More like a couple of weeks. They didn't pay themselves 10m a month from the players fund for 4 years.

"Lol at so much being made of Barrys piddling 400k amount that he is being upfront about"

Get serious. If it was a piddling amount, he would have repayed it much sooner. He played there and lost, and had years to pay it back before BF. Do you think he waited years to be upfront about his debt? Do you think the fact that the debts were becoming public knowledge had anything to do with his decision to be "upfront" about a debt he owed for years? The guys who were getting compensated by FTP were rightfully advised by good lawyers not to discuss anything on record.

Barry should definitely protect the brand he has created for his name. Pokerstars pays him handsomely to endorse their gambling site, and he has thus far been unable to make money from online poker, without these endorsements.

Is GBT just looking for a Pre-agreement that you WILL pay once they have asumed FTP's assets/debts?

The fact is they are saying that none of the "pros" are even willing to enter into negotiations.

All the bluster that you (and the other pros) will pay after GBT takes over means jack ****.

Put your money where your mouth is and sign a pre-agreement with GBT saying you will pay them once the deal is done.

Im pretty sure they would accept that from everyone who owes money.

Of course I had to make assumptions but not the one you seem to think I made. Perhaps I didn't explain it well. I assumed that when FTP2 opened it would serve 80% of FTP's ROW clients, at first, and that 50% of those clients' balances would be withdrawn almost immediately. The remaining money was assumed to be left on deposit with FTP2, covered by cash deposits in the bank as required by AGCC license terms. That's quite a lot more than "honouring half the money owed to ROW".

Which of those assumptions do you disagree with? What do you think would be a more reasonable set of assumptions?

Actually, I may have expressed an assumption that, upon frther reflection, I might not agree with myself. Borrowing money to cover the player deposits may not be possible under one of the required prudential ratios specified by the AGCC. However, the financing could be arranged through issuance of retractable preferred shares, rather than through a loan.

To cover the bridging, they can use 2/3 of the $60M I assume they will need to provide for cashouts. They won't be cashing anybody out until they are up and running, which won't be until after they get the $40M account. Even if they need a bridging loan, its cost is covered in the generous amount I allowed for financing costs.

There was a link (in the containment thread?) to one year's annual financial report, as filed with Irish authorities.

I'm confused. How is owing money for a few years and saying nothing coming clean?

Coming clean implies that you made the effort to make things good, not waiting until after the company that you owe money to has to publicly shame you into acknowledging that you owe the money and had no intention of paying it back beforehand?

Granted, given the state of FTP who knows what he should do, but proclaiming him some great person for acknowledging that he owes the money AFTER it's already public is just hero worshiping to the nth degree.

I bet at least 55% of FTP's customers and nearly 100% of FTP2's future customers, and therefore GBT, disagree with you.

Forunately, your opinion on this doesn't matter.

And neither does yours, which all American players should very happy about.

great post. I think that "pros" should give it back.they owe it to players, to FTP and FTP seems to be GBT now. It would be really really ironic if whole deal should be stopped thanks to our "best" but greedy players.
Every man should pay back his debts and obviously it would help to whole deal in this case. "pros" who can borrow one million$ and go play into casino and on the other hand- cool old poker stories about reg which made their lifetime roll from 0$ and now their lifes are ruined, lost all motivation, feels like they did everything for nothing and last years were only wasted time...
it 's sad.

You do realize that without the potential future earnings of ROW players there would be be no deal.

And US players would almost certainly not get paid back in full.

I just deleted my long reply as this is not the right place for this discussion and I think debating our assumptions is a waste of time.

I'm hoping that stronger provisions are in place to insure that there is a plan for ROW players to be made whole which would include GBT setting aside those funds or indicating he has financing.

Thanks, found it this should be good for a laugh

Sad that everyone involved knew the day would come when the US gov would shut it down..... also the australian snitch for the doj stole millions and then those dumbasses at FT or PS called the fbi and essentially effed themselves and us......

no suprise theres 400k loans for years and no stink is made..... Barry coulda squeezed them and is essentially doing it now. the confessions will start to trickle and then pour from those guys that are in similar spots

Maybe a little too charitable if he doesn't have the ability to play on his own dime.

Please pay it to an escrow account. The assumed interest you are earning on the money that isn't yours is a slap in the face to everyone who is owed funds from FTP.

LOL


I understand why "normal" people would take an interest-free loan, but why would "one of the best/wealthiest people in the world of nose-bleed ring games" need $400k? I can't seem to reconcile this.

7. Even though I have many detractors in this thread, can you at least cut me some slack that I am doing the minimum of what is expected from people who owe money in the gambling world: I am admitting exactly what I owe (it's actually 382k) and I am stating my intention to pay it back. I think it will be beneficial if this trend continues.

Yes Barry you are doing the minimum stating your intention to pay it back, you almost sound like you believe you deserve credit for stating your intention to pay it back.
Hey its only 400k, ive only had it a few years and im gonna pay it back i dont know when where or how but i will pay it back.I mean ive admitted exactly what i owe.
You sure are a swell guy Barry you owed the casino's millions and you paid them so we should all relax and sleep tight in the knowledge that BG the upstanding community member and great philantropist is gonna save us all by holding on to our money for us in case the evil GBT get a hold of it. NH WP Barry

I think your math is correct, but you should acknowledge that those calculations are based on the assumptions that the DoJ can and will use for player compensation the money they receive from GBT, and/or money or other assets seized in relation to the orginal charges, and/or money seized before BF. Right now those are nothing more than assumptions. Perhaps those assumptions are more than 50% likely to prove true, but they are not 100% certain. Or have you done a back of the envolope calculation that the DoJ will be able to recover $150M from the four directors?

unreal sick setback

gg ftp & credibility of all the live "pro's"

let's see if ivey really is all about the players and his REPUTATION -- anyone remember that absurd PR move when all the sh*t went down --- ivey screaming on the phone with barry, suing ftp .... all self-serving bs --- ivey is a joke if he doesnt pay asap

Weeeeeeeeeeeeee! That's still not my username but it's an upgrade from the last one

I also left a comment on how what S:P revealed could open Ferguson up to personal liability for FTP's debts in that other thread and people still call me a shill or troll

If the DOJ just get their hands on some inside stock info from their pals in the Senate, they could invest the $80M they get from GBT for about 100% ROI, pay us back, and still have enough to cover their bagels and muffins for the rest of this year.

I should put anything that I say that it remotely hypothetical or speculative in like 50 nested spoiler tags or something. I think I made it pretty clear that I'm guessing.

Yo NVG-tards I'm not saying all the bitching isn't justified, but with Barry manning up like this it's in your best interest to be polite and keep the comments positive so that other pros might step up to the plate.

This is absolutely disgusting ,,,, I hope anybody (ROW) with half a brain never buys a Barry Greenstein endorsed product,book, etc ever again

These high stakes "pros" FTW

We can all play with borrowed money

Pay your debts scumbag!!!!!!

step up to the plate and do what? make a post in nvg? obv some people are over the top, but acting like the guy did something noble here is pretty lol imo.

Barry im the young white kid who played draw with you at Commerce several times and talked to you about Phil Ivey before. You owe the money man pay up now. If every other person who owed money to FTP did what you are doing, Tapie would get nothing.

No, we shouldn't be asking shareholders to pay back the improper distributions, unless and until it is proven that the directors won't be paying them back. Right now the directors are legally responsible for paying back all the improper distributions. It would be wrong to force somebody else to pay what Bitar, Ferguson, Furst and Lederer are legally required to pay.

This changes if it can be shown that the shareholders were complicit in a decision to pay improper dividends, or, as I said, it becomes clear to a court that the money won't be recovered from the directors.

So is barry gonna respond to the stuff about escrow account? Does GBT have a problem with that? Just put the money owed into an account that goes to GBT if they pay out players?

Also to the guy saying keep comments positive or other pros might not do the same, I don't see the problem. I guarantee you if he paid it back the ratio would be way more the other way (still a few people saying "why didn't he pay back before and only pay back after he gets outted) but I bet 95% of the responses would be "thanks BG, now what about Ivey???".

FFS really? Be nice and polite and keep the comments positive so that the others might climb out from under thier rocks and fess up.Dont you think the last year was enough time for them "to step up to the plate"?
Do you think BG would be doing it if GBT didnt out him?
Do you really believe he is on anymore then a face saving pr exercise?
Do you think any of them would be pro's without full tilt(our) money?
Do you really expect to hear from Lindgren Ivey etc?
DO you think any of them have one ounce of credibility left?

If you answer yes to any of the above you may have some intelligence issues