Black Friday and the aftermath: Online Poker Implications

[Bongo]

Surely there must be better ways to spend the best part of half a billion dollars?

[boldie]

http://www.pokerstrategy.com/news/world-of-poker/Exclusive:-Full-Tilt-Investors-Nearing-Deal_52047/

I will believe the Bruce Lee ping pong clip before I'll believe this will happen.

[Simon Galloway]

I will believe the Bruce Lee ping pong clip before I'll believe this will happen.

[Delboy]

http://www.pokerstrategy.com/news/world-of-poker/Exclusive:-Full-Tilt-Investors-Nearing-Deal_52047/

I will believe the Bruce Lee ping pong clip before I'll believe this will happen.

from Highstakesdb:

TwoPlusTwo Pokercast host Adam Schwartz, who is a respected and influential personality in the online poker community, claims to have heard a rumor that states that the sale of Full Tilt Poker is now done.

"Heard a rumor that the FTP sale to French investors was done," Schwartz told in his Twitter earlier today.

Later Schwartz also hinted on 2+2 that his source was "very reputable":

"I was told by what I feel (and most of you would too btw) is a very reputable source. The person doesn't want me to say their name.

Obviously I wouldn't have said it if someone sitting next to me in the $1/$2 game told me. If some of you are unhappy that I tweeted it, what can I say, I felt it was worthy of some confidence"

However, no official statement has not yet been issued about a possible deal, and Schwartz's comment is still just a rumor.

Jeff Ifrah, a lawyer associated with Full Tilt, has told earlier, that any deal would include full repayment of all player balances.

[Laxie]

Always liked Jesse May, but my opinion of him has gone up ten fold now -

http://www.thepokerfarm.com/poker-blog/Jesse_may/feel-shame/

[boldie]

Don’t sweat it Chris. I’m not really ashamed of you. I always knew you were just a little scumbag.

lol, great last line.

[tikay]

Goodbye to FTP's Licence......

http://www.gamblingcontrol.org/userfiles/frontpage/FTP_statement.pdf

[tikay]

And the detail is here......

http://www.gamblingcontrol.org/userfiles/file/Determination%20Notice%20290911.pdf

[boldie]

Wonder if the French saviour is still daft enough to do anything (assuming he exists obv)

At a hearing held in London over six days, it emerged that FTP had fundamentally misled
AGCC about their operational integrity by continuously reporting as liquid funds balances
that had been covertly seized or restrained by US authorities, or that were otherwise not
actually available to the operator. Serious breaches of AGCC regulations include false
reporting, unauthorised provision of credit, and failure to report material events.

[AndrewT]

Potential French investors photographed running away from FTP deal.

Click to see full-size image.

[AndrewT]

Upon hearing that FTP's application for a further adjournment had been rejected by the Commissioners, FTP notified the Commissioners on the 21st September 2011 that neither it nor its legal advisors would take part in the regulatory hearing. In the absence of FTP's presence at the regulatory hearing, the Commissioners have treated each of the allegations as being challenged by FTP and have therefore proceeded on the basis of a contested regulatory hearing. The Commissioners have taken all such reasonable steps to ensure that the regulatory hearing is as fair as the circumstances permit. The Commissioners have taken reasonable steps to expose weaknesses in the Executive’s case and to make such points on behalf of FTP as the evidence permits.

So, FTP asked for another adjournment, the AGCC said no, so FTP said 'we're not turning up'.

The AGCC went ahead with the hearing under the assumption that FTP would challenge everything and then tried to poke holes in their own arguments on FTP's behalf.

Astonishing.

[Gamblor21]

There is only one reason they have taken this action, so they can wash their hands of the mess they let it get into!

Unresolved
claims by players against FTP become a matter for the police and civil authorities. Now that
FTP’s licences have been revoked, AGCC no longer has jurisdiction over these companies.

I don't understand how they can regulate a company and protect the players, then when it goes tits up revoke the license and just ignore what happened during their tenure as the regulator.

[doubleup]

And the detail is here......

http://www.gamblingcontrol.org/userfiles/file/Determination%20Notice%20290911.pdf

23. Document JS21(I) illustrates the individual seizures made by the Department of Justice during the period 28th June 2007 to 20th June 2011, which amount to a cumulative total of approximately $331 million US Dollars. According to the evidence before it, document JS21(I) was produced by the Executive from information supplied by FTP during the course of the examination of their financial position by Dixon Wilson.


hmmm so ftp was a huge ponzi scheme whose biggest beneficiary was the DoJ.

[Dino]

If they are not bothering to check on the companies they license it makes you wonder about any other companies that use the AGCC.

[ManuelsMum]

If they are not bothering to check on the companies they license it makes you wonder about any other companies that use the AGCC.

This. I tend to stick to online poker rooms licensed by indian tribespeople. Safer.

AGCC issued a caution against Full Tit Poker in 2010, dunno if I'd have deposited after hearing about that...