FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP) - Page 406 - Poker News

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FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP)

View Poll Results: Do you want the AGCC to regulate the new FTP?

Yes

1,156 56.58%

887 43.42%

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10-14-2011 , 08:20 PM

#10126

LedaSon

grinder

Join Date: Jul 2011 Posts: 531

Quote:

Originally Posted by tamiller866

Tapie said that FTP covered the player balances with a line of credit, implying that the only reason they couldn't pay after BF was that the DOJ cut off their credit.

My question is that if FTP was able to get a line of credit from a bank for hundreds of millions of dollars presumably by using player account balances as collateral, and the banks must have verified the balances with due diligence and the fact they were frozen also alluded them, how can we blame the AGCC for not being more effective than a bank - which was putting its own assets on the line?

It seems to me that wherever player balances were kept, that financial institution wasn't revealing the minor detail that the accounts were no longer in FTP's control.

Can you please point me to the source for this comment about FTP having a line of credit that they used to cover player balances? I never saw that in any press that I read (not that it didn't happen).

10-14-2011 , 08:38 PM

#10127

waq

veteran

Join Date: Mar 2007 Posts: 2,700

I had Chinese food tonight and received the following fortune in my cookie.

The only thing we know for sure about future developments is that they will develop.

A very wise 10 year old said to me years ago, "Those aren't Fortune Cookies, they are Statement Cookies."

10-14-2011 , 09:30 PM

#10128

ddlloo12

grinder

Join Date: Jan 2009 Posts: 535

Quote:

Originally Posted by waq

Funniest thing I saw on here all week. I thought ftp would have wrote that fortune. I think howard wrote it himself

10-14-2011 , 10:15 PM

#10129

jweez

old hand

Join Date: Aug 2008 Posts: 1,620

Anyone talk to Ifrah in the past two days?

10-14-2011 , 10:19 PM

#10130

ShipItYo

veteran

Join Date: Nov 2008 Posts: 2,041

Quote:

Originally Posted by jweez

Anyone talk to Ifrah in the past two days?

+1 to this question

10-14-2011 , 10:54 PM

#10131

XaQ Morphy

veteran

Join Date: Nov 2007 Posts: 3,022

Quote:

Originally Posted by jweez

Anyone talk to Ifrah in the past two days?

He said any future developments will develop.

Morphy

10-14-2011 , 11:14 PM

#10132

Diamond_Flush

old hand

Join Date: Dec 2010 Posts: 1,470

Quote:

Originally Posted by jweez

Anyone talk to Ifrah in the past two days?

I believe he is unavailable for another day or two (unrelated to negotiations, so don't read anything into that).

10-14-2011 , 11:16 PM

#10133

tamiller866

Pooh-Bah

Join Date: Oct 2008 Posts: 3,651

Quote:

Originally Posted by LedaSon

http://forumserver.twoplustwo.com/sh...postcount=9528

Google translator said letters of credit, but someone fluent in French said it should be line of credit.

10-14-2011 , 11:19 PM

#10134

joeyrulesall

Pooh-Bah

Join Date: Feb 2011 Posts: 3,532

Quote:

Originally Posted by jweez

Anyone talk to Ifrah in the past two days?

It's that time of year when it's a Jewish holiday every 3 weeks so he will be unavailable alot

10-14-2011 , 11:35 PM

#10135

DoTheMath

Pooh-Bah

Join Date: Jul 2006 Posts: 4,689

Quote:

Originally Posted by EYESCREW

edit: I just realized you live in Boston. For some reason I thought you lived in Europe. lol So much for the ESL theory. (frequently I post from my phone and I don't see avatars/location etc.)

Doesn't being a Bawston native indicate he is less likely to speak English as well as the average European?

Have you heard those accents?

10-14-2011 , 11:41 PM

#10136

DoTheMath

Pooh-Bah

Join Date: Jul 2006 Posts: 4,689

Quote:

Originally Posted by tamiller866

http://forumserver.twoplustwo.com/sh...postcount=9528

Google translator said letters of credit, but someone fluent in French said it should be line of credit.

Given he said the latter (les lettres de credit) were blocked by the DoJ, I think he is actually referring to seized funds "owing" to FTP. Appears there is no separate line of credit we hadn't heard about before.

It also appears M. Tapie has a habit of being imprecise in his public statements.

10-15-2011 , 12:07 AM

#10137

tamiller866

Pooh-Bah

Join Date: Oct 2008 Posts: 3,651

Quote:

Originally Posted by DoTheMath

This is way out of my expertise, but just reading the Wikpedia definition for Letter of Credit it almost sounds like legal tender, or at least a stronger form of guarantee than just saying you have a line of credit.

I don't see how the AGCC could have told them a letter of credit wasn't a valid guarantee, as had the DOJ had not blocked these letters of credit FTP could have paid the players and the bank that issued the LoC would have been the party left hoping for remission.

Last edited by tamiller866; 10-15-2011 at 12:15 AM. Reason: or at least staking claim to the frozen funds

10-15-2011 , 12:10 AM

#10138

tripsONacid

grinder

Join Date: Oct 2009 Posts: 643

"IMPORTANT VIDEO" apparently

C.E.O. of the A.G.C.C. talks about pulling the plug on F.T.

10-15-2011 , 12:38 AM

#10139

blackfriday415

adept

Join Date: May 2011 Posts: 1,174

Video is old news

10-15-2011 , 12:44 AM

#10140

steelhouse

banned

Join Date: Feb 2007 Posts: 6,109

I put no for the poll question so ftp leaves apcc justidiction, and moves to Antigua and reopens. maybe the sanctions next time will be all the policitians superpacs.

10-15-2011 , 01:19 AM

#10141

oneonth3run

old hand

Join Date: Apr 2011 Posts: 1,648

183 days on this ride, will it end soon?

10-15-2011 , 01:31 AM

#10142

yesright

old hand

Join Date: Feb 2009 Posts: 1,345

Quote:

Originally Posted by tripsONacid

"IMPORTANT VIDEO" apparently

C.E.O. of the A.G.C.C. talks about pulling the plug on F.T.

Interesting claims by the head of AGCC in that video.

(1) He claimed that before the AGCC revoked their licence FTP did not bring forth a credible buyer.

Yet when Mr Ifrah was on here begging us to email the AGCC not to revoke, claimed that the AGCC had met the buyer.

So who is telling the truth?

(2) The AGCC claimed they had no idea that FTP did not have the funds until shortly before they suspended FTP on June 29th

Tony G has made claims that the AGCC knew FTP didnt have the money back in 2010?

So who is telling the truth?

10-15-2011 , 01:34 AM

#10143

SLH

centurion

Join Date: Apr 2011 Posts: 168

Quote:

Originally Posted by oneonth3run

183 days on this ride, will it end soon?

i try not to count the days cause its like looking at the clock when i was in high school

10-15-2011 , 01:43 AM

#10144

NexusWR

grinder

Join Date: Feb 2009 Posts: 599

Just want to point out to all you geniuses who think it's funny to have the epilepsy inducing avatars - you just get put on ignore, which means you eventually end up posting your thoughts to yourself. You may as well get a blog.

Exoendo let me know when you change, I want to read your posts but can't without my inner epileptic cursing the ground you walk on.

10-15-2011 , 01:48 AM

#10145

ShipItYo

veteran

Join Date: Nov 2008 Posts: 2,041

Quote:

Originally Posted by NexusWR

b/c everyone here shares your feelings.

10-15-2011 , 01:49 AM

#10146

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Quote:

Originally Posted by yesright

at what point in the video does he say this? I think you've confused the original and following suspensions before the actual revoke.

10-15-2011 , 01:56 AM

#10147

nbajam

adept

Join Date: May 2004 Posts: 940

Quote:

Originally Posted by yesright

1. No quote to back it up, but I think Tapie mentioned in one of his interviews that he met with the AGCC

2. AGCC would never admit if they knew FTP was short on funds, I would think that would open them up to some sort of liability. Tony G isn't exactly a reliable source though, he tends to sensationalize things quite a bit and likes to hear himself talk.

10-15-2011 , 01:57 AM

#10148

NexusWR

grinder

Join Date: Feb 2009 Posts: 599

Quote:

Originally Posted by ShipItYo

b/c everyone here shares your feelings.

Yes, I am that revered and arrogant, thanks for pointing that out.

I just don't understand why they want people to ignore them? It doesn't make sense to me. Surely posting on this forum you want everyone to read it - Not just the ones that can stand your avatar? Each to their own I giuess....

I now hope that someone quotes exoendo's posts (and now aggo and prodonkey) because I do want to read what they write, just not while being annoyed (deliberately) by their avatar.