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Old 02-02-2012, 09:03 PM   #151
DavidNB
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by DoTheMath View Post
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.
Post answer i have heard yet
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Old 02-02-2012, 09:09 PM   #152
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by barryg1 View Post
I borrowed $400,000 to play on Full Tilt a few years ago, before PokerStars had high stakes games. I didnít pay it back
whoops!!!! borrowed the money, didn't pay it back and now is trying to be the knight in shining armour..

[] fail
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Old 02-02-2012, 09:09 PM   #153
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Re: Response regarding money I owe to Full Tilt

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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.
if you are in the US its probably difficult getting this large amount online without waiting weeks for it
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Old 02-02-2012, 09:10 PM   #154
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Re: Response regarding money I owe to Full Tilt

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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.
With that attitude you should of obviously, started E checking, like the others who cared little to none of how deposits were realized.
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Old 02-02-2012, 09:12 PM   #155
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Re: Response regarding money I owe to Full Tilt

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if you are in the US its probably difficult getting this large amount online without waiting weeks for it
That does not justify his actions in any way. He couldn't borrow from another pro who had money on there???
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Old 02-02-2012, 09:14 PM   #156
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Re: Response regarding money I owe to Full Tilt

mh? borrwing is common practice in the highstakes games... He just should have paid it back much earlier and hes friend with ivey who probably arranged it or whatever i know. Ivey calls lederer to ship barry some ftp money, easier than ship it himself

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Old 02-02-2012, 09:15 PM   #157
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Re: Response regarding money I owe to Full Tilt

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More like 8% when you factor in what GBT would be expected to put aside for ROW repayment.

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%
Somewhere in one of the FTP threads today I posted my analysis that it will actually cost GBT only about $95M to buy the assets, relaunch the site, pay the refunds and cover the remaining relevant account balances. $18M is almost 20% of that cost.

If Tapie actually has to pay $230M, I think the expected ROI will be too low to go ahead with the deal.
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Old 02-02-2012, 09:19 PM   #158
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I don't get all this stuff about "moral obligations". You owe the money, pay it back
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Old 02-02-2012, 09:19 PM   #159
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by MicroRoller View Post
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.
You seems like a shill or something, dont know wtf ure trying to do here. nobody would like to pay for ftp pros debt.

Even diamond flush said ure a ignorant douche... could you please stop being so useless to ftp players situation ?
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Old 02-02-2012, 09:19 PM   #160
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Re: Response regarding money I owe to Full Tilt

barry continues to be a stand up guy and openly comment on the situation. Too bad none of these other jokers will even think of opening up lines of communication.
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Old 02-02-2012, 09:21 PM   #161
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by the-coach View Post
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.
Howard!! How are you man? Give Annie my best.
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Old 02-02-2012, 09:26 PM   #162
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Re: Response regarding money I owe to Full Tilt

Seems fairly simple to me. You pay whoever you owe money and you don't rely on people who owe you money to pay your debts to others. Why would a debt of this amount just linger for 5 years?
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Old 02-02-2012, 09:28 PM   #163
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by Snowman808 View Post
You seems like a shill or something, dont know wtf ure trying to do here. nobody would like to pay for ftp pros debt.

Even diamond flush said ure a ignorant douche... could you please stop being so useless to ftp players situation ?
I'm curious... who exactly does it seem I'm shilling for?
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Old 02-02-2012, 09:29 PM   #164
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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.
Pretty much all of this .. Dead on
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Old 02-02-2012, 09:31 PM   #165
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Re: Response regarding money I owe to Full Tilt

barryg trending worldwide.
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Old 02-02-2012, 09:33 PM   #166
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by Snowman808 View Post
You seems like a shill or something, dont know wtf ure trying to do here. nobody would like to pay for ftp pros debt.

Even diamond flush said ure a ignorant douche... could you please stop being so useless to ftp players situation ?
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Originally Posted by MicroRoller View Post
I'm curious... who exactly does it seem I'm shilling for?
Keep crap like this in the containment thread.

(Or just don't do it, but meh.)
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Old 02-02-2012, 09:33 PM   #167
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by DoTheMath View Post
Somewhere in one of the FTP threads today I posted my analysis that it will actually cost GBT only about $95M to buy the assets, relaunch the site, pay the refunds and cover the remaining relevant account balances. $18M is almost 20% of that cost.

If Tapie actually has to pay $230M, I think the expected ROI will be too low to go ahead with the deal.
I saw that and you're making a lot of assumptions. One of the biggest was that GBT would only be honouring (I put a u cause it's mostly europe )half of the money owed to ROW players and I don't think that would be the case. At least I hope that wouldn't.

That $40 mil european bank account is also something reported that they would get after the purchase. They will still need to come up with that $40 mil before the purchase even if it ultimately turns out to come back to them.

By the way... you said you saw the books for Pocket Kings. How did you manage that?
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Old 02-02-2012, 09:36 PM   #168
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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.
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Old 02-02-2012, 09:40 PM   #169
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Re: Response regarding money I owe to Full Tilt

Sorry for grunching after the first 50 posts but what is the consensus about Barry seemingly thinking US players will only be paid a % of what is owed by the DOJ "fund"?
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Old 02-02-2012, 09:42 PM   #170
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by iMsoLucky0 View Post
Sorry for grunching after the first 50 posts but:

Noah,

Do you have any comment on how Barry seems to think that the DOJ will only be paying US players a % of the money owed?
I noticed this too and was surprised ppl weren't talking more about it.
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Old 02-02-2012, 09:43 PM   #171
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by iMsoLucky0 View Post
Sorry for grunching after the first 50 posts but what is the consensus about Barry seemingly thinking US players will only be paid a % of what is owed by the DOJ "fund"?
+

Noah, any comments are welcome .
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Old 02-02-2012, 09:44 PM   #172
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by bizzle03 View Post
Have Durrrr or any other pros stated what they plan to do about the owed funds yet?
Biz, not being directed at you but any debts these guys owe to FTP is between them and FTP. If you'll remember, it's not like Bitar, Chris and the rest of them didn't know where they lived or how to contact them, both then and now. It's a matter between the parties. It really has nothing to do with any of us. IMO. I don't see the point in Barry bring it up here and all it will do is go badly. I wish Barry all the best in this matter. I found it more funny that the buying group is stating it will be difficult to recover the funds from the players that owe money. I'd consider that it's a simple matter to file a court brief as a creditor and then file suit to record the funds. You can't pull that crap in Vegas....
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Old 02-02-2012, 09:47 PM   #173
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Re: Response regarding money I owe to Full Tilt

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Originally Posted by kickyourace View Post
Biz, not being directed at you but any debts these guys owe to FTP is between them and FTP. If you'll remember, it's not like Bitar, Chris and the rest of them didn't know where they lived or how to contact them, both then and now. It's a matter between the parties. It really has nothing to do with any of us. IMO. I don't see the point in Barry bring it up here and all it will do is go badly. I wish Barry all the best in this matter. I found it more funny that the buying group is stating it will be difficult to recover the funds from the players that owe money. I'd consider that it's a simple matter to file a court brief as a creditor and then file suit to record the funds. You can't pull that crap in Vegas....
Getting a judgment lien and actually recovering funds are two very different things. Do you think Layne Flack is going to magically discover $2 million under his mattress once there's a judgment against him? Or perhaps they could garnish his wages (ha ha ha ha ha ha ha).
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Old 02-02-2012, 09:48 PM   #174
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Re: Response regarding money I owe to Full Tilt

The money needs to go in an escrow pool!

To go toward paying off US players, then anything left over to go to FTP.

However the longer this goes on, the less likely anyone is going to get paid. The company is worth less every day, and the remaining employees are probably still being paid out of whatever player deposits are still left.
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Old 02-02-2012, 09:49 PM   #175
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Re: Response regarding money I owe to Full Tilt

now i'f only ivey and the rest of the full tilt crooks would do something like this.... wishful thinking though.
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