The letter was never posted and the thread was deleted. If he comes back he's more than welcome to start a new thread with the actual attachment.

We (we=Ledason only) would suspect that for the Alderny companies - which were the gaming companies, that there would be no real penalty for lying or committing fraud save having your licenses suspended or revoked (and what does it take for that to happen in reality?). What good is regulation if there is no criminal penalties for fraud?

And is Ireland going to do anything? We doubt it.....not until 700 jobs go away at least...

Guys stop relying on Deuc3s for info

He's a troll that got one guess right and has then begged for money for more information multiple times, how the hell can you believe anything he says/produces.

We will still find out whether the license in reinstated or not, even if the hearing is held 'in camera', right?

We agree, they are going to try to reopen and not pay the US players with the idea that they can pay them later. Clearly this is the only plan left and who says that the AGCC will not let them do this....this way they need a lot less money.

It would be shocking if the AGCC allowed this, but KGC effectively has allowed it with UB, so there are regulators who have allowed this in the past.

Of course, this plan is a disaster, if this is what they are trying to do, but why not try?

Here is my take on things of a possible plan based on the type of Broker/Dealer they hired:

Raise $100-$200M in a debt or structured product offering to fund one of the non-gaming FTP companies and owners inject some additional capital. Since these companies are not gaming companies they can carry debt. If they raise the funds, then this money would be invested in the gaming companies to make them solvent. The bond holders would receive a share of profits from the gaming companies in some structure. Depending on how much they raise they may try to get the AGCC to agree to allow them to re-open with just enough capital to fund ROW players with a pledge that they will pay US players over time (assuming they cannot get enough for ALL players).

The above structure would be similar to the structure that UB/AB had in the past - its very risky for investors, especially here since there would be no way to give the investors a claim (a security interest) on the assets until the DOJ agreed to a deal.

This is just a guess, but assuming that we have got the right guys, then they are a high yield shop (according to their audit, High Yield is a main part of their business, but they also do investment banking) and such a deal would be up their ally. Still, we would not give it a lot of chances, given how long FTP has been down, but nothing is impossible.

Of course - we will find out.

I think you've pretty much nailed it Ledason

The alternative for AGCC is to revoke or continue to suspend FTP license.

If this happens I would imagine there would be a press release from FTP along the lines.....

"FTP were well advanced in securing funding to allow the repayment of US players prior to the suspension of the license.

Since Black Friday FTP were operating profitably and were generating surpluses that would have been sufficient to repay US players without additional funding in several months.

Due to the uncertainty surrounding FTP's license and other issues we have been unable to secure any funding.

We were confident that had the license had been restored we would be in a very strong position secure the additional funding that would enable us to repay the US players."

Which IMO would be pretty much true as well.

i think the DOJ has something to say about FTP opening and only paying ROTW players. Otherwise that **** would have already been done IMO. Even if they have the "plan" to pay US players later. Its not the AGCC call because FTP needs investors and no one will invest with out the green light from the AGCC AND the DOJ, the investors lawyers and accountants and have all the loose ends tied up...


Anyone heard any rumblings of possible investors?

now that the meeting is to be held in pvt chances are we may not find out anything on the 19th.... I mean neither the AGCC or FT are under any obligation to release press statements post-hearing. Is anyone else worried that come the 19th we will still be largely left in the dark as to the facts of the situation?

"being in the dark" is what is driving me nuts/pissing me off so bad.

Full Tilt is more busto then all of us now imo

Having the upcoming hearing held in camera is a total sham. How would you feel if you found out the guy that stole a bunch of money from you is good friends with the judge responsible for handling the criminal charges and that you won't be allowed in the courtroom to hear the proceedings?

The players deserve representation. Especially given the fact that neither the AGCC nor FTP have done anything since Black Friday to make the players feel they're any closer to seeing their money.

Frankly, how a US facing Broker-Dealer of this size has gotten itself into a position to get involved with FTP is amazing. There are a number of heightened compliance issues that any of the people from this firm who are dealing directly with Ray Bitar would have to follow, given he is a fugitive from Justice, which also presents serious issues for the firm in any capital raise. Not only would they have to fully disclose these details, which of course they would, but if the transaction ever went bad they could face significant liability risks far in excess of their fee down the road. Finally, they don't appear to have experience in gaming, which by itself isn't an issue, but for their DD requirements in representing any deal presents problems if the deal ever goes bad - it just doesn't make sense that they would take these risks, the liability if far greater then the amount of any fee.

Someone in compliance hasn't explained these risks or the parties involved haven't disclosed these issues properly to their compliance department or they are gamblers just like the owners of FTP - which is always a possibility.

We cannot imagine a firm with this capital taking this kind of risk, so do not be surprised if they drop out or cannot raise any money.

But FTP was the number two online poker site in the world prior to Black Friday. they had the best software and high stakes games.... For sure they can get an investor.





Channeling my inner Kevmode obv.

I'd feel like shyte, which come to think of it explains why i do feel like shyte

This didn't effect me so bad when they made the initial announcement, I assumed that holding it in camera and not being made to air their dirty laundry was the best chance we had at an investor coming along to clean the mess up and get us our money.

Now that the whole 'we have interested investors' argument is getting old and seems more and more like a stalling tactic than a legitimate reason to get more time, I'd rather it be public.

At the very least we deserve disclosure of facts for the sake of closure, and by holding it in camera we are having that stripped from us too!!!!

Hoepfully the AGCC gives a meaty press release, though I'm less inclined to believe they are doing all this in the interest of the players nowadays, so I'm not holding my breath.

in b4 ps is accused of righting the press release for full tilt

ru Ray Bitar?

so like when are we likely to hear something solid, on the alderny website after todays hearing ?

The hearing is the 19th and will be held in private. Don't expect much to come of it.

oh goody

I think the date of the hearing is a bit misleading for people who only glanced at the cliffs, because the underlined date is still "September 15th" although it later points out the delayed late.

So no news as per usual....

What do you mean you don't expect much to come from it? Another extention is going to feel like the world to the FTP guys.. Lol

Fwiw Isn't it a given that another extention is going to be granted if they've yet to find an investor?

so there will be no new news until FT decides to let us know where are $ is?