How is borrowing 390k from a poker site then never paying it back, even years later, ever the right thing?

The reason its a lose/lose situation are purely self induced.

Barry brought this situation on himself by not paying his debts.

Claiming that 400K is insignificant, yet he hasnt paid it back after years of being in debt.

If all the debt of all the Pros were added up you would have to think it would account for significant % of the debt FTP owes ALL players not just US ones (who are owed less than ROW)

well that company basically doesn't exist anymore, and fronting the money to GBT when nothing is finalized doesn't seem that great either

hey, at least the $18 million wasn't given to shareholders/used for expenses!

Assuming the deal goes through then GBT has essentially assumed all of FTPs debts (they fronted money directly to the DOJ to pay US players) and have pledged to make ROW player whole.

There is some interview with this lawyer guy from GBT on pokernews.com regarding the pros owning money and the future of the deal...does not look promising.
"If we are unable to resolve some of these substantial obstacles that stand in the way of the completion of the deal, we won’t be able to complete the deal."
Read more: http://www.pokernews.com/news/2012/0...-owe-11939.htm
I do not know why GBT pulled this stuff and made such a big issue out of it now since it was known to them from the very beginning.

Regarding barryg1...just pay the money back man!

LOL at anyone upset with BG here.

1) GBT says the financial position is worse than they previously thought

2) GBT has an incentive to get FTP for the cheapest price possible

We have to remember GBT is going to say whatever it takes to make sure they get the best deal possible

I think everyone needs to get over this notion that the people we have been watching on TV, and thought we like or knew, or were trustworthy, for the most part, aren't who we thought they were. Before BF, very few people, if any, would have thought of Ferguson the way they do now. Significant majority of all these 'celebrities' are guilty in this entire online poker fiasco, and we need to wake up and recognize that almost no one deserves to be put on a pedestal... Not live pros, not online pros ...

By the way, many of these pros became famous, or more so, because of the money they stole from us...or borrowed, or some of their friends borrowed and stole and used to back others, etc.... Wonder how many players on PAD and HSP we playing with our stolen/borrowed money on TV... And let's not forget people like Lindgren who infamously back dozens of players... Now we know the source of some of those funds... We should all get a pice of those backing arrangements!!!!

thread should stop here....

Not true they still exist. They have both assets, and liabilities. Part of their assets is the loans to BG and some FT pros.

They need to pay the debt to the entity they owe it to. You can’t just say well a borrowed money from x, but I’m not going to pay x, but maybe I will pay y.

#2 is very valid and any smart businessperson would want to get the assets at the lowest price possible. But it requires good faith, as there is a real possibility they are trying to find legitimate excuses to walk away from the deal. This could have been caused by the very loud chatter in the last few weeks that major casino operators in the U.S. are gearing up in a big way to get into online poker, and if they do, FTP's value will be significantly less...if not worthless completely.

stupid so called "pros".
they should be punished if deal will be dead thanks to them.
thanks idiots!

this should increase the value of FTP2 as they are likely to sell their software and knowledge in the industry, similar to Party/BWIN as well as 888

This is still up in the air obviously.

If the deal goes through, then there would be an obvious vehicle for repaying both US and non-US players (though the vehicle is different for both). For both groups, there would be an organization with a ton of money who want to make people whole. It's possible that the deal could go through and US players would end up getting less than the full amount that they're owed, which obviously would suck, but some quick back-of-the-envelope calculations (that I've done repeatedly on the backs of a lot of envelopes) suggest that the DOJ could likely pull off full repayment or very close to full repayment if the deal goes through.

If the deal doesn't go through, it seems that there simply would not be enough money to pay people more than a fraction of what they're owed.

Why, it's strictly business.

(1) Barry owes FTP $400,000 for many years.

(2) Bunch of degens with FTP accounts owe BG $150,000.

(3) 1 and 2 are, basically, unrelated .

(4) There is no binding DOJ deal of any kind.

(5) Tapie may still bail after one year of "free" publicity.

(6) if 4 or 5, for Barry the whole thing goes away.

NVG Translation = Incredibly Classy Move By Poker Legend

Those deals are worth a few million, but not as much as most people think. Given how much Tapieis paying for FTP, they clearly believed at the time of the deal that they would restart the online business and majority of the players would return to play on the site.

So. What was Greensteins FTP name?

I had to laugh at the amount of posts in this thread claiming Barry is a wonderful stand up guy.

He was basically forced to admit his debt by the Pokerstrategy/GBT article which outed him.

Where was he before the article?

Just like all the other Pros he was quiet as a mouse in case anyone found out about his debt.

His comments after BF about FTP should now be viewed in a the context of him oweing money to FTP.

Its classic damage limitation PR spin.

A lot of these "Pros" are basically fraudulent.

They portray their personas in the media as being highly successful players and winners while in reality having millions in debt.

absolute ****ing joke this is. i can't stand anyone saying good things about barry here. you borrowed money "a few years ago". you borrowed players money. you still haven't paid back. full tilt can't pay US players, which is apparently what you're concerned with, because they don't have the money. obviously the 400k wouldn't have fixed the problem, but YOU are part of the problem. this is why people are not getting paid what is rightfully theres because you and your tv superstar friends haven't paid back debts because your little buddy runs the site. i'll be more than happy to take 110k, which is rightfully mine, off your hands, so you won't owe them that much. an american will get paid! thats what you want! lets do it!

He never does anything wrong. I am sure if he had another 3-4 years he would have eventually paid his debt. He lost this money quickly yet has taken years to pay it. He brings up other people who have money at Fulltilt who owe him to imply an excuse for not paying his debts in a timely manner.

Why do people idolize this guy for making millions off of rich guys who couldn't beat micro stakes. Then giving tax deductible money to charities, which bought him an invaluable, marketable image as the Robin Hood of poker. Meanwhile he is slow rolling his debts, and has shown no propensity to beat on line mid to high stakes. He took a deal with Stars after taking the moral high road and claiming he would never take a deal from a gambling site. I have never seen a man make soo much from taking the high road in his words, but traveling the low road soo often through his actions.

That's not entirely accurate though.

Hes saying I borrowed money from X. Now Y wants to collect on X's debt because Y is in the process of purchasing X. I'm not entirely sure of Y's motives for trying to collect at this particular time but I am sure of Z's motives (the DOJ) so until I am legally obligated to pay Y I feel it's in the best interest of several entities to hold off or possibly settle up with Z.

+1

What again brings the sad conclusion that almost all of those so called TV poker pros who pretended to be authorities are simple degenerates.

"MGM Resorts will own 25 percent of the venture, Boyd will hold 10 percent and Bwin.Party the rest, MGM Chief Executive Officer Jim Murren said today in an interview. The U.S. casino companies each will use Bwin.Party technology to run their own online poker services, Boyd CEO Keith Smith said."

http://www.bloomberg.com/news/2011-1...win-party.html

Cliffs: Party/BWIN has 65% of the action on any MGM/Boyd Gaming online poker adventure. This is a HUUUUGEEEE amount of money. They didn't just sell their software for a few million, they will be running the show.

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