Anybody want to speculate about what it is that FTP and GBT have to negotiate about?

GBT have an agreement or a commitment to buy stuff from the DoJ, which seems to be predicated on FTP giving up all their assets to the DoJ. Anything FTP sells to GBT before the settlement with the DoJ still remains subject to forfeiture in the hands of its new owners. (If the forfeiture is approved, title is assumed to have passed from the moment of seizure, IIRC, so GBT would never have had title.) After the settlement, FTP won't have anything to sell. So, why do GBT have to talk to FTP at all?

Seems to make more sense that GBT talk to individual shareholders of FTP, in order to make deals such that these shareholders agree to the forfeitures, and possibly to arrange for these shareholders (not Directors) taking a minority position in FTP2, contributing cash torwards the repayment of ROW players. Could the discussions that are said to be happening between GBT and FTP really be discussions between GBT and FTP shareholders? I think it is unlikely that they'd mislabel them this way. Also, Ivey, a fairly important shareholder, is reported to be away in Macau. Is he negotiating via Skype?

Is there some convoluted reason why GBT has to buy something from FTP, and then when the forfeitures come to pass, the DoJ waives forfeiture of what got sold to GBT? That certainly isn't in any reports about last week's letter agreement.

Anyone think when/if FTP2 relaunches in the U.S. it would no longer be 18+ and changed to 21+ to please the U.S. laws? I'm sorry if this is a dumb question I'm not even sure if they have a set age restriction for online gaming as of right now.. If so it would be a sad 1.5 years for me

Under the original acquisition agreement between GBT and FTP, GBT was supposed to pay $1 directly to the former FTP shareholders, but under the GBT DOJ agreement, FTP is expected to forfeit their assets, so clearly they are negotiating a way to get their $1.

In all seriousness, the negotiation that would seem needed is with Ferguson, since he was expecting to be a major shareholder in the new FTP for consideration of his unpaid dividends but the DOJ won't allow that, and then there were reports of loans extended to Red Pro's and loans from current shareholders to pay salaries which need to be settled.

But when I hear Ifrah laying the groundwork to possibly say, if the agreement isn't approved, that it's because it would not have guaranteed repayment of all players, I'm inclined to think just the opposite that it would have nothing to do with players but rather that this deal doesn't limit the criminal liability of the current BOD.

LOL...I'm American, and that was classic! "should be there to serve"...that's just golden!

I assume you were kidding

Oh wait, you weren't...which makes it funnier still!

The negotiations between FTP and GBT are mostly for due diligence on GBT's behalf. Would you buy a "used" home, online, sight unseen? Obviously there would need to be an actual inventory of the assets that would presumably be forfeited, along with making sure there is clear title available etc. GBT isn't buying anything directly from FTP now, because FTP is not free to "sell" anything. Basically they want to be sure of what they will be buying from DOJ. Nothing sinister about it that I can see.

Didn't Ferguson get $20m out of $80m allocated 'dividends'? Was 75% the amount of the paid dividends that were stolen player funds? If so then what exacting would he negotiate for?

I'm surprised to see that sort of activity labelled "negotiations".

"Negotiations" implies bargaining about the terms of a contract.

Inspecting a home is generally done before negotiations, unless the negotiation yields a contract that is conditional upon a statisfactory inspection.

I'm not finding it sinister, just puzzling, because, as you say, GBT is not buying from FTP because FTP is not free to sell (or more accurately, effectively has nothing to sell.)

Completly off topic, @Bene Gessereit (I hope the mods fogive me, I am a curious kind of guy, and it might be interesting for others as well): what book of the "Dune" series is your favorite one, and which character do you like the most? I remember Gurney Hallek, Thufir Hawat and the imperial Asassin, Count whatwashisname?, among others...

Im sure its been posted but i just saw this, FULL TILT ALLOWED IN THE US AGAIN??? maybe.....

http://www.onlinepoker.net/poker-new...ncession/13135

Thx, good link, but I wouldn´t be too optimistic for a fast solution at the federal level - the PPA had some hope for the "Debt reduction Supercomitee" but those guys obv. completly failed - I´m an european but I don´t think it likely that anything will be done on the federal level in 2012, a presidental election year...

Haha im Canadian so it doesnt affect me other than I liked Full Tilt (and pokerstars) way more before US players were banned. It sucked when all the GTD prizepools were cut in 1/2 on Tilt!

People are asking about sales/transfers of assets, but what about the actually name "Full Tilt Poker"?

Does anyone know how/where this sits in all this mess? If GBT dont negotiate a deal with FTP, and make an agreement with them, will they ever be able to use the name Full Tilt Poker? If not, then they are simply buying assets/liabilities/customer base/infrastructure, and will need to use another name, right?

Or am I being dim?

The name is a trademark and therefore an asset.

It's not whether he deserves any further compensation for not stealing his fair share of player funds, but whether he thinks so, and clearly he does as he negotiated for it in the original agreement.

Let's not derail here, but any of the "reverend mothers" and the first original book is best of course! A little spice melange would be nice to see when players will get paid LOL

Ah, I rememeber Gaius Helen Mohiam, the imperial truthsayer! Have not read the books in ages, tough...

Remember in poker "Fear is the mindkiller"

Well, I stand corrected, then... however if this guys consider themselves serious they should learn some proper german, at least basically sound webdesign and how to write a legaly usefull impressum first. Can´t tell you more because the website consists basically only of air...

Completly politically incorrect remark, I apologize in advance, but maybe they really are an albanian debt collection agency, after all? But what´s this nonsense that "russian law applies"? No member state of the EU gives a sh.. about russian law at least as long as EU citizens / companies in the EU are concerned or the parties involved have signed a binding contract which states otherwise for whatever reasons (I guess mainly to do some business with mother Russia and papa Putin)

It's probably just locking it down and getting it all officially on paper. GBT:"So we'll get this, right? Bitar: Yes. And this, right? Bitar: yes. And this, right? Bitar: Yes, and so on.

Probably working out shares for shareholders in new company, too.

Been to Moscow one, St. Petersburg thrice, also a couple of times in Macedonia, Bulgaria, Serbia, Croatia, the Chzech republic, Kosovo and Montenegro, sometimes due to girlfriends, other times businesswise.

The site is still a poor joke and reeking of a nigerian inheritance and a state lottery winning from Sierra Leone combined. BTW, I liked Pinheads style up to some degree...

Anybody got any news before we start to discuss Loch Ness, Area 51 and the Maya calendar? Checking back in 48 hrs.

Seriously, let's put this back on track, people. FTP discussion thread, not whatever the **** is going on right now, I don't even know.

But at least no one is insulting each other, so that's a plus.

Spoke with Alan Boston, Howard Lederer's friend and best man at his wedding on the show for about 45 minute last night. A few interesting quotes from the conversation.

'I've known Howard for 30 years, he doesn't have one bit of maliciousness in him....he is very pure and very honest and very real...his intentions are about as pure as you can get'

'He worked his ass off at the company for three years and his wife was getting tired of him running back and forth to Ireland and said 'we have a marriage too, you're making enough money now and the company is on its' feet' so he resigned from the vice-presidency of the company 3 years ago. He informed me at that time and I do know this for a fact and can say this with authoritativeness is that the reserves were 1.4X what the customers were owed when he left the company. Now what transpired after that, he doesn't know.'

Boston noted that when the Black Friday indictment against the company came down that Howard didn't even get a lawyer as he didn't feel that he was connected with anything to do with the indictment.

Boston is shocked that Bitar wasn't fired but that a possible reason is because Lederer is fiercely loyal to a fault.

Why was he on the board of directors if he resigned the vice presidency 3 years ago? Similar question to those who claim Ferguson was divorced from the running of the company. Did they just give Bitar free reign to make all the key decisions, they keep him on after he stole $300mm+ and turned a cash cow in to a massive legal and financial liability? Something doesn't add up.

@Mike Johnson:

And you wrote this because? Tell me 1 good thing that lederer did after black friday to help "his" customers.