almost impossible for players who rely on that money for their and their families' lives (millions of $) to get it back with the intention of saving a bunch of recreational players who don't give a damn about how much they lose anyway?

I mean, this is so bad that I can compare to things like a parent spoiling their child and then wanting to correct their mistake by severely punishing the child which ****s him/her up even more.

Has there been any discussion on what the situation with FT would be now, if BF did not happen? Presumably, the way the business appears to have been run, it would have eventually had to crash eventually. In that situation, players would be even less likely to receive their funds back as FT's financial situation would have been even worse. Sounds like a reasonable guess?

Thanks for posting the claim FrenchNoob.

First impressions are somewhat like Diamond_Flush -doesn't look like they fully understand the timeline or particulars of the case but seem experts in class actions . Quite a few 'allegations' of points which are yet to be established as Facts. This class is also closed to the set of Canadian or as a subset Québec residents.

Is this a 'standard' phrase, how is it to be interpreted given there already exists a Canadian class action lawsuit of similarly situated persons. How do the Courts (assuming all filed in the same jurisdiction) resolve multiple class action lawsuits where the classes are identical but the allegations of facts and requests for relief are different?

Do they just allow equivalent notice of action to all members and allow them to join whichever class they choose?

They refer to the "online player balances" and accounts online in several sections.

They also ask for an order be granted that their notice be posted on the FTP site.

Section 40 is particularly interesting:
So they are targeting locally based assets. I'm fairly sure that these are the same accounts under restraint by the Canadian Courts on request by the DOJ. I don't have time to comment much further on this point but it's one that stands out as the most contentious point. Was Terricorp a sole processor to Canada or just based there?

All I'll say is IF the Canadian Courts rule in favour of the Plaintiff's on these assets (having control of them) whilst under DOJ foreign MLA restraint request then it would appear that it would set as a precedent in this case that a player's chance of getting funds back ends up being mostly a function of where the restrained accounts lie.
Can someone confirm but I thought the first Canadian class action lawsuit by Whelan et al. refers to all similarly situated persons and since is filed in SDNY by these Canadian residents allows anyone from the ROW (incl. US residents) to be joined to this class?

So the foreign twin-track litigation begins. Probably only a matter of time before we see a European claim and maybe brought with the support of a State body. Maybe the new Roll's building in London will get used...

One thing I don`t think have been put focus on is why they are taking so long time.

Isn`t it obvious? The investors want`s to wait til the last second to get the best possible price, and not only that, they want to use most possible time to come up with a strategy to get back in the market.

I wouldn`t worry to much that it hasn`t been to much info so far. Let`s hope they have a done deal and will open again after the hearing next week.

agree, if we can't get our money we should take the nuts of these redpros instead.

Nothing is obvious. Hardly anyone except for the few "suits" knows very much for sure. Much opinion and speculation, but that is what a forum is for in the main. The whole story will come out eventully and you may be right after all or you may be a wishfull thinker. Guess we will see

Maybe you personally did, but it would been at the harm of other players. I can't see how they had any choice. The questions are more why did it take so long.

Sure some people were professional but recreational and professional are in the same ship and should be treated the same. You weren't employees of the site, just players the same as anyone else.

Yeah but the point it, you are sacrificing hundreds of millions to save thousands. DUCY this is a bad policy?

Bad policies everywhere, so many victims, a few "suits" skating away free, very few winners , worse than it had to be for sure!

This is the ****ing problem with non-segregated accounts. They can be closed down and use player funds for operating costs. The first thing that should have been done upon shutdown would have been for the ring-fencing to happen immediately, not a couple of ****ing months later when they realise a deal might not be done

I have no grounds for saying this, but it is my uneducated opinion that Full Tilt is going to come back, and people will get paid. Let's all be blindly positive for a month or two - and if no progress has been made, snap into a blind rage and toilet paper Lederer's mansion.

Lots of posters ITT doing ^^ two months ago! Not so many these days

Time to toilet paper IMO. Obv not as good in Nevada as in the UK, where the roll almost 100% guaranteed to get wet and stick to roofing for days but any action (with pics) is good

We should get some answer the next Monday... Not wait for a month or two..

Call me pessimistic, but I doubt we'll be getting any significant answers on the 19th.

chances of EVERYONE getting paid without license suspension>>>chances of EVERYONE getting paid with license suspension.

very poor-stupid management, yes. ponzi scheme, not.

If you don't see that probably you are feeble-minded.

19th hearing will probably go similar to the last one, FTP ask for more time... will AGCC give it?? Personally, I hope they do. Frustrating as it is, time is needed for FTP to either get investors or go bankrupt .

How can we not? You think they will postpone it again?
If not.. Isn`t it either they get a investor and license back, or they don`t.

I think it's entirely possible that FTP will ask for and get another delay.

Maybe I'm just numb at this point. Every deadline for some sort of news (meeting or press release) has usually been a significant letdown. So I'm keeping my expectations very, very low.

I think they would want a final extension but won't get one. They probably know they won't get one though and will be prepared for that

I am sure anymore if I want them to get another extension. I want this to end.