This should be a case study at a business university.....

How not to run a business

How not to handle PR

How to treat your customers with utter contempt.

We have a Professor and a Jesus......... yet seemingly no wise men at FTP........

Amen. They needed redundant infrastructure in place and they needed non-idiot management that wouldn't over pay shareholders, wouldn't steal and would fortress enough loot in non-traceable accounts to keep the ship sailing if disaster struck.

Seems like they could of just not paid shareholders for about a year and had enough $$ squirreled away in non traceable accounts to weather any storm but nooooooooooooo..... they had to get their big swinging dicks out and show EVERYONE how baller and how hung they were and the players suffered and they all got rich, in my opinion, off of our backs. This ******* Phil Ivey was shooting craps on ESPN. WTF?

After disaster struck all they had to do was pay the euros (no one gives a rats ass if they stiff Americans - the world hates us) and they could of kept the ship sailing but they couldn't even manage to do that.

It's almost like they planned for this to happen so they could abscond with whatever money was left over and whatever money they could eventually get unfrozen in these foreign accounts (which they will I'm sure). It was almost as if they said "we aren't putting up the first cent to pay the euros back or anyone else so whatever happens, happens"

That may not have been everyone's intent, but I think for some or at least 1 it seems very likely they said "fk it" at some point.

There was a brief link to an interview but either I cant find it or its taken down. It only included one little reference the rest was gotten from someone out there directly hence all the confidential information in first post.

Might post more in between these weekly fulltiltpoker announcements just for fun. Might not.

Well i'm just relieved to hear that at least they intend to pay players back :-/ Gettin' my money back we would be such a bonus to me in life now

1) What about the bank fraud allegation? what well-reasoned legal opinions you had on that matter?
2) The site still operated outside the US after BF, how is the DOJ to blame for the shutting down the site worldwide?
3) What's the definition of commitment? There was not even a single real commitment "to pay them (the players) not even in full"
4) Who wrote the ftp statement of april 21? I want individual names, not just the generic FTP.

PAD Howard Lederer talking about something being unethical

If you are so sure there is no hope left then WTF are you doing here????Why not just stop reading and writing about it?

If investor read this and they get the impression all players think 'there is no hope left' then they might not be so keen anymore(or even less keen) to put money into FT.That is btw exactly what I would do if I would be a PS chill,discourage everybody.....

If FT ever opens up again my biggest pleasure-apart from getting 30k back-will be that that all those negative,pessimistic,2011 join dates will be proven wrong.

i want my money

Why are you posting this same reply, word for word in multiple threads...in response to different posts?

This might be a stupid question that has just popped into my head but can't they ask for a loan from the bank?

The problem (among others) would be finding a bank that wants to make a loan to a company with owners that have been indicted.

You're a cheerleader. There's a time and a place for that. The time is well past.
The company is 300 million in the glue, some here would argue 450m if you can add. Their banking is gone, and 80% of their market is permanently off limits. How stupid do you think people who can invest 300 million are?

The question now is, what is the brand alone worth. 20 million? 50?

Yeah makes sense.

why not just have the owners lend the money?

Ssssh, no keep it quit.
People might wonder why FTP has none and the owners have plenty.
I would say go with the money for shares plan or exchange it all into bonusses and points. I've heard that would also keep us happy.

So 1 week ago I would probably have sold for 60.

Then when Jeff starting posting and we had the last issue. I would not sell for less than 80.

Now with this statement I will not sell for less than 90. And will probably prefer to wait it out.

Good Grief Sir do you actully believe the potential investors for FTP check out 2+2 for anything? Your opinions are yours to have and state, but if you think any opinions expressed here have any weight on those negotiations you are simply goofy! The word is shill, not chill, and you are not a shill, you are simply a FTP Stooge who is bent out of shape because FTP is likely not going to recover. I am upset about it too and you should be even more then me by a long shot if you really have lost 30K. This sux, but blind loyalty is no more productive than mindless haters and their rants. The investors might actully save this!

way to go,Karsten

nice attitude

Being positive or negative doesn't change the economics of the situation. This isn't about hoping and praying, its about cold hard cash and whether an investor with $300M+ is willing to invest that in a closed business with serious brand and management issues. Its all good to pontificate this and that, but this business is loaded with issues and its easy for people who dont understand the risks associated with this deal or understanding of the business to think its a home run for some investor, but the reality is that its not that simple. Black Friday was a game changer - it has changed affilate marketing, TV marketing, its affected new player sign ups and total growth, there is so much that has changed its just not a lay up to say that FTP returns and is a successful business again, especially with all the money that will get flushed out on day one by us players. Its really not even clear anymore if FTP as a business is worth anything now - that might sound hard to fathom, but if the business cannot return to profitability then its actually worth zero. We know, everyone who believes in the FTP bull case will cite the old PokerScout numbers and say 'no question FTP can do at least 25%' of its old self - but thats just an assumption at this point, not something you can be 100% sure of given they have been shut down - and therein lies the rub.

Finally, lets remember, that everyone here wants to see all players get paid, regardless of what they believe will happen to FTP, including us, one of the original nay sayers, but that doesn't change the fact its just not, nor ever was, ikely to happen once they got shut down.

As for FTPs statement, this is their chance to say their side of the story without taking responses. Its helps them create reasonable doubt so that their owners can hopefully fight off their troubles. Its a losing battle though, because the truth just revels all the other lies. Their statement today shows that they could not have been honest with the AGCC (somehow they fooled the AGCC into thinking they were solvent on a monthly basis), that they were not honest with players when they declared on their site that player money was safe and, perhaps most damning of all, it does little to explain why the owners took distributions/dividends while these financial issues were occurring.

interesting article, including the statement

http://www.subjectpoker.com/2011/08/ftps-830-statement/

holy **** how many times are nvg proles going to keep posting the same thing over and over? It was released more than 5 hours ago at this point.

If u had a spare $500 mil laying around would u loan it to these ****s?

A very typical blame eveyone but yourself response that has been amateurishly written and ill thought out. What a bunch of morons it is so pathetic that it is pitifully sad.

As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday.

Why were they not prepared – EVERYONE ELSE knew it was coming?

The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks.

So this was not at least two years of advanced notice not to mention direct communications to FTP to stop acting illegally any clue about what was likely to happen?
How come The DoJ seized $115 million of player funds and zero of dividend owners money? All the money was in the one pot but the DoJ selectively seized just player funds?
You owe more than the $115 million seized where did the rest go?
How come you have a shortfall of Rest of The World Player Deposits? Were Euro and Sterling etc etc bank accounts frozen too globally?

While we believed that offering peer-to-peer online poker did not violate any federal laws—a belief supported by many solid and well-reasoned legal opinions — the DOJ took a different view.

In YOUR and YOUR legal advisors opinions but NOT the DoJ’s and THEIR legal advisors opinions?
What about all the money laundering allegations levied against FTP which are CLEARLY illegal activities and were the primary reasons for DoJ seizures and your closing down?

In addition, as was widely reported, a key payment processor stole approximately $42M from Full Tilt Poker.

YOU chose the payment processor not the players so how is it anyones fault but FTP’s?
You claim as FTP swallowed this $42 million so as such is not part of any player fund shortfall? IS that what you are saying and that dividend payments to owners were reduced by this amount at that time?

Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected.

How were no players affected when you allegedly allowed the DoJ to seize customer funds only?
Did you stop paying owners dividends prior to April 15?
Are you saying all shortfalls in player funds have arisen only SINCE 15 April?
If you covered this (and other) shortfalls why are there player fund deficits?

Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems.

Once again YOU chose the payment processors to use and chose poorly including convicted crooks and cheats and as such must take full repsonsibility. Why did you do this and how can you not take the full blame for the subsequent losses which you have inflicted on the players rather than the FTP owners?

While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.

Rather stupid and foolish of you don’t you think? But it didn’t stop you operating and offering games to the Rest of The World via other domains which were subsequently stopped by The Alderney Gambling Commission revoking your license.
Getting shut down “Globally” could not possibly be the DoJ’s fault (they were only concerned with the USA) as you owed more than was seized by The DoJ and you were struggling to pay rest of the world players their money. You were trading as an non liquid company- why?

Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players.

...and have to date FAILED MISERABLY in both finding investors and paying back players.

At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation.

Six investors have gone to Ireland and decided to invest or not invest? How many if any still remain as potential investors?

We have recently engaged an additional financial advisor through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players.

Your management have shown total ineptness to date why wait so long to get experts in to handle a possible salvation?

While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations.

Does this commitment include individual shareholders selling all/some of their assets and giving back their dividends so players can get their money back?
Why have the players suffered the losses to a far greater extent than the shareholders who received dividends? Can you specifiy exactly how much the player fund shortfall is globally and why the player funds suffered greater shortfalls than the dividend payments to owners fund?

How can there be confidence in your operations when you have clearly demonstrated a lack of basic business skills in that you cannot look after funds that were entrusted to you and were never yours to invest spend or allow to be stolen? (Exacerbated by your reluctance to say anything to any players).

Or does Confidence in this context = Confidence Tricks to deprive players of funds?

Can someone please replace the FTP, Ifrah and SubjectPoker texts with Hdemet's qoute!

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