Full Tilt Poker Sold to French Investors

cardriverx · Oct 26, 2011

coolnout said:
I was hoping we'd get paid by Christmas. ONE TIME.

not happening. best case scenario is january.

cardriverx · Nov 1, 2011

WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

http://www.subjectpoker.com/2011/11/breaking-gbt-doj-deal/

(again, not 100% sure about anything, but it is looking verrry good)

Debi · Nov 1, 2011

Sounding a bit more promising!

tcummo · Nov 1, 2011

Hmmm , that sounds good.

Mentor · Nov 1, 2011

Not celebrating yet, but no longer considering my roll written off!!!

WVHillbilly · Nov 1, 2011

I don't believe a word of it. I don't think there is ANY way the US government will be in the player repayment business.

DennisC98 · Nov 1, 2011

Just finish reading this and i was like WOW....
http://www.casinoscamreport.com/2011/11/01/doj-wants-1-billion-from-full-tilt-poker/

alaskabill · Nov 1, 2011

WVHillbilly said:
I don't believe a word of it. I don't think there is ANY way the US government will be in the player repayment business.

While I have been a definite pessimist on FT, I have to say that Subject Poker has had consistently accurate inside information. They aren't perfect but Noah and his crew don't just spread idle gossip generally.

This could all be part of the overall movement to clean up loose ends before it gets legalized. After all Ceasars is going to want grinders to have bankrolls to deposit when the American rooms come online.

Mentor · Nov 1, 2011

WVHillbilly said:
I don't believe a word of it. I don't think there is ANY way the US government will be in the player repayment business.

The player repayment business? What do you mean exactly? The DOJ isn't repaying the players out of pocket. GBT pays the DOJ, the DOJ pays the players from a fund it sets up -- that's the plan. It seems completely reasonable considering US players won't be allowed access to the client.

WVHillbilly · Nov 1, 2011

alaskabill said:
While I have been a definite pessimist on FT, I have to say that Subject Poker has had consistently accurate inside information. They aren't perfect but Noah and his crew don't just spread idle gossip generally.

This could all be part of the overall movement to clean up loose ends before it gets legalized. After all Ceasars is going to want grinders to have bankrolls to deposit when the American rooms come online.

I don't doubt this was the info S

received. I doubt the veracity of the information.

Mentor said:
The player repayment business? What do you mean exactly? The DOJ isn't repaying the players out of pocket. GBT pays the DOJ, the DOJ pays the players from a fund it sets up -- that's the plan. It seems completely reasonable considering US players won't be allowed access to the client.

We were allowed access to the Stars client for payouts. Think about it for a minute. How do you expect this government process to work exactly? You think they will get our FTP info (logins, addresses, account balances) and set up some special site were we can claim our funds (direct deposit, check, MO, whatever) and then issue payouts? Maybe they have some CS reps standing by?

Seems a really complex (and rather expensive) task for the government who believes that every $$ they confiscated was illegal. And they're doing this out of the kindness of their hearts so FTP can reopen to the rest of the world??? I don't believe it for a second.

cardriverx · Nov 1, 2011

WVHillbilly said:
We were allowed access to the Stars client for payouts. Think about it for a minute. How do you expect this government process to work exactly? You think they will get our FTP info (logins, addresses, account balances) and set up some special site were we can claim our funds (direct deposit, check, MO, whatever) and then issue payouts? Maybe they have some CS reps standing by?

No, when FTP comes back up, us USA players will be allowed on, not to play (like on PS), and they would allow us to withdrawl.

And, what, do you think that the email posted was just fabricated?

WVHillbilly · Nov 1, 2011

cardriverx said:
No, when FTP comes back up, us USA players will be allowed on, not to play (like on PS), and they would allow us to withdrawl.

And, what, do you think that the email posted was just fabricated?

So we withdrawal through FTP but the US government cuts the check? Still don't buy it.

Wouldn't be the first time since this started that FTP leaked false information imo. All the rumors of multiple buyers, new management and DoJ deals were clearly used to buy time in hopes of delaying FTP losing their license (again imo).

cardriverx · Nov 1, 2011

WVHillbilly said:
So we withdrawal through FTP but the US government cuts the check? Still don't buy it.

Wouldn't be the first time since this started that FTP leaked false information imo. All the rumors of multiple buyers, new management and DoJ deals were clearly used to buy time in hopes of delaying FTP losing their license (again imo).

It's not like the US government loses money in this case. The money that US players would get would come from Tapie and the new investment.

pcgnome · Nov 1, 2011

Here's a new article hot off the presses...
http://calvinayre.com/2011/11/01/le...tm_source=rss&utm_medium=rss&utm_campaign=rss

OzExorcist · Nov 1, 2011

cardriverx said:
It's not like the US government loses money in this case. The money that US players would get would come from Tapie and the new investment.

Why do you assume that? The Tapie media statements made at the beginning of DoJ negotiations basically said they were looking for the DoJ to release some of the seized funds to cover player balances, and I can't imagine negotiations would have dragged on for this long if it was Tapie putting up all the money... I mean what have they had to talk about other than the size of the fine in return for settling the legal case?

cardriverx · Nov 1, 2011

OzExorcist said:
Why do you assume that? The Tapie media statements made at the beginning of DoJ negotiations basically said they were looking for the DoJ to release some of the seized funds to cover player balances, and I can't imagine negotiations would have dragged on for this long if it was Tapie putting up all the money... I mean what have they had to talk about other than the size of the fine in return for settling the legal case?

the DOJ will release funds, most likely, but is it really their money?

Anyway, I emailed the writer of the article, "Diamond Flush," and he responded

"I'm sure you will understand that I can't reveal sources. However, I have worked months on the FTP situation, and I did receive independent confirmation from multiple sources that the information in the article is legitimate.

My hope is, and always has been, that players are repaid. I view the info in this article as a step in that direction.

Good luck sir"

WVHillbilly · Nov 1, 2011

cardriverx said:
the DOJ will release funds, most likely, but is it really their money?

Anyway, I emailed the writer of the article, "Diamond Flush," and he responded

"I'm sure you will understand that I can't reveal sources. However, I have worked months on the FTP situation, and I did receive independent confirmation from multiple sources that the information in the article is legitimate.

My hope is, and always has been, that players are repaid. I view the info in this article as a step in that direction.

Good luck sir"

According to the government it is their money. From this June article: http://www.casinoscamreport.com/201...epartment-receives-seized-online-poker-funds/

US Attorney offices have said that they have no intention of returning any money to players and that “illegal gambling proceeds are forfeited to the government”. To date this matter is still sub judicea and there is no definite court decision to say that the sites which were closed down were in fact acting illegally.

Now they can certainly rethink their position but to think that the US government will be paying back US player funds is laughable. Returning them to Tilt for distribution possibly (highly doubtful) but not doing it themselves.

Also like I said previously I have no doubt that the email quoted in the article was sent out today by FTP ownership. It's that ownership that I don't believe, the authors of the S

article are just reporting what they hear..

popoker · Nov 1, 2011

maybe we will get our money back after all.
never know.

cardriverx · Nov 1, 2011

WVHillbilly said:
According to the government it is their money. From this June article: http://www.casinoscamreport.com/201...epartment-receives-seized-online-poker-funds/

Now they can certainly rethink their position but to think that the US government will be paying back US player funds is laughable. Returning them to Tilt for distribution possibly (highly doubtful) but not doing it themselves.

Also like I said previously I have no doubt that the email quoted in the article was sent out today by FTP ownership. It's that ownership that I don't believe, the authors of the S article are just reporting what they hear..

aren't tapie and the investors paying ~ $1 billion to settle with the DoJ? That's more then twice the amount that the DoJ seized.

wagon596 · Nov 1, 2011

It would be nice if FT does make a comeback,,,got some money on there,,,we will have to wait and see.

CheckraiseLife · Nov 1, 2011

if they offered a 60-70% rakeback deal if they relaunched the site would you play there? I always said I wouldnt play there but a friend brought this up and I did hesitate on the answer, whihc is crazy since my money on there now maybe lost forever lol

UK player here so dont meen to be selfish but I'd liek to think i'd have more of chance of getting paid out since, I havnt broken any internet gambling laws.

Charade You Are · Nov 1, 2011

cardriverx said:
WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

http://www.subjectpoker.com/2011/11/breaking-gbt-doj-deal/

(again, not 100% sure about anything, but it is looking verrry good)

Subject: Poker has confirmed from numerous sources that, if shareholders agree to GBT’s proposal, Groupe Bernard Tapie will assume responsibility of Full Tilt’s debt to non-US players and the US DOJ will set up a fund to repay US players. We do not know at this time what the timeline for such repayment will be.

Lucky ROW players. Set up a fund? I don't see the DOJ handing over money to FTP so we can get our funds like we did at stars.

Wonder what hoops we'll have to jump through?

Too bad FTP wasn't a bank-Eric is nice to bankers who commit bribery and fraud.

Mentor · Nov 1, 2011

WVHillbilly said:
We were allowed access to the Stars client for payouts. Think about it for a minute. How do you expect this government process to work exactly? You think they will get our FTP info (logins, addresses, account balances) and set up some special site were we can claim our funds (direct deposit, check, MO, whatever) and then issue payouts? Maybe they have some CS reps standing by?

Seems a really complex (and rather expensive) task for the government who believes that every $$ they confiscated was illegal. And they're doing this out of the kindness of their hearts so FTP can reopen to the rest of the world??? I don't believe it for a second.

That's not what I'm saying. The DOJ literally handling payouts would be logistically problematic.

With the information we have received thus far, I don't think it is out of the question that players would interface with FTP to request payouts -- the DOJ will likely just oversee the processor and maintain the fund that payouts will come out of. I believe the fund itself will be largely or completely funded by GBT.

It is unclear whether or not the DOJ would commit any seized funds to this fund, but I certainly don't think the DOJ is by and large "repaying" anybody. But if the deal did call for the DOJ to contribute, I don't think it is nearly as impossible as people paint it to be. They have interests in both US and ROW players being repaid, not least of which because by seizing the commingled funds, they effectively seized player funds. Despite the fact that this does not represent the actual legal situation at hand, the DOJ is not purely motivated by the law -- public relations, for instance, plays a role.

WVHillbilly · Nov 1, 2011

Well, I'll believe it when I see it, but I never expect to see it.

OzExorcist · Nov 1, 2011

WVHillbilly said:
According to the government it is their money. From this June article: http://www.casinoscamreport.com/201...epartment-receives-seized-online-poker-funds/

FWIW, that position seems inconsistent with their return of some Stars funds in September: http://www.subjectpoker.com/2011/09/doj-releases-some-stars-funds/

It's probably pointless to speculate on how exactly a US player payback will work, who will contribute what money and how it will make its way back to players because we simply don't have enough information. All we do know is that GBT wanted the DoJ to cough up some of the funds when the began negotiations, and that the US repayment process would obviously be different to the ROW one.

Full Tilt Poker Sold to French Investors

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