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Old 05-25-2011, 01:07 AM   #76
IamPro
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Re: Fulltilt Management failing?

imo it all stinks regardless, I will never play on FTP ever again (even if I get paid and everything)
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Old 05-25-2011, 01:15 AM   #77
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Re: Fulltilt Management failing?

Doug lied, Doug ws lied to, or it was true at the time but things changed when the processors started to go down.

I think the third possibility is the most likely.
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Old 05-25-2011, 01:51 AM   #78
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Re: Fulltilt Management failing?

Quote:
Originally Posted by NOSUP4U View Post
LOL @ anyone thinking that the players on ANY site would be anywhere near first in line to receive their funds if a site shut down, also LOL @ thinking that the money is 'on hand' somewhere if all users decided to withdraw at once. Keeping all our money in some account, ready and waiting for us, would make poker sites (who we all agree have almost no worthwhile regulation over them) unlike just about any other financial institution in the world.

Mark
Except that's exactly what pokerstars did, and was required to do, by their gaming license.

In fact, Full Tilt's gaming license also requires them to keep the money "on hand", they just didn't have to (and obviously didn't) protect it like stars did.

They're not financial institutions. They are casinos, and the money on deposit DOES NOT BELONG TO THEM. Stars protected players' money, Full Tilt didn't. But they're both supposed to have it "on hand" so that if all users decided to withdraw at once, they could do so.
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Old 05-25-2011, 02:56 AM   #79
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Re: Fulltilt Management failing?

Quote:
Originally Posted by FTPDoug View Post
I can say with authority, though, that we do not mix deposits with operational expenses, so the implications you mention were what I was trying to clear up.

Doug

O RLY?
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Old 05-25-2011, 03:02 AM   #80
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Re: Fulltilt Management failing?

Yep there has been a boatload of Fulltilt fail lately.
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Old 05-25-2011, 10:23 AM   #81
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Re: Fulltilt Management failing?

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Originally Posted by RikaKazak View Post
O RLY?
Why is that hard to believe? Doug's statement could be 100% true even though the DOJ was able to freeze them.

I'm sure they did a whole lot of tracking moneyflow from account to account and froze anything suspicious. Obviously the accounts holding player funds would have links to both operational accounts as well as payment processors.
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Old 05-25-2011, 12:24 PM   #82
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Re: Fulltilt Management failing?

Quote:
Originally Posted by Garbs View Post
Uh, how so? They have virtually no presence overseas.
Stars and FTP are both shady, we still can't play on either in the US because of this, Stars was always really big on tournaments and overseas marketing which prepared them for this, +1 to them cause they were able to get us our money back faster than the others. FTP was big on huge cash games that often involved their pros that had been dying already(we can't see Ivey anymore or Durrrr) and they did not have an overseas presence to back them up, -2 for them. What does this all mean for us though?!!

Stars was prepared for a storm and FTP got caught up in it, tough for people who have huge amounts of money on FTP because they will have to wait longer for the moola. Still, if one site comes back to the US then the other will to, because our reasons for playing on either site kept us going when there was always suspicion on every site of every possible negative they could do to us from the beginning of either sites being online...It's online poker! and the GOV wasn't getting any, Do the people who somehow side with Stars as if in war think that they have won something, money they were probably losing anyway!

I think FTP will come back as one of the top sites if they along with Stars are allowed to function in the US at all in the future. But as long as they are not then what do I care...I think I'm starting to see what those FTP pros were seeing in live play!
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Old 05-25-2011, 01:24 PM   #83
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Re: Fulltilt Management failing?

FTP with their actions, has cost itself ANY chance, IMO, of ever operating in the USA ever again. When Bitar/Lederer is arrigned and in court, the way they have acted in handling accounts, not being transparent towards the players in payouts, and the slow timing of those payouts (if they ever happen), this WILL be used as a point to dissolves FTP ops in USA.

In the end, Black Friday was almost a huge win for Stas. Competition was eliminated. And with their speedy payouts on accounts, as well as the fact they print money over there, so they'll easily be able to pay any fine the DOJ will levy in punishment......that this will be seen as a watermark on how online poker companies should conduct themselves in the future (minus the FPP debacle).

The only caveat that the US governement may use to NOT allow Stars back in? A) Casino lobbies led by CEOs like Gary Loveman who'll use their money and influence to remind his special access to legislators that Stars broke the law and should be punished for it and B) the obvious arrest of Isen Shienberg.
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Old 05-25-2011, 02:03 PM   #84
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Re: Fulltilt Management failing?

Seems like Stars was ready for this or atleast had contigency plans, and probably really did have the money in segregated accounts.

Don't think it is likely either site will be back in the US market. Stars should remain #1, but there is plenty of competition in the world market.

FTP has run plenty of advertisements "chat with the pros" or whatever and had people wear patches and so on. However, this being slow in paying thing is going to do more damage to them than all the promotion could help them. If they don't play, I think it will be hard for them to keep outside the US business.

Going to be hard for FTP pros and particularly share holders to play in the WSOP if people haven't been paid by then.
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Old 05-25-2011, 02:21 PM   #85
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Re: Fulltilt Management failing?

Quote:
Originally Posted by betgo View Post

Going to be hard for FTP pros and particularly share holders to play in the WSOP if people haven't been paid by then.
Why? What do they have to do with the accounting. All they have to do is show up and register
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Old 05-25-2011, 02:42 PM   #86
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Re: Fulltilt Management failing?

Quote:
Originally Posted by ShizzMoney View Post
FTP with their actions, has cost itself ANY chance, IMO, of ever operating in the USA ever again. When Bitar/Lederer is arrigned and in court, the way they have acted in handling accounts, not being transparent towards the players in payouts, and the slow timing of those payouts (if they ever happen), this WILL be used as a point to dissolves FTP ops in USA.
I'm curious why you think this is relevant in the court of law. I'm not saying it wont fwiw, I'm just curious why you think this is guaranteed to be relevant.
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Old 05-25-2011, 03:05 PM   #87
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Re: Fulltilt Management failing?

Have not received my orders from FTP shop already for more then 10 weeks + waiting for customer support reply for more then a week. Yeah...

Thinking about playing somewhere else, sadly I don't know how to input anymore 1K+ hands/h playing regular tables, I'm Rush addict.
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Old 05-25-2011, 03:57 PM   #88
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Re: Fulltilt Management failing?

Quote:
Originally Posted by ShizzMoney View Post
FTP with their actions, has cost itself ANY chance, IMO, of ever operating in the USA ever again. When Bitar/Lederer is arrigned and in court, the way they have acted in handling accounts, not being transparent towards the players in payouts, and the slow timing of those payouts (if they ever happen), this WILL be used as a point to dissolves FTP ops in USA.

In the end, Black Friday was almost a huge win for Stas. Competition was eliminated. And with their speedy payouts on accounts, as well as the fact they print money over there, so they'll easily be able to pay any fine the DOJ will levy in punishment......that this will be seen as a watermark on how online poker companies should conduct themselves in the future (minus the FPP debacle).

The only caveat that the US governement may use to NOT allow Stars back in? A) Casino lobbies led by CEOs like Gary Loveman who'll use their money and influence to remind his special access to legislators that Stars broke the law and should be punished for it and B) the obvious arrest of Isen Shienberg.
If I worked for Stars I would agree with this^ and have it made into a t-shirt...I'm just a poker player though.

This is a huge win for Stars...but why do people sound so happy?!!...Do we win anything for siding with stars...black friday for most is a way to save money, of course I expect to get my FTP money back, so I can afford not to care because I wasn't off enough to put to much money online!

I still say If one site is allowed back than so will the other. The glass is half full when you don't pick sides, did not lose a lot of money and prefer live poker no matter what!...but you could be right to
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Old 05-26-2011, 10:22 PM   #89
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Re: Fulltilt Management failing?

any update from FTP ? Will Team FTP get beat up, shot or robbed at the WSOP if there is still silence about when we will be getting our money?
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Old 05-27-2011, 12:34 AM   #90
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Re: Fulltilt Management failing?

Finally got reply from FTP shop customer service.

Quote:
Hello,

Thank you for your email. Unfortunately due to recent events all pending
orders that had not shipped were placed on hold. This included your order
due to the item being temporarily out of stock or your order being in the
processing phase.

As of last week we did begin to ship orders in the order they were
received. Unfortunately due to the backlog of orders there will be a delay
in receiving your purchase. We sincerely apologize for the delay and hope
to get your order out as soon as possible.

Thank you
Carlos
FTP Store
But still - My items were not shipped 4+(!) weeks before black friday!
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Old 05-27-2011, 03:30 AM   #91
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Re: Fulltilt Management failing?

should arrive soon then. mine take usually 6-8 weeks.
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Old 05-27-2011, 03:31 AM   #92
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Re: Fulltilt Management failing?

Quote:
Originally Posted by FTPDoug View Post
I can say with authority, though, that we do not mix deposits with operational expenses..

Doug
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Old 09-20-2011, 02:08 PM   #93
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Re: Fulltilt Management failing?

Quote:
Originally Posted by FTPDoug View Post

Apologies for the factual intrusion, you may now continue to NVG it up.

Doug
wow
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Old 09-20-2011, 02:09 PM   #94
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Re: Fulltilt Management failing?

Quote:
Originally Posted by FTPDoug View Post
I'm not sure where most of the information in this thread is coming from, but I do want to clear up the most important piece of bad info. I didn't write the following, but hopefully it answers the operational funds question:

"Trusts are legal vehicles whereby funds are deposited into a trust account under the control of a trustee who manages the funds in accordance with the instructions of the trust settlor (you). Given the thousands of deposit and withdrawal transactions Full Tilt has to process each day, the variety of methods used to deposit funds, and the delays in actually receiving funds which are deposited by credit card or check, a trust is simply not practical for our purposes.

Players' funds at Full Tilt Poker are kept in several deposit accounts throughout the world, all of which are separate and distinct from our operating accounts. Funds are transferred from the players' deposit accounts to Full Tilt Poker's operating accounts only after we have earned them. This is not done each time we earn rake or even daily, but as our earnings accumulate, we make periodic transfers of those earnings from the deposit accounts to our operating accounts."

Apologies for the factual intrusion, you may now continue to NVG it up.

Doug
lol, where have you been all this time?
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Old 09-20-2011, 02:10 PM   #95
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Re: Fulltilt Management failing?

omg lol @ doitright
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Old 09-20-2011, 02:42 PM   #96
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Re: Fulltilt Management failing?

Nice conspiracy theory OP.
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Old 09-20-2011, 02:53 PM   #97
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Re: Fulltilt Management failing?

Now I remember this thread!
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Old 09-20-2011, 02:55 PM   #98
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Re: Fulltilt Management failing?

ftpdoug is the janitor at FT HQ who sneaks into an office there and trolls us with this account
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Old 09-20-2011, 03:21 PM   #99
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Re: Fulltilt Management failing?

Quote:
Originally Posted by FTPDoug View Post
I'm not sure where most of the information in this thread is coming from, but I do want to clear up the most important piece of bad info. I didn't write the following, but hopefully it answers the operational funds question:

"Trusts are legal vehicles whereby funds are deposited into a trust account under the control of a trustee who manages the funds in accordance with the instructions of the trust settlor (you). Given the thousands of deposit and withdrawal transactions Full Tilt has to process each day, the variety of methods used to deposit funds, and the delays in actually receiving funds which are deposited by credit card or check, a trust is simply not practical for our purposes.

Players' funds at Full Tilt Poker are kept in several deposit accounts throughout the world, all of which are separate and distinct from our operating accounts. Funds are transferred from the players' deposit accounts to Full Tilt Poker's operating accounts only after we have earned them. This is not done each time we earn rake or even daily, but as our earnings accumulate, we make periodic transfers of those earnings from the deposit accounts to our operating accounts."

Apologies for the factual intrusion, you may now continue to NVG it up.

Doug
rot in hell you piece of ****ing garbage
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Old 09-20-2011, 04:20 PM   #100
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Re: Fulltilt Management failing?

MOTHEROFGOD
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