FTP Discussion Thread (Everything but big new news goes here. Cliffs in OP) - Page 61 - Poker News

"Based on recent confidential attorney-client communications, it has come to undersigned
counsel’s attention that continued representation of Defendants would create unreasonable
difficulty for us to carry out our employment effectively and would result in an unreasonable
financial burden to our law firm."

This cannot be a good sign...

Last edited by LedaSon; 09-01-2011 at 02:57 PM.

09-01-2011 , 02:50 PM

#1502

Fulzgold

veteran

Join Date: Oct 2007 Posts: 3,213

Quote:

Originally Posted by munkey

From the AGCC's own regulations:

So there's the requirements, can't remember if the liquidity/ratio report is monthly or quarterly?

So somewhere between FTP and the AGCC there came an inflection point(s) where there became insufficient funds to cover player balances particularly if one uses the rumoured figures of how much cash FTP has available now
(<$100 million). A key point is how much in total was frozen in the US and ROW on 15th April or thereabouts.

The question is when and what was done by both parties once a shortfall became apparent and if prior to the 15th of April then serious questions need to be asked.

At the future AGCC hearing, the defence previously raised by FTP's representatives was that it would be a breach of 'sensitive commercial information' to release to the public hearing this data. I contend that
releasing these ratios but not the actual amounts is exempt form any such defence.

Or how much ownership siphoned off right around April 15.

09-01-2011 , 02:50 PM

#1503

josephthepimp

adept

Join Date: Jul 2009 Posts: 862

Financial burden is certainly strange...

I mean FTP must be paying this guy and the firm millions in legal fees and what not. Now he just withdraws. I can't imagine ever wanting any other cases as this would essentially make your career or if it doesn't you still walk away with who knows how much money...

Any legal guys have a take on this?

09-01-2011 , 02:50 PM

#1504

oneonth3run

old hand

Join Date: Apr 2011 Posts: 1,648

Quote:

Originally Posted by Stake Monster

Personally I just completed getting to "100% I lost my money on ftp".

Achievement complete!
You unlocked an avatar of you getting raped by a Giant Lederer

High five

09-01-2011 , 02:53 PM

#1505

vamooose

old hand

Join Date: Jan 2010 Posts: 1,309

Quote:

Originally Posted by jweez

Wouldn't this mean we actually stand a fairly good chance in the class action suit then? I'm thinking Ifrah realized that was a losing proposition and wasn't worth the fight.

If it were a slam dunk either way it would be an easy fee.

'Financial Burden' I suspect the firm are wondering whether they would get paid and whether they could afford to front the law firms costs (salaries etc) if awarded at a later date. Perhaps they don't have the cashflow for long drawn out case. No point winning a case if your law firm gone busto before you get paid.

Ifrah knew a fair bit about the numbers; and more importantly (to date) the unrealistic price and / or terms that FTP management are holding out for. Perhaps he sees no deal ever being done

Last edited by vamooose; 09-01-2011 at 02:58 PM.

09-01-2011 , 02:55 PM

#1506

Fiveafterfive

journeyman

Join Date: Jun 2011 Posts: 353

Quote:

Originally Posted by vamooose

If it were a slam dunk either way it would be an easy fee.

I suspect the firm are wondering whether they would get paid and whether they could afford to front the payments if awarded at a later date (no cashflow for long drawn out case)

If those 3 of 6 potential investors were legit as he claimed, this would not be happening.

09-01-2011 , 02:58 PM

#1507

jweez

old hand

Join Date: Aug 2008 Posts: 1,620

I have a feeling we will be hearing major news in the next 12-24 hours regarding the ultimate demise of FTP. I don't think this is necessarily bad since Ifrah is choosing not to represent FTP's owners in the class action suit. I think we stand a fair chance (we being the US players, sorry ROW).

09-01-2011 , 02:58 PM

#1508

LedaSon

grinder

Join Date: Jul 2011 Posts: 531

Quote:

Originally Posted by FTP

Jeff was let go by FTP. You probably won't see him here again...

So did Jeff leave because he couldn't get paid, or did they fire him as you imply? If they fired him, why?

09-01-2011 , 02:59 PM

#1509

bbfg

Carpal \'Tunnel

Join Date: Aug 2009 Posts: 12,264

We need some interpretation on this the article, on itsself it seems useless.

I mailed him a few times yesterday and he indeed refused to comment on anything real but at the same time I didn't get the feeling he was done with FTP. He never actually confirmed which it was though.

09-01-2011 , 03:01 PM

#1510

Hash1982

grinder

Join Date: Mar 2010 Posts: 515

Quote:

Originally Posted by oneonth3run

According to Subject Poker Jeff Ifrah has asked to step down in defending FTP in the class action suit

Jeff told me on the evening of Tuesday 30th (before the FTP statement came out) he was preparing his withdrawal papers, and told me specifically not to post, but its out now so blah. He didn't seem happy with FTP regarding the latest statement they put out. It seemed as though he wanted them to reveal more.

09-01-2011 , 03:02 PM

#1511

josephthepimp

adept

Join Date: Jul 2009 Posts: 862

I guess he was a lawyer with an actual conscience. Or the 2+2 forum broke him in 3 days.

09-01-2011 , 03:02 PM

#1512

jweez

old hand

Join Date: Aug 2008 Posts: 1,620

Jeff sounds like a stand-up guy if true

09-01-2011 , 03:02 PM

#1513

joeyrulesall

Pooh-Bah

Join Date: Feb 2011 Posts: 3,532

Maybe Jeffs firm had no idea of how bad the corruption was til we started giving him questions to ask. I mean was his firm hired to represent on the doj case or just the class action suit? It possible all the truth has come out as he started asking them our tough questions.

09-01-2011 , 03:06 PM

#1514

novahunterpa

Pooh-Bah

Join Date: Jun 2008 Posts: 5,244

Quote:

Originally Posted by Hdemet

Let me guess.....

A) FTP are blaming him for their badly consturcted and poorly worded ****ty press release.

OR

B) The class action lawsuit(s) have been dropped and everyones getting paid.

Sounds more like its going to cost Ifrah's law firm too much money to defend the case and they aren't sure can pay the legal fees going forward, unless I'm just reading it wrong.

09-01-2011 , 03:08 PM

#1515

Hash1982

grinder

Join Date: Mar 2010 Posts: 515

Last sentence of S:P article:

Quote:

Subject: Poker is working to learn more detailed information about Full Tilt’s financial situation, and we hope to have a feature article published shortly on the topic.

Looking forward to that!!

09-01-2011 , 03:09 PM

#1516

Klingbard

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 8,103

I don't normally troll, but I can't wait for the usual suspects to try to spin this bit of news positively.

09-01-2011 , 03:09 PM

#1517

Fiveafterfive

journeyman

Join Date: Jun 2011 Posts: 353

Quote:

Originally Posted by novahunterpa

Sounds more like its going to cost Ifrah's law firm too much money to defend the case and they aren't sure can pay the legal fees going forward, unless I'm just reading it wrong.

What does that tell you about FTP's ability to bleed everyone dry for their own purposes?

09-01-2011 , 03:09 PM

#1518

Bene Gesserit

Carpal \'Tunnel

Join Date: Jul 2011 Posts: 6,365

This would not make good sence if FTP had a lot of money on hand for legal fees, or if an investor was soon to dump a truckload of cash into a Deal! A lawyer for FTP gets paid here win or lose, right? Looks like Jeff and partners, at the very least, feel like they would be in the ranks of unpaid ( or underpaid) along with the players. Who knows, but this could really indicate FTP is on the verge. As usual we will have to wait and see how it shakes out.

09-01-2011 , 03:11 PM

#1519

tobbe

grinder

Join Date: Jul 2010 Posts: 556

Quote:

Originally Posted by jweez

I cant see that only US players will be paid. If one gets paid, all gets paid..

09-01-2011 , 03:11 PM

#1520

joeyrulesall

Pooh-Bah

Join Date: Feb 2011 Posts: 3,532

Let's just find lederer,bitar, and that clown with girls hair ferguson before they spend all of our money or leave the country.

09-01-2011 , 03:14 PM

#1521

ShipItYo

veteran

Join Date: Nov 2008 Posts: 2,041

wow if Ifrah is resigning this has to be bad =/

09-01-2011 , 03:15 PM

#1522

joeyrulesall

Pooh-Bah

Join Date: Feb 2011 Posts: 3,532

Btw anyone watch the replay of poker after dark this week where viffer and Howard are talking about the poker forums and how they don't care what the people say about how they play a hand because it's the same small group of people. Just an example of what they think of us in this situation.

09-01-2011 , 03:17 PM

#1523

novahunterpa

Pooh-Bah

Join Date: Jun 2008 Posts: 5,244

Well I'm sure the legal fees were starting to add up for FTP. All the research,motions and w/e the law firms have to take care of. **** get expensive fast.

Law firm was like 'Hey FTP this is expensive were's our money' FTP tells them "your money is safe and secure" Law firm like "WTF" pay me my monies FTP is like 'we have these investors that are about to deal any day now an you will get paid' LAw fim after several months like **** you FTP there are no investors we're out

09-01-2011 , 03:20 PM

#1524

jweez

old hand

Join Date: Aug 2008 Posts: 1,620

Quote:

Originally Posted by tobbe

I cant see that only US players will be paid. If one gets paid, all gets paid..

It's easy... FTP goes into bankruptcy. The entire player base essentially sees no money (MAYBE pennies on the dollar) from liquidation of assets. The class-action law suit is on behalf of “a nation-wide class of Full Tilt account holders residing in the United States.” Wouldn't it be ironic if for once living in the US was actually beneficial?