There is laughable amounts of verbal diarrhea in this thread...

GBT doesn't even own FTP yet they're calling in debts on its behalf? How does that work exactly?

Rangers FC owe £49milly to HMRC(lololol), reckon I could send them a letter with my bank details and ask for a wire? Easy game!

Hey Barry, I'm thinking about buying FTP, how's about you send me that 400k you owe to the previous owners, make it snappy as well I've got a customer base to pay...

Deals, thats how they work.

this.

the ftp breakdown is prolly the biggest public robbery ever. what barry does is the same as what howard does - obv not to same extent (not even close), but the underlying motives, selfishness, and ballsyness are the same.

Unless everybody involved agrees to it, that wouldn't actually pay off the debt, any more than me sending my mortgage checks to an independent accountant that will distribute the money to people who lost their homes.

Is the consensus here that BG should pay off his debts by paying $400K to people who don't actually own the company yet, with the hopes that if enough people do this they will actually buy the company? Because that seems a bit strange to me, but I don't feel like sifting through legal documents.

It doesn't matter if GBT own the company yet or not, they still owe the money to FTP and should pay up. These guys are stalling, they do not want to pay, end of.

I can't see them paying, so will GBT go ahead and buy FTP without the debts being paid?

Seriously has 2+2 just become a place where people make stuff up, claim to be experts about it, and write long posts calling into question other people's character?

Here we have two great examples. DOJ was running a tax case on FTP? Wat? I missed the tax case. I just went here. OK, a few lines of UIEGA violations, Operation of Illegal Gambling business, Money Laundering, Bank/Wire Fraud. Nope. No tax evasion. What are you even talking about? Then we have NEMplsJW here stating proof that Barry had inside info about corruption. That's a serious freaking accusation. Proof? Oh yeah, just an anonymous person spouting off stuff. Don't you have a roommate of a friend of a third cousin who had lunch with a guy to attribute this stuff to?

I know it is fun to take famous people down a peg. Could you have some proof? Also, it is so awesome to bring your deep understanding to bear on the FTP legal issues. Would it be too much trouble to bother to get the charges right? It took me three clicks to find the whole list.

Even if FTP haven't asked him to pay up?

One question, why?

No, it's not.

lol

Hes flat out said he knew information about ub but his friends stood to lose a lot of money....why would anyone make this up? This isnt a secret...

I'm going to get flamed for this, but I don't care if Tapie buys FT or not! Unless Im dead wrong, Im gathering that should Tapie buy FT, he will NOT reimburse American players like myself. Therefore, I have no clue what benefit Tapie buying FT would be to me if I dont get anything from it? Will it mean Tapie pays out penalties to DOJ, and would that mean that DOJ will then distribute pennies on the dollar to US players?

You're right, I must remember to demand immediate payment from random unsecured debtors the next time I say I maybe want to buy a company from someone else at some undisclosed point in the future. That's the stuff deals are made of.

If a company goes in liquidation then all debtors are asked to pay back so the company can either sell or pay off their debts. It seems that with Pro Players that rule does not stand. Am I right, I ask?

If it was us and we owed a company would the Administrators of that company be chasing us? Yes they would.

yes

It hasn't and GBT are not/will never be an administrator for FTP.

And as the bankruptcy trustees they would be billing by the hour to chase so in the end the amount received gets further reduced and its usually by a lot.

The man years the trustees would take to sort out who is owed what reduces the assets to spread around.

BG owes the legal entity FTP, not Tapie, he can pay FTP now and it increases the asset value of FTP to the purchaser unless the DOJ grabs the money. It's FTP's debt to collect at this time, what happens to the proceeds is up to FTP, they may decide to repay a loan from Chris or Howard or pay DOJ fines.

But yes he does owe FTP money along with every player in the world that made a deposit that never came out of their account.

JD

Where did this bankruptcy talk even come from, just out of thin air? That isn't what is going on, there is no such filing, there are no trustees. An ounce of research should be required before posting.

He can not, his poker bankroll is busto!!!!!!! And Ivey's gotten out of the 0 interest lending to freinds business (with FTP players funds, cough cough) DUCY??????

The only real question now is, will he have the dignity to dig into him and the wifeys money to save face. Should be interesting to watch, but if he doesnt, gg Barry Greenstein, doubt you have any value whatsoever to a future legitimate American Company if you choose that route, so choose wisely sir!

no one is interested in how you deal in peanuts and crackerjacks.

barryg1,

Escrow and shut these haters up.

The ONLY way US players get anything...
Is from the DOJ via a process called "remission"....
A distribution of seized assets to people making claims...
Or possibly, by default, to account holders.

"(b) Authority to grant remission and mitigation. (1) Remission and mitigation functions in administrative forfeitures are performed by the agency seizing the property. Within the Federal Bureau of Investigation, authority to grant remission and mitigation is delegated to the Forfeiture Counsel, who is the Unit Chief, Legal Forfeiture Unit, Office of the General Counsel; within the Drug Enforcement Administration, authority to grant remission and mitigation is delegated to the Forfeiture Counsel, Office of Chief Counsel; within the Bureau of Alcohol, Tobacco, Firearms, and Explosives, authority to grant remission and mitigation is delegated to the Director of the Bureau of Alcohol, Tobacco, Firearms, and Explosives; and within the Immigration and Naturalization Service, authority to grant remission and mitigation is delegated to the INS Regional Directors.

(2) Remission and mitigation functions in judicial cases are performed by the Criminal Division of the Department of Justice. Within the Criminal Division, authority to grant remission and mitigation is delegated to the Chief, Asset Forfeiture and Money Laundering Section, Criminal Division."

It appears to me that last line applies here = Chief.

http://law.justia.com/cfr/title28/28-1.0.1.1.10.html

You dont get it, this is completely different because after stars had paid out and ftp did not and it was a known fact that ftp did not have the money to cover player deposits, barry commented on how irresspobsible ftp acted and he did so publicly and how absurb it was. Barry leveled the entire poker world and if even the so called Robbin hood of poker can act like this it makes me think that maybe the entire gambling industry is just shady. Barry you defended your son when he backed UB after BF and you made comments about how mis managed ftp, and for that you are a scum.

Exactly, so his action has a huge impact on a potential deal.
It would benefit his employer greatly if this ruined it.

We must boycott PS!!!!

If Greenstein accepted a 400,000.00 "loan" to gamble freely with from Full Tilt, is it truly unreasonable to assume he has a marker for similar large money outstanding with Poker Stars?

IF this is the case, who do you think he will attempt to pay back first? (assuming he even could come up with this kind of money)

Yeah, you guessed it! Poker Stars is the only possible way out for him now. He has a deal with them, he is a Poker Stars pro. Full Tilt? only a bad memory. But wait....the media has created a PR problem for him. They have put the lending record from Full Tilt into the public forum. Nothing like freedom of the press. Make no mistake, this is the number one reason Barry has started this sad dance with the poker public. He had no desire to own up to his failures, his hand was forced. Greenstein's statement, that began this thread, was simply an effort to savage his reputation, and, quite possibly, an effort to evade the responsibility of his debt.

So GBT paying 80million to the DOJ to buy FT assets which can be used to help pau U.S player does matter to U.S players?