I would think settling the DOJ Civil Case would be of greater concern for the investors then this lawsuit. Wouldn't this lawsuit go on the back burner until the DOJ case is resolved with FTP and their entities

Worst timing ever. Not sure how anyone can regard this as good news

Oh I dunno - I reckon someone could hoax one up in a few hours.

I'm guessing from your posts that you're a lawyer of some kind. So are you able to check if this is genuine?

I'm not a lawyer, but I see some pretty poor looking cut+paste of legalese combined with some very non-legal language in there. Yes, I know legal documents are often cobbled together from boilerplates, but still is it normal to include language like "while they pad their pockets" in a lawsuit in the US?

Also, I realise players aren't targeted by the gambling payment legislation, but money laundering and conspiracy touches everyone involved - surely knowingly making misindentified payments through a front operation must be a little bit illegal and players wouldn't want to volunteer they'd done that?

Maybe I'm just too skeptical.

i dont think this would effect any deal going down. and if it did it would mean the deal didnt involve us getting paid.

The sale is working for whoever is buying regardless of legal issues with doj with a billion something fine, i dont think this crap will change anything, still pretty selfish though

Indeed. Funny I noticed exactly the same. There are some other examples of clumsy phrases you just don't expect in a document like this, and several places where words have been cut in half or sentences don't flow properly.

mmmmm, treble damages.

A guarantee would be an enforceable contract elevating players to senior debt holders who must be repaid before the company is able to spend any funds on any other project.

What exists is a claim by FTP lawyers that the investment would be large enough that it that the money "would" enable" FTP to repay players.

"Would enable" =/= guarantee.

A judgement granted by the courts against FTP for amount owed plus damaged and interest isn't even a guarantee but is has much higher pot equity than a "would enable".

You know they are allowed to use English in these documents. Also, lawyers have been known to indulge in the occasional LC rhetorical flourish.

FTR, not saying it's legit, just that some hyperbolic language doesn't mean it isn't.

Steven Segal was just overheard saying to someone " one thought he was invincible, the other that he could fly... they were both wrong." Could he be referring to Lederer and someone else?

I wonder why they named every single Team FT Pro (including even Matusow?) as defendants, except Dwan?

Plaintiffs = Dwan fanboys?

This won't change anything. It might even speed the process up faster so that more of these don't start coming. If FT plans to pay us and does in a reasonable time period from now (<month) then this suit will get thrown out.

Unlikely. There is nothing in the UIGEA that holds players liable for playing. Now there may be state laws that prohibit their actions but hopefully counsel has already determined that they did violate any laws and thus this disclosure isn't opening them up to liability.

As others have pointed out it could be a hoax some of the language is well "off". Then again it is 57 pages and pretty detailed. If someone made a hoax well they spent a lot of effort, enough effort they could have filed a real lawsuit.

Highly doubt this is a good idea, there is no dispute about money being owed to players, the situation is that there is no money at the moment. You can file and win 10 lawsuits, but that doesn't magically make the money available for distribution to players.

A lawsuit could only be a good idea, imo, in the situation that after the company finds additional capital it is still not paying back the players.

Why? Is it not proper English?

Everyone knows and understands what "pad their pockets" means. No need to use some verbiose legalese when presenting a summary of the claim

Dwan confirmed not to own anything. Not really sure about Mike and Antonius

we dont know theres no money. they could easily have money but keeping it for a rainy day. obviously it benefits them to pay US players but not at the cost of not being able to run the business.

So the case goes to court, nobody turns up to defend for obvious reasons..then what? If nobody has been extradicted yet on the basis of the DOJ actions I can't see how this will be any more successful.

Oh, maybe FTP has no money, but I am positive that Bitar, Lederer, Ivey, Ferguson and the rest do have some money somewhere

If you noticed, they are defendants here as well. I vaguely recall something about "piercing the corporate veil", not sure to what extent it applies here

ya chris ferguson probably has enough to cover all the US players. Hes just calmly sitting in his mansion waiting for this stuff to be settled.

well, if nobody shows up, then this lawsuit wins by default judgement.

Then, they undertake proceedings to seize assets to satisfy the judgement. Assets from any and all of the named defendants. Seize houses, cars, bank accounts, domain names, patents, anythiing.

hope the sale is legit/goes through or Todd Terry is going to get a massive (undeserved) crapstorm going his way.

There is always money. Are you saying FTP doesn't have enough money to pay players in the suit (4 if I count right). Say they are owed $10K we are talking $50K in damages top. FTP doesn't have $50K? Well **** we are all in deep trouble then.

If class action got larger FTP could be forced to liquidate to make payments. The idea that a company can just choose to pay a debt when they "feel like it" is ridiculous. This has gone on long enough.

let the hypocrisy begin...

Shareholders are not responsible for company debts.