It was commonly accepted that Phil Ivey sued because he brought an investor to the table, who made an offer and that offer was rejected.

If that's not accurate, and I'm incorrect, why did Phil Ivey sue?

5 more pages. Nothing new.

I believe that som1 is behind this lawyer and talking. Something like in movies "don't say anything without lawyer".

Jeff,

How much money was seized by the DOJ?

Stop shooting down the lawyer you idiots. His job is to settle the mess that ftp got themselves into. He didn't get them into this mess.

I am glad the lawyers name is not Kobayashi,or we would all be in serious trouble.

we should be glad the lawyers name is not Kobayashi,or we would all be in serious trouble.

we've been SWEDE'D

I thought things like this function better in USA. It's normal for a 3rd world country I come from but thought USA manages things like this better. Main word in DOJ is "justice". Not sure why is bad idea clearing situation to DOJ that it's player's money and not FTP's.

I definitely will.

I have my own law firm. European counsel is with a firm called Jeffrey Green and Russell.

That is not correct and I don't know why Phil Ivey sued.

It is not a bad idea at all. DoJ's duty is to punish the criminals and protect US citizens' interest.It is pretty ridicolous that they pursue justice by freezing innocent US citizens' money. This is still America, the government should not get a free pass for that. It should be FTP's job to argue with DOJ to release fund now but I guess they are too scared of DOJ to offend them in any way as some of the owners are on DOJ's hunting list. But as US citizens/residents, we should not be afraid of putting pressure on DOJ as their duty is to protect our interest, not punish criminals by taking inncocent US citizens' money. But I dont know if we should put pressure on DOJ now or wait to see if FTP can find an investor and pay us first.

Hi Jeff,

Can you please let us know your thoughts on the class action lawsuits brought forward by Todd Terry and more recently the two Canadian players? More specifically, do you think these suits have a chance at getting some money back for the players?

@Jeff Ifrah

What would you guess our chance of getting our money back is?

10%
50%
90%

??????????????

For now, it is logical to wait for the FTP "statements" and see if they are substanial or another wave of lawyer BS. It will be pretty clear to anyone following this matter what the "statements" value are after they are released (if they are). Then the thread can go bonkers, and it should! I think this IS a stall to either find "some kind" of investor to maybe payoff and restart, OR, as some have suspected, time to drain assests before BR. Both scenarios make business sense, although the 2nd one really sux.

Jeff, on Subjectpoker a recent article discussed that the shortfall from american deposits is in the range of 120 MILLION. How was this allowed to happen? Were shareholders aware of that huge number? If not, who made the decision and how were there no management control functions in place to stop them?

Thanks for taking the time.

1. Will FTP or their representatives led by Martin Heslop as referenced above apply for a motion at the next AGCC hearing for it to be held fully or partially in camera?

2. Without an independent statement by a 3rd party investor(s) how will FTP show actual evidence of progress in negotiations with investor(s) at the AGCC hearing?

As opposed to evidence of 'preparing the ground for investment' which is independent of an investor's actions or even the existence of one currently.

3. In the NETELLER case they released a press release ~ three weeks after the initial charges were brought stating the amount seized. There appears to have been no objection from the DoJ to make this information available.

Will FTP make a similar statement and quantify approximately the amount seized by the DoJ and what % is restrained in US and foreign (i.e. non-US) bank accounts in the forthcoming statements?

Jeff, how bout they start making good faith payments to us in the mean time. Something like ten percent of our balances monthly. If they don't have the money they should start liquidating assets now. If they don't want to then they should think about the long term response because it will come out over time the people responsible besides Howard and ray bitar. If these people ever want to live normal lives again perhaps you should urge them to set a plan in motion to start paying us back. Thanks again in advance.

someone have time to write some cliffs on the Q&A?
how bout a stickied modded thread?

Thanks for taking the time. This is the only thing that matters to me.

This IS the stickied moderated thread. You can search for Jeff Iffrah`s posts which should be THE cliffs at this point.

Or, if they offer a reload bonus.

Or, if fish play there.

Jeff Ifrah - Cliifs to post 472

Originally Posted by Jeff Ifrah
I apologize that you have to wait until next week. I have invited folks to write or call me personally for answers but only five of you have done so. So now I have opened an account here and will do my best to "unofficially" answer your questions from here.

Since FTP started the process of speaking with outside investors that has been their entire focus 24/7. They have made crystal clear to every investor that the US players and European players must be paid. I don't understand what you mean in your last question by "lower"?

No, I cannot confirm this and do not believe it is true. I am not aware of a satisfactory deal that has been offered and rejected. The company statement will address this in more detail.

Personally speaking, yes, it will be very difficult for the company to meet all obligations without the help of an investor. Future statements will make clear why this is so. I do not know the answer to your second question.

I define "satisfactory" as satisfactory to you the customers. No, I have not seen an impact of the sort you describe. The company will address this in its next statement.

These are precisely the terms of any deal. Anyone who has been or will be at the table has been in discussions regarding these terms. The company will address the status of these discussions in its statement.

Sorry, what do you mean by this "job?"

I don't think I was clear. Every deal requires the players to be paid. A deal has not closed yet but that is not because of the existence of such a requirement. Again, the company will specifically address this in its statement early next week.

No.

You do not need to apologize. The company intends to answer precisely these questions in its upcoming statements.

No, I don't think DoJ has anything to do with this. I will pass your message along.

Nobody did. I am answering questions that I do not believe are privileged and passing the others to the company. I take responsibility for not having been able to get the company to issue its statement sooner.

Blue, no Yellow.

I represent FT and most of the individuals in one of the suits. I am not sure the other has actually been served.

The latter. This will be driven by the investor and also by the regulator. This I hope will be covered in subsequent statements.

This is really tied to the investor. The company is focused on showing significant progress to Alderney.

You are quite right I should have said Rest of World players.

I promised a company response today and instead had to report it has been delayed until early next week. In the interim, I felt you were owed whatever answers I could provide now. I cannot do so officially but hope I can nevertheless be somewhat helpful.

I meant significant progress putting a deal together. I am really not involved in this particular proceeding and will have to pass any Alderney related questions to their European counsel.

This will be addressed I hope by the company's statement. I have no basis to provide you with such an estimate. I can however up date you and ask the company to update you on its progress.

I have not been involved in all of them but from time to time have fielded questions from investors directly and met with interested investors personally.

I will definitely ask.

Ray remains CEO and participates with others in discussions.

No, not really. The statement will cover the efforts undertaken to obtain an investor and the current status of the investor. The hearing may have a chance of being resolved or delayed if progress regarding the investor can be demonstrated. This is merely my personal opinion, I am not involved in this proceeding.

I am not trying to waste your time. I don't know what you know or don't know. I am only trying to answer questions that you have that I know enough about to answer.

I am representing the company in one of the class action suits and investors have an interest in discussing on going litigation.

I can only speak for myself. I made statements after April 15 up to the date of exclusivity and am making them again now that it is over.

No, sorry, I don't.

I believe they are doing everything possible to make it operational again.

I meant statements to the press. EGR for example.

This will be covered in the statement.

I am guessing but I would say at least 30 days. Hey, I will be back on tomorrow morning, just lost power for the fourth time and am turning in.

I definitely will.

I have my own law firm. European counsel is with a firm called Jeffrey Green and Russell.

That is not correct and I don't know why Phil Ivey sued.

where would those 10% come from? you think they can spend $30M or something like that on repaying but then dont even have enough money to pay their lawyers.

i would not withdraw my roll if ftp comes back online. its all just a matter of the site`s player pool. i dont doubt that ftp can still come back strong if it finds an investor since we are all poker players and we do have an incentive to play there if we are profitable.
if it goes down it has more of a devastating effect than you all might think. we dont only lose our player balances but also all future opportunities to make money by playing on the site. for some this is a very big concern. the poker economy needs a strong second competitor next to pokerstars, all the players would benefit from that.