How will this be collected?

thats only if the liquidator is a good one. sometimes they take ridiculous fees or make crazy decisions. for example say people from italy would be required to pay a 10$ processing fee. clearly then i should draw and pay x% of ppl 100% on the dollar (instead of sending some people 2$ and it costing the 'fund' 12). if there's 0 processing fee i should just pay everyone their 1/2cent per dollar or w/e. likely the reality will be somewhere in between, and i will decide whats the best and most fair, or if thats not abundantly clear i'll leave it up to a popular vote of sorts. it'll be as transparent a process as possible.

durrrr,

assuming players don't get paid back, or only get pennies on the dollar, do you think ferguson, lederer, and any other poker pro's involved in this mess ever show their faces in American B&M poker rooms again? or play in future WSOP events?

What are the chances 1-100% that you truly believe FTP will be paid in full or at least a % of what we are owed?

Tom,
You've said a couple of times that the hole/shortfall/backlog and its aftermath were what brought down FTP. I don't think this is the only thing that happened. When all is said and done, the shortfall will likely cost the company $119M. It likely peeked at around $160M before they started collecting (or a bit after, since they continued to accept these deposits AFTER they started collecting...).

The DOJ says that FTP owed players $390M in March but only had $60M on hand. I would guess that the shortfall was in the $140Mish range at that time, though I don't know for sure. That still leaves $190M unaccounted for. Note that this is before the 4/15 seizures. Where did that money go?

IIRC You stated you would pay back 1 million or whatever you were paid by FTP and atm we have no way of knowing how much you were paid. Wouldn't this be the best way to estimate how much you earned?

Tom,

Kudos for doing this.When was the last time you spoke to/saw Howard, Chris & Rafe?

Tom,

I am very impressed that you are doing this. Another question.

It is rumored that FTP reported payment processor Daniel Tzvetkoff to US law enforcement authorities after he stole from them, which may have been what led to the Black Friday indictments.

Is this true and if so, who was specifically responsible for doing this?

well the huge issue is that its very hard to be collected, so its not worth much. but if someone had a legit claim that every us citizen owed them 1$ u'd still happily pay 100k for it hoping to bink off some new policy or w/e, even though u clearly wouldn't pay 200m. again the reality will be somewhere in the middle.

I dont make myself friends with this comment, but... Tom, just two things:
1) You owe the community nothing. You have earned your right of getting money out of full tilt and there isnt a single reason, why you should pay back your income from full tilt. Yeah, well.. you can payback, what you owe them, but then again even if you are willing to payback 1 million$, its like nothing and how on earth are you going to transfer it?

1$million out or 300 million => 0.03cent / $

So you would have to pay a gazillion checks of 100-300$ and thats just blah... Spend it to get legislazation in the US and help this train or whatever has to do with poker...
2) Dont show the contract and get in problems for somethings, thats pretty much worthless right now

fwiw i heard he ripped off stars etc too who also reported him

haven't talked to chris, rafe or ray since black friday (texted with ray for a few days following so april 18ish or w/e for him).

to howards credit he's been answering questions and answering the phone etc. throughout. that does make me trust him way more and think the chance hes clean (or at least thinks he is) is much higher than most people think.

I was originally gonna ask Durrr to explain his thought process on the hand that knocked him out of the main event, but I don't need the infraction tbh.

Just wanna say that no other key figure in this mess seems to be making himself as available as durrr, so that's got to count for something. He could have said nothing, which is probably what a lot of lawyers would tell any person 1-2 degrees of separation away from this thing.

This is an unavoidable question IMO

What do you think is the chance a deal is reached with an investor after today?

i thought it was the shortfall all along. i think the seizures (and voluntary ones in europe) were another decent amount. im really curious where u heard the 140 as i was always led to believe it was more. i think a bunch was siezed but still not 190.

edit: we sure the doj's number is right? i was told a slightly smaller one by a bunch of people at ftp. maybe the doj is including ftp point liability or something like that?

Durrr what was you opinion of the inital lawsuit launced by Phil Ivey vs FTP, what was he told to make him drop it.

Is it likely that he is heavily implicated in all of this and that this point was made to him?

Everyone needs to take a second to realize how ****ing awesome of a human being Tom is.

Thanks.

This is also what I was wondering about, the uncleared US deposits left a gap of maximum $130 mil, if the news articles are to be trusted.

Really great question, IMO. I mentioned it before, but there were clearly problems other than "one bad decision", not the least of which was spending/paying out far too high a percentage of their profits rather than saving/investing a substantial portion of those profits.

Do you know at what point FTP stopped segregating player funds?

Durrr,

What do you think the chances are that we get at least some of our $$$ back?

no idea but ive heard this a lot too

If Full Tilt owed $390M and only had $60M, then isn't the shortfall $330M, by definition?

From the official DOJ amended document released today


"In or about March of 2008, Bitar and Lederer advised a Full Tilt Poker
employee that Full Tilt Poker could represent to players that Full
Tilt Poker kept all of its player funds in segregated accounts and
that funds would be available for withdrawal by players at all
times. Subsequently, and based in part on this information, Full
Tilt Poker created several form e-mail templates to be used by
Full Tilt Poker to respond to player inquiries about the security
of their funds. For example:
"

A few examples follow in the DOJ document, here is one they say Bitar and Lederer together made to send to players, the others include complete lies about funds being segregated and protected, something that was clearly never true


"Unlike some companies in
our industry, we completely understand and
accept that your account money belongs to you,
not Full Tilt Poker"

YOU CAN SEE THESE ON PAGE 63/64 OF THE NEW DOCUMENT

So he just decided to outright lie to players about our money, absolutely not as clean as you suggest, you still trust him?

Tom, you have admitted that you knew about the shortfall after BF

You have also admitted that you owe FTP money.

Why didnt you pay back the money you owed FTP/Players if you knew they had a shortfall?