135 replies to this topic

[mcpickl]

Please let this be true.

[donk4life]

can a ducky use his one time.

[KingJames]

donk4life, on Thursday, June 30th, 2011, 8:23 PM, said:

can a ducky use his one time.

let's goooooooooooooooooooooooooooooooooooo

[FCP Bob]

http://www.pokernews...poker-10645.htm

Quote

Class Action Complaint Filed Against Full Tilt PokerJuly 01 2011, Chad HollowayOn Thursday, June 30, 2011, a class action complaint was filed in the U.S. District Court South District of New York against Full Tilt Poker demanding the return of players’ funds and for subsequent damages, purported to be more than $150 million. The class-action complaint was brought by plaintiffs Steve Segal, Nick Hammer, Robin Hougdahl, and Todd Terry “on behalf of themselves and all other similarly situated.”The complaint names nine corporate entities/companies, 15 persons, and “John Does,” which leaves open the possibility of attaching other names at later dates. The companies named are largely those that comprise “Full Tilt,” while the names listed include Raymond Bitar and Nelson Burtnick; in addition, many members of Team Full Tilt are listed including Howard Lederer, Phil Ivey, Chris Ferguson, John Juanda, Jennifer Harman-Traniello, Phil Gordon, Erick Lindgren, Erik Seidel, Andy Bloch, Mike Matusow, Gus Hansen, Allen Cunningham, and Patrik Antonius.The complaint essentially uses the following boilerplate paragraph in naming each member of Team Full Tilt: “[Name] is an individual residing in the State of Nevada, and is a member of the Enterprise. At all of some relevant time(s), [Name] has been a shareholder and director of Full Tilt and/or one or more Full Tilt Companies. [Name], a professional poker player himself, is a member of Team Full Tilt and represents the Full Tilt brand in poker-related events all over the world, wearing clothing and accessories that bear the easily recognizable Full Tilt Poker patch.”According to the complaint, the Plaintiffs (Segal is a resident of New York; Hammer and Hougdahl of Minnesota; and Terry of New Jersey) “represent a nation-wide class of Full Tilt account holders residing in the United States . . . Plaintiffs bring suit to demand return of U.S. player funds and for damages . . . U.S. Players’ would never have suffered injury, but for the Defendants’ widespread scheme to commit wire fraud, bank fraud and money laundering in order to pad their own pockets.”Read more: http://www.pokernews...poker-10645.htm

[isap]

Class action suit.. So the lawyers would get all the players' funds?Stars doesn't want to buy out FTP and grab the rush poker patent?

[blakheart]

so pure speculation here-Is there enough value in FTP to cover all the liabilities and buy the company? We know about the $150million to US players- I would think they may be short of the funds required to pay European players as well. There is also the DOJ and the 1 billion they are looking for. So maybe a total of $1.2 billion of liability.Additionally, there is little chance of getting back into the US market. Even if it does become legal there seems to be a bias against pure online operators and a preference for brick and mortar companies. So to get back into the US FTP would at least need to partner with a B @ M operator and lose some profits there.Finally, there is the damage to the reputation that FTP suffered recently. Online poker companies operate in the shadows with shell companies and limited disclosure. The final item is trust. FTP would somehow have to establish that trust with players to keep the non-us players on the site. The upside? The brand is solid, with lots of Pro's representing it. The software is very advanced, things like Rush poker etc.Clearly we don't know all of the details- but it seems that this is a bigger investment then just the $150 million to the players. I would imagine any potential investor would want to have clarity on the DOJ civil suit at least.

[FCP Bob]

Some Tweets from Tony G.Bankruptcy from Full Tilt can't be out of the question but bankrupcy and players getting their money back aren't mutually exclusive.TonyGuogaTony GI am getting some very important news from FTP from inside the company and will give details here.TonyGuogaTony GFacts within has it that FTP is about to roll over this week, Irish lawyers now involved demanding Pocket Kings pay up or declare bankruptcyTonyGuogaTony GThe authorities and poker community should not allow the gang powered by Ray and Howard to get away with this fraud.

[FCP Bob]

http://www.subjectpo...talks-with-ftp/Aldernay Gaming Commission issued a new statement.http://www.gamblingc..... 20110703.pdfMedia ReleaseAlderney Gambling Control Commission (AGCC) is in discussions, all be at an early stage, with its licensees trading as Full Tilt Poker and a third party concerning the prospective refinancing of Full Tilt Poker.The objective of these discussions is to enable the site to re-open to its current and prospective players.Contrary to current reports circulating in the media, AGCC has not authorised any statement by legal counsel in this regard and has no knowledge of the comments attributed by the editor of Gambling City.net to a Mr. Werner Bers, of whom we are otherwise unaware, and disputes the correctness of his statement.All and any further authorised announcements on this matter will be found on the website of AGCC at www.gamblingcontrol.orgCorrespondence may be conducted via info@agcc.ggIssued by: André Wilsenach (Executive Director)Alderney Gambling Control CommissionAlderney,Channel IslandsDate issued: 3rd July 2011

[wildspoke]

FCP Bob, on Monday, July 4th, 2011, 2:36 AM, said:

Some Tweets from Tony G.Bankruptcy from Full Tilt can't be out of the question but bankrupcy and players getting their money back aren't mutually exclusive.TonyGuogaTony GI am getting some very important news from FTP from inside the company and will give details here.TonyGuogaTony GFacts within has it that FTP is about to roll over this week, Irish lawyers now involved demanding Pocket Kings pay up or declare bankruptcyTonyGuogaTony GThe authorities and poker community should not allow the gang powered by Ray and Howard to get away with this fraud.

If this is even remotely true, LOL. I'm not privy to the business model but for a company like this to even be considering bankruptcy shows how poor it must have been run. Indeed poker players are bad at managing their BR - unfortunately for us - their BR has our money too.Additionally Ivey dropped the suit - Did he get paid? That the only thing I could see happening as to why he dropped the suit. The drama continues.

[blakheart]

agreed- Tony G is the least reliable source in poker. BK does make some sense if they can clear whatever civil liability they might have with the US government. But I would want to hear it from a better source the Tony G. before I believe it.

[tbrick412]

yeah not much TonyG has said has been right so far, so take w/e he says with a grain of salt

[lurbz]

blakheart, on Monday, July 4th, 2011, 8:19 AM, said:

agreed- Tony G is the least reliable source in poker.

clonie gowenannie dukehoward ledererscott matusowi lol'dedit: add the entire PPA

[FCP Bob]

http://www.subjectpo...ense-suspended/FullTiltPoker.fr the French Full Tilt site has had their license suspended as well. Tilt shut their French site down at the same time as their .com site but it's now official that they're suspended in France.

[FCP Bob]

http://wickedchopspo...uspend-license/Reports are that Ray Bitar is no longer CEO at Full Tilt and that Alderney might reinstate their license before the weekend.

[FCP Bob]

http://www.egrmagazi...next-week.thtmlFull Tilt denies that Bitar is out as CEO and they say that the European Investors aren't currently in the gaming indurstry and they're talking to the DOJ and the gaming commissions in Alderney and France.

[FCP Bob]

Full Tilt's hearing is going on in London with the Alderney Gaming Commission. You can follow Poker News and E Gaming Review on Twitter to find out what's happening.https://twitter.com/#!/PokerNewshttps://twitter.com/...!/egamingreview

[FCP Bob]

So basically nothing happened at the hearing today.http://www.egrmagazi...he-latest.thtml

Quote

Breaking news: FTP hearing adjourned until 15 Sept "at the latest" 26/07/2011Tom Victor Alderney commissioners have adjourned the hearing into whether or not to revoke Full Tilt Poker’s licences until 15 September “at the latest” to give the beleaguered brand more time to finalise a sale, eGaming Review heard in a public hearing late this afternoon. After a series of day-long public and private deliberations lead commissioner Isabel Picornel told a small audience its decision was taken in the “best interests of the customers of Full Tilt to give the company more time to finalise the investment”. The application, heard in camera - or in private - was only in reference to the pre-hearing application for an adjournment and not in relation to the hearing itself. “The decision was not taken lightly,” Picornel told around 20 people and press who had patiently stayed all day to hear an outcome. “The decision was taken in the best interests of Full Tilt’s customers and to allow FTP to further resume negotiations with potential investors. This would lead to more a beneficial outcome for the players’ interests. We will reconvene as soon as possible and no later than 15 September this year.”

[FCP Bob]

Nothing really to report but Tilt has issued a statement.Full Tilt Poker Issues Statement Regarding InvestorsDublin, Ireland (August 22, 2011) - On August 16, Irish based Pocket Kings Ltd., brand executor for the Full Tilt Poker moniker, concluded the exclusivity period of negotiations with their current potential investor.While Pocket Kings Ltd. plans to continue discussions with its current investor, the company has now begun negotiations with additional potential investors to conclude the sale/partnership of the Full Tilt Poker brand and its assets.Full Tilt Poker apologizes for its lack of communication with its customers over the last month and a half, but it has been grappling with unexpected and complex legal and financial issues arising from Black Friday and its aftermath. In addition, the company has had to be circumspect about disclosing the progress of negotiations with potential investors because there is often a requirement of strict confidentiality.To the extent that it can do so without jeopardizing future opportunities, Full Tilt Poker will strive to have better communication with its customers going forward. Full Tilt Poker's number one priority remains the same: to secure an infusion of capital to repay all of its worldwide customers.Read more: http://www.pokernews...stors-10893.htm

[FCP Bob]

According to Subject Poker the amount of money that Full Tilt was short from US deposits that they never received the money is $128 Million not the $60 Million that was previously reported.FTP’s “$60M Shortfall” Actually Much Larger

[TwstdWrstr]

first big FTP statement in quite some timeAs is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday.The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks. While we believed that offering peer-to-peer online poker did not violate any federal laws—a belief supported by many solid and well-reasoned legal opinions—the DOJ took a different view. In addition, as was widely reported, a key payment processor stole approximately $42M from Full Tilt Poker. Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected. Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players. At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation. We have recently engaged an additional financial advisor through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players. While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operationsEntire Article