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Old 02-02-2012, 08:33 PM   #126
TGSM89
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Re: Response regarding money I owe to Full Tilt

Not paying his debt will not help US players get their money back

Also why does Barry have moral obligations to US players, and not to the entire FTP player base? I really don't understand his argument for not paying his debt
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Old 02-02-2012, 08:34 PM   #127
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by SwoopAE View Post
Barry G is the man

If only Ivey and co would do the same, we could start putting this mess behind us. Where are you, Ivey?
He's at the dice table with his Aussie Millions score that he funded with your money.
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Old 02-02-2012, 08:34 PM   #128
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by SwoopAE View Post
Barry G is the man

If only Ivey and co would do the same, we could start putting this mess behind us. Where are you, Ivey?
Ivey and co are doing the same a Barry. Which is refusing to their debt to FT.
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Old 02-02-2012, 08:34 PM   #129
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by SwoopAE View Post
Barry G is the man

If only Ivey and co would do the same, we could start putting this mess behind us. Where are you, Ivey?
lol they are doing the same......theyre all not paying that is teh problem
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Old 02-02-2012, 08:35 PM   #130
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by Zomboid! View Post
The CardPlayer article says Ivey $4 million; Benyamine $2 million. (I think that's what it says; it is horribly written).

http://www.cardplayer.com/poker-news...-tilt-millions
Yes, I do know what it says but who can you believe. We can believe Barry here, no reason not to. If Ivey or anyone else made a statement, then we might know exactly what is going on.
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Old 02-02-2012, 08:36 PM   #131
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Re: Response regarding money I owe to Full Tilt

I imagine all the players who owe money received a similar letter from GBT's lawyer. I wonder what Layne Flack did with his? Probably rolled it up into a tight tube and snorted some Ritalin with it.
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Old 02-02-2012, 08:40 PM   #132
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by giftofgab View Post
Barry borrowed this money years and years ago and he still has not paid it back to this day. What makes everyone think he has the intentions to pay it back now. If he had intentions to pay it back it would of been paid back long time ago
this.
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Old 02-02-2012, 08:41 PM   #133
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by BalugaWhale View Post
Hi Barry,

I don't think US players would find it *not* in their interests if you committed to paying GBT.

I understand your desire to ensure that money is returned to US players; it seems like you could contract a deal relatively easily with GBT that ensures your 400k repayment is included as a part of GBT's payment to the DOJ.

At this point, we'd rather have you pay your debt to FTP directly to GBT than have any further delays/roadblocks that could throw off the entire process.

As always, I appreciate you taking a proactive stance and responding publicly. I also appreciate your efforts on behalf of the players and am very confident in your good intentions.

Thanks,
Andrew
+1
The debt should be repaid under the condition that if the deal falls through, GBT will put the money in a FTP account.
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Old 02-02-2012, 08:42 PM   #134
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by Doc T River View Post
I know he said $400,00 but then he brought up the fact he is still owed $150,000 implying that he had paid back $250,000.
[] correct
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Old 02-02-2012, 08:44 PM   #135
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by enigmatic1x View Post
If the assets end up owned by Tapie Group, then YOU OWE THEM this money, so pay it up now and stop pretending to be a saint
and if they don't buy his debt?????
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Old 02-02-2012, 08:47 PM   #136
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Re: Response regarding money I owe to Full Tilt

i really appreciate barry taking time to respond to the situation, however i think he should just pay the money cause this is the players money!

I dont know which ftp players owe money to barry but i dont think players should be held in hostage if they are not paying back.
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Old 02-02-2012, 08:49 PM   #137
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Re: Response regarding money I owe to Full Tilt

A few things:

1.) Given the pitiful state of FTP's accounting and the current limbo status of its assets, it's by no means clear what "pay back FTP" even means right now, and whose pockets it might end up lining. The last thing I'd want to do is set $400K on fire just to have somebody else sue me for it later.

2.) LOL at the attorney for GBT and his saber-rattling. These debts aren't going to "kill the deal" unless it's already dead e.g. it would just be a convenient excuse.

3.) I respect barryg's concern for U.S. players but I tend to agree with those who say that it's not really his business... BUT if he can exert some leverage to help U.S. players get paid, then why not do so?

Given the overall huge uncertainty in the situation, I'd personally respectfully decline any Tapie offer, if I was lucky(?) enough to owe FTP 6 or 7 figures. I'd wait until things shake out, and I'm confident that 1.) FTP is a going concern again with transparent accounting, and 2.) players (both U.S. and ROW) are getting repaid. They lasted this long without my money, they can wait a bit longer.

And it sounds like barryg is doing exactly that.
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Old 02-02-2012, 08:50 PM   #138
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Why is it ok 4 FT to loan $ to begin with??
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Old 02-02-2012, 08:50 PM   #139
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by tipperdog View Post
I am astonished by all the Barry-love here.

The guy borrowed money, held the debt for years, and now refuses to pay it back. His excuse is that he doesn't like the way the debtor (first FT, soon-to-be Tapie Group) may use the money. That's absurd! Pay back the money you owe!

Analogy: I owe SpanAir Money (airline just went broke). Bankruptcy judge says "pay up." I say "no, because the money might not go to flight attendants stiffed on last week pay." BS. Pay your debt.
This ainec
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Old 02-02-2012, 08:52 PM   #140
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Re: Response regarding money I owe to Full Tilt

This is such a joke. You didn't borrow the money from US players barry, you borrowed it from FTP. You should pay the person you owe the money to period.
It's not your responsibility to make sure FTP pays people the way YOU think the money should be distributed. Maybe part of the deal with the DOJ is that GBT doesn't pay the players directly, but instead puts the money in a fund so the government can distribute the money and collect taxes from people who haven't been cheating their taxes the last couple of years.
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Old 02-02-2012, 08:54 PM   #141
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by BalugaWhale View Post
Hi Barry,

I don't think US players would find it *not* in their interests if you committed to paying GBT.

I understand your desire to ensure that money is returned to US players; it seems like you could contract a deal relatively easily with GBT that ensures your 400k repayment is included as a part of GBT's payment to the DOJ.

At this point, we'd rather have you pay your debt to FTP directly to GBT than have any further delays/roadblocks that could throw off the entire process.

As always, I appreciate you taking a proactive stance and responding publicly. I also appreciate your efforts on behalf of the players and am very confident in your good intentions.

Thanks,
Andrew
This. Don't make it a moral crusade Barry.
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Old 02-02-2012, 08:54 PM   #142
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by Royalflu$h View Post
Why is it ok 4 FT to loan $ to begin with??
Well it probably wasn’t a great idea, but they did and should be paid back.
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Old 02-02-2012, 08:55 PM   #143
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Re: Response regarding money I owe to Full Tilt

Barry I just got done washing my paper plates for the third time this week, thanks for caring for us FTP players!
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Old 02-02-2012, 08:56 PM   #144
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Re: Response regarding money I owe to Full Tilt

Quote:
Originally Posted by pineapple888 View Post
A few things:

1.) Given the pitiful state of FTP's accounting and the current limbo status of its assets, it's by no means clear what "pay back FTP" even means right now, and whose pockets it might end up lining. The last thing I'd want to do is set $400K on fire just to have somebody else sue me for it later.

2.) LOL at the attorney for GBT and his saber-rattling. These debts aren't going to "kill the deal" unless it's already dead e.g. it would just be a convenient excuse.

3.) I respect barryg's concern for U.S. players but I tend to agree with those who say that it's not really his business... BUT if he can exert some leverage to help U.S. players get paid, then why not do so?

Given the overall huge uncertainty in the situation, I'd personally respectfully decline any Tapie offer, if I was lucky(?) enough to owe FTP 6 or 7 figures. I'd wait until things shake out, and I'm confident that 1.) FTP is a going concern again with transparent accounting, and 2.) players (both U.S. and ROW) are getting repaid. They lasted this long without my money, they can wait a bit longer.

And it sounds like barryg is doing exactly that.
This is pretty much my sentiments as well.

Just one point, I seriously doubt Barry would even begin to admit he owed this money if he had no intentions of paying.
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Old 02-02-2012, 08:56 PM   #145
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by kalen View Post
and if they don't buy his debt?????
The implication of the lawyer's interviews is that the asssets they thought they were buying included $18M worth of recoverable debt*. I.e., they thought they were buying his debt, and that he was good for it. The solution is to amend the agreement with the DoJ to exclude the debt and to lower the purchase price accordingly. Since this transfers risk from GBT to the DoJ, the DoJ might not agree.

*or perhaps they had already discounted the debt value somewhat, but after due diligence realize that the debt is worth even less than assumed by the terms of the agreement.
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Old 02-02-2012, 08:57 PM   #146
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Re: Response regarding money I owe to Full Tilt

Barry, what was your screen name?
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Old 02-02-2012, 08:58 PM   #147
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How does anyone know that the borrowed funds were from the players accounts or from ftp's profits?
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Old 02-02-2012, 08:59 PM   #148
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Re: Response regarding money I owe to Full Tilt

Why would a PRO need to borrow money?
Where is the $400k? Did you lose all of it?
Did you know where the money was coming from?
WTF Maybe I should have asked FT for $100k to play with.
I never trusted any of the sites. I always cashed out what I didn't mind losing. There was never a guarantee of being paid, just like the offshore sportsbooks.
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Old 02-02-2012, 09:00 PM   #149
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by grenzen View Post
How does anyone know that the borrowed funds were from the players accounts or from ftp's profits?
what profits?
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Old 02-02-2012, 09:02 PM   #150
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by useless View Post
Wow that's a quarter of the purchase price no wonder they're going public with this.
More like 8% when you factor in what GBT would be expected to put aside for ROW repayment.

Reading between the lines....

$18 million is not an insignificant amount of money but when you factor in the other amounts it does seem pretty small.

Ferguson's debt allegedly owed from FTP is $14 mil so this almost washes out the debt reported recently and reports indicated that GBT tried to acknowledge Ferguson's debt by trying to include repayment via passive shares in the new company which the DOJ was against according to what we've heard.

Reports are that FTP shareholders only want a deal that will get players paid. If that is true then this deal we're hearing about will have a provision for those funds. We've heard that the DOJ will handle US players and GBT will handle ROW players.

Somewhere along the chain of deals there has to be a provision for that $150 mil to be accounted for ROW player funds stuck on FTP. I would hope that the AGCC would also not even consider relicensing FTP if those funds were not accounted for.

So I would expect that GBT needs to pony up $80 mil to buy FTP from DOJ and somehow prove they set aside $150 mil to represent ROW players for a total of $230 mil. That's only about 8% of what GBT would be expected to pony up not 25%

If the deal goes through GBT would still be able to go after the $18 mil in loans. They aren't just going to vanish but GBT is eager to get these resolved before the deal goes through and indicated that this might negatively impact whether the deal goes through.

It sounds like there might be some merit to the rumors that GBT might not have the money necessary to complete the deal (or doesn't want to fork it all over themselves.)

Hopefully for people that have money on FTP I'm reading too much into this.
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