Groupe Bernard Tapie to buy Full Tilt Poker - Page 9 - Poker News

For GBT/FT to now obtain a license surely they'll have to show that the player funds are segregated and available to the ROW. If the don't pay in full or make it difficult to withdraw surely we can just report them to whoever the license is held with, right?

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11-17-2011 , 08:33 PM

#203

SGT RJ

Twitching

Join Date: Feb 2009 Posts: 49,109

Quote:

Originally Posted by welkerallday

Yea the wording of this is suspicious..."compensation (whole amount?)...petition..."

I suppose phantom deposit people could be denied and I'd be fine with that (at least for the amount of phantom deposit +any winnings afterwards)

The wording leads me to believe this is going to be a long/dumb process that is no guarantee

DOJ has already labeled players as fraud/crime victims. Victims usually have to petition (the court, normally, but whatever) for damages.

So it's possible the wording isn't really a giant conspiracy to keep most American players away from their former bankrolls.

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11-17-2011 , 08:34 PM

#204

Zuran

adept

Join Date: Oct 2008 Posts: 1,106

Quote:

Originally Posted by vvolf69

doj doesn´t hold the assets of ftp actually. they have to obtain them in any way or the actual owners have to forfeit them to the doj. how exactly will be part of the deal to come between the ftp-shareholders and gbt.

Im aware they have to be forfeited, but ATM, it doesnt seem like GBT and FTP have to discuss anything major because GBT is not dealing the takeover with FTP.

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11-17-2011 , 08:39 PM

#205

sthomas26

enthusiast

Join Date: Apr 2011 Posts: 64

Quote:

Originally Posted by mpethybridge

The agreement REQUIRES gbt to repay or make whole ROW players.

It ALLOWS US players to REQUEST compensation out of seized funds.

You see what is going on here? DOJ is taking ownership of the seized funds, and it will have discretion as to whether it repays any US player anything at all. DOJ is basically saying it's not our money, but we can beg them for some of it, and your kindly old uncle Sam may or may not honor your request.

FML

This is how I am reading this as well. Not going to jump for joy quite yet, but it is still good news. I can now flip a coin to see whether or not I will get my money.

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11-17-2011 , 08:40 PM

#206

Hash1982

grinder

Join Date: Mar 2010 Posts: 515

http://www.pokerstrategy.com/news/wo...nt-Here_53852/

A couple of paragraphs have been added at the end. Lawyers from both sides, Dayanim and Ifrah briefly talking about the deal.

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11-17-2011 , 08:41 PM

#207

pianospike

adept

Join Date: Feb 2008 Posts: 1,081

Quote:

Originally Posted by Candranos

why should I have to petition to get my money back? Petition implies that some of us will be denied...

You're not likely to have to take an IQ test to get your money back, but you are likely to have to prove your identity and that you are the account holder of record. Those that cannot prove that they are the account holder of record will be denied, and rightly so.

Last edited by pianospike; 11-17-2011 at 08:56 PM.

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11-17-2011 , 08:41 PM

#208

High_set

centurion

Join Date: Aug 2011 Posts: 153

I say given the possibilities it would be a true meaning for black Friday if they released the day after thanksgiving. Anyone get my idea?

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11-17-2011 , 08:42 PM

#209

Gregg777

veteran

Join Date: Aug 2004 Posts: 2,952

Quote:

Originally Posted by banonlinepoker

Hope the whales paid their taxes in the 2 or 3 years leading up to this. If you think the IRS is not going to work in tandem with the DOJ you are out of your mind.

Whales lose money...

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11-17-2011 , 08:49 PM

#210

There Is A Light

Pooh-Bah

Join Date: Jun 2010 Posts: 4,923

Are all the player account details definitely still in tact?

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11-17-2011 , 08:49 PM

#211

DoTheMath

Pooh-Bah

Join Date: Jul 2006 Posts: 4,689

Quote:

Originally Posted by DatSik

Which player funds do you think they will have to show are segregated/available?

Depending on what it is that GBT endd up actually buying, and the exact wording of the agreement with the DoJ, they may have no legal obligation to make ROW players' previous FTP balance immediately available for play or withdrawl. Those funds may not be treated as being in player accounts deposited on newFTP. Don't be surprised if any new licence applies only to funds deposited after the issuence of that licence.

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11-17-2011 , 08:51 PM

#212

DoTheMath

Pooh-Bah

Join Date: Jul 2006 Posts: 4,689

Quote:

Originally Posted by SGT RJ

Sarge, I think a lot of people have inferred that, but the DoJ hasn't explicitly said that players generally are victims of a specifric crime who qualify for compensation.

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11-17-2011 , 08:53 PM

#213

DatSik

enthusiast

Join Date: Sep 2011 Posts: 70

Quote:

Originally Posted by DoTheMath

Urgh

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11-17-2011 , 08:53 PM

#214

Star Wolf 64

journeyman

Join Date: Apr 2010 Posts: 352

It is ridiculous to think that the IRS is going to look into EVERY SINGLE ACCOUNT on FTP and demand taxes. Its simply not worth their time to go over thousands upon thousands of accounts that have cents or $100 in them. As was mentioned earlier the IRS only audits 2.5% and even with that they fall behind.

I'd imagine that if you had less than 5k in your account you're probably free and clear of taxes considering (in CA at least) as a non professional player only tournament prizes over 5k net of your buy in is taxed. The IRS might check out nose bleed players upwards of 100k and in between is probably some gray area not really worth their time.

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11-17-2011 , 08:53 PM

#215

Blizzuff

veteran

Join Date: Jun 2009 Posts: 2,713

Quote:

Originally Posted by mpethybridge

Talk directly out of your ass harder, please.

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11-17-2011 , 08:56 PM

#216

mpethybridge

Carpal \'Tunnel

Join Date: Jul 2005 Posts: 16,997

Quote:

Originally Posted by DoTheMath

Sarge, I think a lot of people have inferred that, but the DoJ hasn't explicitly said that players generally are victims of a specifric crime who qualify for compensation.

The bottom line here is that the DOJ has intentionally used it's massive leverage to structure the deal in a way that allows DOJ to screw US players put of their money. Either this structure was necessary for some other reason, or DOJ intends to screw at least some of us.

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11-17-2011 , 08:57 PM

#217

hopeuntilwecant

adept

Join Date: Jun 2009 Posts: 700

best news weve heard of in a while. this basically means were getting our money back more or less

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11-17-2011 , 08:58 PM

#218

Salamander0

self-banned

Join Date: Jul 2011 Posts: 36

i wanna tongue kiss kevmode so bad

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11-17-2011 , 08:59 PM

#219

swd805

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 6,955

Quote:

Originally Posted by mpethybridge

We really think the DOJ will allow ROW to be paid then stiff the USA players??

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11-17-2011 , 09:01 PM

#220

vamooose

old hand

Join Date: Jan 2010 Posts: 1,309

Quote:

Originally Posted by swd805

We really think the DOJ will allow ROW to be paid then stiff the USA players??

DoJ got no reason to get involved with ROW....we've already suffered under US law that doesn't apply to the legit ROW players...Good work Tapie, offload those US probs and get FTP running with sound Euro management

I expect the DoJ have seen the light (or were shown it!)

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11-17-2011 , 09:01 PM

#221

welkerallday

journeyman

Join Date: Apr 2011 Posts: 310

Quote:

Originally Posted by Star Wolf 64

This is what I was thinking (and hoping) as well....there's a LOT of accounts I'm sure with not very much $$ in them. Checking deposit history, and looking at previous year returns to check for correct tax payment seems absolutely not worth the effort for these smaller accounts.

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11-17-2011 , 09:02 PM

#222

JKpoker1

adept

Join Date: Nov 2008 Posts: 1,138

Quote:

Originally Posted by Star Wolf 64

I pray that you are right. Idk tho, the us gov't is greedy and uncle sam comes before anyone.

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11-17-2011 , 09:02 PM

#223

28renton

old hand

Join Date: Feb 2009 Posts: 1,627

Quote:

Originally Posted by swd805

We really think the DOJ will allow ROW to be paid then stiff the USA players??

Funny, it was only a couple weeks ago that Subject Poker broke the news of a verbal agreement between GBT and the DOJ and tonnes of people were interpreting that to mean it ensured US players would get paid and GBT was going to stiff ROW. Lol.

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11-17-2011 , 09:04 PM

#224

welkerallday

journeyman

Join Date: Apr 2011 Posts: 310

Also, reeeeeeeally doubt ROW players have anything to worry about. GBT is cleary business savvy and knows that if they pay back in full they will insta get a huge player base and make absolute bank (esp. with FTP's sick software). I'm sure they don't wanna do ANYTHING to jeopardize the future business of these players.

ughhh I'm gonna/already do miss FTP software