FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP) - Page 21 - Poker News

What about stock offering like Ben and Jerry's did in Vermont? Using our poker balances in return for stock for those who opt in. This can reduce the overall debt.

08-28-2011 , 01:09 PM

#502

2Old2Care

stranger

Join Date: Aug 2006 Posts: 14

Mr. Ifrah,
Are you being compensated with players' funds?

08-28-2011 , 01:11 PM

#503

blackfriday415

adept

Join Date: May 2011 Posts: 1,174

Quote:

Originally Posted by Prospace

What about stock offering like Ben and Jerry's did in Vermont? Using our poker balances in return for stock for those who opt in. This can reduce the overall debt.

i've suggest this a few times.

the basic response was always that it would be to hard because of the doj and agcc.

I still think it is a valid option. I would rather get my equity in the company than nothing. And if the players have a stake in the company it will restore brand confidence. Which is paramount here.

08-28-2011 , 01:12 PM

#504

DMoogle

Carpal \'Tunnel

Join Date: Mar 2006 Posts: 7,243

Quote:

Originally Posted by Genetikfreak

I dont get why FTP should pay player balances that wernt debited from their bank accounts. Just sounds bogus. If a player lost the money they prob cant recoup it but in many cases just substact from player balance no? Or is this number (uncleared deposits) already accounted 4...

Would be fine, except I'm sure that that would result in MANY players having negative balances. Winning players don't have a need to deposit all that often...

08-28-2011 , 01:12 PM

#505

NoahSD

Is Right

Join Date: Aug 2005 Posts: 18,843

Quote:

Originally Posted by Mycology

1. Are you "FTPdoug" ?

2. Can you inform us who has been speaking to the 2+2 FTP community on FTP's behalf here as "FTPdoug" if it is not / has never been you?

Jeff is not FTPDoug. FTPDoug is an Irish employee of FTP who's name is a bit unamerican, so he decided to go by Doug instead.

08-28-2011 , 01:15 PM

#506

NoahSD

Is Right

Join Date: Aug 2005 Posts: 18,843

Quote:

Originally Posted by Genetikfreak

They can only recover $9 million of the $128 million shortfall/backlog in this way.

08-28-2011 , 01:16 PM

#507

MICK E JUICE

adept

Join Date: Jul 2011 Posts: 820

Quote:

Originally Posted by NoahSD

Jeff is not FTPDoug. FTPDoug is an Irish employee of FTP who's name is a bit unamerican, so he decided to go by Doug instead.

Can't believe this is still a discussion

08-28-2011 , 01:19 PM

#508

NoahSD

Is Right

Join Date: Aug 2005 Posts: 18,843

Quote:

Originally Posted by MICK E JUICE

Can't believe this is still a discussion

When a company owes people hundreds of millions of dollars and provides them with absolutely no information, people discuss some pretty weird ****.

08-28-2011 , 01:20 PM

#509

ucantcme63

adept

Join Date: Apr 2010 Posts: 741

Quote:

Originally Posted by spino1i

Jeff stop dodging these two questions that multiple players have asked:

1. Are FTP owners willing to reinvest with their own money?

2. And are the FTP owners willing to pay back the players in the event of bankruptcy?

Mr. Ifrah, your thoughts on this please.

08-28-2011 , 01:25 PM

#510

bardolino

grinder

Join Date: Jan 2007 Posts: 487

Quote:

Originally Posted by ucantcme63

Mr. Ifrah, your thoughts on this please.

Also, there have to be some assets left. When can we expect at least a partial payment or are the crooks just going to take it all?

08-28-2011 , 01:26 PM

#511

MICK E JUICE

adept

Join Date: Jul 2011 Posts: 820

Quote:

Originally Posted by MICK E JUICE

Mr Ifrah,

With X employees on payroll is anything being done to prepare for (a possible) re-opening i.e. checking/returning limbo fund balances, validity of accounts etc... basically just getting things in order?

Cheers

This please

"Quoting urself is not cool"
- MICK E JUICE

08-28-2011 , 01:29 PM

#512

NoahSD

Is Right

Join Date: Aug 2005 Posts: 18,843

Quote:

Originally Posted by ivvaen

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?

I doubt Jeff will answer this question, since he's the guy representing most of the defendants in this lawsuit.

IMHO, the answer is yes for the TT class action. FTP has almost no money right now. The DOJ does not have much of FTP's money either. So, either 1) FTP finds people to buy the company, 2) the former owners pay players back, or 3) we don't get paid. Considering that four months have gone by and the only person who's offered to repay players with his own money is Tom Dwan, I think that a lawsuit that attempts to claw back their dividends is a good idea.

08-28-2011 , 01:33 PM

#513

Prospace

banned

Join Date: Feb 2007 Posts: 1,091

Quote:

Originally Posted by blackfriday415

From Noahs last post it seems there is little money left. This may be only option left. I'd be willing to use all my funds in trade for private stock.

08-28-2011 , 01:36 PM

#514

Prospace

banned

Join Date: Feb 2007 Posts: 1,091

Quote:

Originally Posted by NoahSD

YOu say they don't have a lot of FTP's money. Do they have lots of Mr. Bitar's money?

08-28-2011 , 01:41 PM

#515

Goldeneyehd

centurion

Join Date: Apr 2008 Posts: 115

all poker players and especially those with some money stuck at ftp shld unite and deposit money into an account with which ftp could be buyed and plrs can get a % out of the companys profit based on their investement and money had before the shutdown... what u think of this lunatic idea? could poker plrs ever raise at least 30% of the money ftp needs?

08-28-2011 , 01:44 PM

#516

spino1i

Carpal \'Tunnel

Join Date: Jul 2005 Posts: 8,711

Quote:

Originally Posted by Goldeneyehd

Sorry but this sounds like the old Teddy KGB quote: "im paying you with your own money".

namely we'd just be putting cash into pay ourselves back the same cash.

08-28-2011 , 01:58 PM

#517

jhn_lundgren

journeyman

Join Date: May 2011 Posts: 320

Quote:

Originally Posted by Mycology

Jeffrey, thanks so much for answering my previous question. And if you cared, my favorite color is silver. Yep.

I have another question for you if thats alright,

This is another two part question.

1. Are you "FTPdoug" ?

2. Can you inform us who has been speaking to the 2+2 FTP community on FTP's behalf here as "FTPdoug" if it is not / has never been you?

This would satisfy the curiousity of many many people.

On a more important note- Please inform the FTP hierarchy not to underestimate the willingness of the FTP playerbase (American and non-American) to or even partially. I'd be willing to cough up some of my remaining funds if it assist FTP in ANY WAY needed to get us paid back fullymeans removal of FTP management and turning FTP back on so they can begin generating income again - as long as that meant I would eventually, someday, be paid my full or partial balance, even if that partial balance was in bits and pieces. I believe most players at this point would be willing to make some sacrifices - specifically with regards to bonuses / FTP points / iron man medals / etc.

ASSIST FT ???

I'm not willing to assist them.
The shareholders of FT don't need any assistance if they want to pay us.
All they have to do is give back some (not all) of the hundreds of millions they have profited over the last 5 years.

08-28-2011 , 01:59 PM

#518

munkey

veteran

Join Date: May 2006 Posts: 3,106

Thanks for the reply Mr Ifrah, I await FTP's statements.

@Goldeneyehd, spino

Given players are effectively owed money and imho it is sensible in creditor-debtor scenarios where the debtor has insufficient ability to pay fully to swap equity for debt.

e.g. homeowner can't quite pay the mortgage so agrees for a lower monthly repayment with the mortgage company in return for a % equity of the house's value in a future sale.

I'm not saying this can happen or should in this case just it is possible and usual to swap a current debt for future cashflow (as a creditor)

08-28-2011 , 02:02 PM

#519

NoahSD

Is Right

Join Date: Aug 2005 Posts: 18,843

Quote:

Originally Posted by Prospace

YOu say they don't have a lot of FTP's money. Do they have lots of Mr. Bitar's money?

I don't know. It appears from the court documents, etc., that the DOJ attempted to freeze all of Bitar's assets.

08-28-2011 , 02:07 PM

#520

WhoWhoOwl

journeyman

Join Date: Mar 2007 Posts: 237

Noah, you also said FTP has almost no money right now. Is this something actually confirmed from someone at FTP? And do you have any idea how much that is?

08-28-2011 , 02:07 PM

#521

Michaelooch

journeyman

Join Date: Dec 2007 Posts: 380

Quote:

Originally Posted by NoahSD

Quote:

Originally Posted by Genetikfreak

They can only recover $9 million of the $128 million shortfall/backlog in this way.

What is preventing FTP from pursuing the funds that have yet to be collected?

08-28-2011 , 02:13 PM

#522

TheNaturat

centurion

Join Date: Apr 2009 Posts: 142

Mr Ifrah, could you explain to us what is a reason of FTP being unable to pay the players?
Has our money been:
a) seized by DOJ
b) stolen by payment processor
c) frauded by owners
d) spent on company expenses
e) ...
?

Some cashouts for EU player have been running between Black Friday (I was lucky enough to save over 200k myself) and final shutdown, were they from company funds or just ongoing deposits?

08-28-2011 , 02:19 PM

#523

Jeffmet3

veteran

Join Date: May 2006 Posts: 3,349

Quote:

Originally Posted by WhoWhoOwl

Noah, you also said FTP has almost no money right now. Is this something actually confirmed from someone at FTP? And do you have any idea how much that is?

Ya, I'm confused.

FTP has owes between $300-350 million in players accounts? And then didn't debit $120 million in deposits. So where did the other $200 million go

08-28-2011 , 02:20 PM

#524

Jeff Ifrah

centurion

Join Date: Aug 2011 Posts: 194

Quote:

Originally Posted by TheNaturat

I believe the company statements on seizure and backlog will answer this question. Once those statements have posted, please let me know what remaining questions you may have and if I can't answer them, I will pass them along.