This thread is just a collection of posts by Jeff Ifrah, the lawyer representing many of FTP's companies and many members of Team FT in Todd Terry et al's class action lawsuit. Jeff has been responding to questions posted in this thread.
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I apologize that you have to wait until next week. I have invited folks to write or call me personally for answers but only five of you have done so. So now I have opened an account here and will do my best to "unofficially" answer your questions from here.
Do you honestly believe that all players will get paid? or is Ftp just delaying things as far as they can? Is the investor possibility much lower now then it was a month ago?
Since FTP started the process of speaking with outside investors that has been their entire focus 24/7. They have made crystal clear to every investor that the US players and European players must be paid. I don't understand what you mean in your last question by "lower"?
Is there any chance of all players getting paid without an outside investor providing a significant cash injection into FTP?
Is it known what date FTP will be absolutely forced into receivership if an outside investor has not been found?
Thank you for taking the time to try and answer our questions,
Personally speaking, yes, it will be very difficult for the company to meet all obligations without the help of an investor. Future statements will make clear why this is so. I do not know the answer to your second question.
By lower i meant: are there fewer interested investors now and are they offering less money in the deals now because the FTP brand as a whole is less valuable now, or are there still plenty of investors and its just a matter of time?
I define "satisfactory" as satisfactory to you the customers. No, I have not seen an impact of the sort you describe. The company will address this in its next statement.
Thanks for the reply. One last question. Has any deal been offered that would have fully covered all player balances (after payment for any DOJ obligations)?
These are precisely the terms of any deal. Anyone who has been or will be at the table has been in discussions regarding these terms. The company will address the status of these discussions in its statement.
Are you the sort of person who would take this job if FTP were dead in the water and highly unlikely to be able to pay people back?
If I am understanding you correctly, no deal has ever been proposed that would pay people back. What reasons, if any, do people have to be optimistic about their money despite this? Why would such a deal come now and not back in May?
Thank you for answering questions and being available to the public, it's really appreciated.
Sorry, what do you mean by this "job?"
I don't think I was clear. Every deal requires the players to be paid. A deal has not closed yet but that is not because of the existence of such a requirement. Again, the company will specifically address this in its statement early next week.
Jeff, if not to stall us, what is the reason for spacing on the announcements on topics that have already been established and don't seem liable to change between now and said announcement?
To put another way, the statement topics Noah listed are all quanities known by FTP for quite some time, yet we are supposed to wait for each announcement consecutively to placate us like it's the 5th season in Lost? Other than a slap in the face, what is the official explanation for this?
The company was unable to say anything for the past eight week due to a confidentiality agreement. Now it is ready and willing to make up for that silence. The idea of separately timed statements is to make sure the statement is clear and concise instead of overloaded with information. I hope that once the statements are out this will become more evident. I realize it is somewhat cold comfort right now and apologize for that.
Jeff the company was entrusted with our deposits. Those were deposits not loans for the company to invest where they would like. Where has this money gone? If it was stolen, used to advertise, loaned to phil ivey so he can go gamble his life away on craps, or just disapeared into the bermuda triangle, why has that become our problem? How has this company stolen our money and then not even had the decency to tell us anything??? Not one real response?? The only question that needs to be answered is, do the team full tilt owners and management plan to liquidate assets to pay us back, It wasnt there money to do anything with. We deserve it back. Sorry im not trying to shoot the messenger but enough is enough. Thank you in advance.
You do not need to apologize. The company intends to answer precisely these questions in its upcoming statements.
Jeff, heres a good question, and I do not mean it in a sarcastic or rhetorical way:
1. Who authorized you to speak here on FTP's behalf? You're a lawyer, obviously you would not speak to anyone unless you were authorized, who provided this authorization, and are they monitoring your responses?
Heres a bad question:
2. What is your favorite color?
But seriously, who exactly authorized you to speak here?
Nobody did. I am answering questions that I do not believe are privileged and passing the others to the company. I take responsibility for not having been able to get the company to issue its statement sooner.
1. In your statement that it is a priority to pay " US and Euro" players back I am struck that you did not include Asian players. I take it your statement means what you said and you chisel your words carefully, but I wanted to give you a chance to correct if that statement was in error.
2. No disrespect, hut I'm interested in how you got this work. Your background, frankly, has nothing in it indicating you are qualified.
You are quite right I should have said Rest of World players.
You chose to or were unable to provide answers to questions that were posed to you in the interview and subsequently forwarded to you via email which people in this thread helped generate. Yet you have decided to come here and field questions.
Can you explain your reasoning for this?
I promised a company response today and instead had to report it has been delayed until early next week. In the interim, I felt you were owed whatever answers I could provide now. I cannot do so officially but hope I can nevertheless be somewhat helpful.
I won a MiniFTOPS jersey in March and I am still waiting to receive it. I assumed it would still come because as far as I know, buying football jerseys and giving them away is still legal. I wanted to be able to wear it out like a toolshed when I go to Vegas. Can you make it happen?
Jeff you're insinuating that the upcoming statement will either lead us to believe that negotiations have gone poorly or that sept 15th will be begin a cascade of events that will lead to all players being paid back.
is this correct?
No, not really. The statement will cover the efforts undertaken to obtain an investor and the current status of the investor. The hearing may have a chance of being resolved or delayed if progress regarding the investor can be demonstrated. This is merely my personal opinion, I am not involved in this proceeding.