Third Class Action Lawsuit Filed Against FTP
"The class action suit was filed by Consumer Law Group (CLG) on the behalf of Canadians with outstanding balances being held by FTP"
"On April 15th 2011 the United States Department of Justice unsealed a federal indictment against a number of individuals employed by major online poker operators. After the issuance of that indictment and a related civil case brought by the United States government, Full Tilt Poker withdrew from the US market. Then in a related action, on June 29th, 2011, Full Tilt Poker had its operating licenses suspended by the Alderney Gambling Control Commission.
As a result, Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in Full Tilt Poker’s markets outside of the U.S.
If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.
Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in Full Tilt Poker’s Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full. To this end, Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of Full Tilt Poker's non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course."
Might be something positive, at least for non US players.
Full tilt is done, Only hope is somebody buys the software and starts up a brand new room with noooooooooooooo full tilt management, pros and whoever else is involved in this mess.
Anyways I'm with Comp. I highly doubt these online sites keep cash on hand to pay out every balance. I mean Canadian banks are required to keep a cash reserve of zero so do you think an online gambling site is going to keep dollar for dollar - no way. With the US accounts frozen every site has to be severely short of cash - hence already the delays reported here in people cashing out - what used to be hours for Stars has now turned into days. All it will take is a whiff of news of a site being unable to cash people out and there will be a run on accounts like hasn't been seen since the '30s. Most of these places have to be teetering.
The return of forfeited funds to victims of the alleged fraud may be possible, but will depend on several factors, including the successful conclusion of the litigation, the amount of funds seized and ordered forfeited by the court, and compliance with other procedures the Department of Justice may eventually establish regarding return of forfeited funds to victims who lost money as a result of the alleged fraudulent conduct.
The return of forfeited funds to victims of the alleged fraud may be possible, but will depend on several factors, including the successful conclusion of the litigation, the amount of funds seized and ordered forfeited by the court, and compliance with other procedures the Department of Justice may eventually establish regarding return of forfeited funds to victims who lost money as a result of the alleged fraudulent conduct.
Laurent Tapie is the son of Bernard Tapie, a French businessman and politician. Bernard Tapie is credited with rebuilding a number of bankrupt companies and making them profitable. His most famous is Adidas, which he owned from 1990 to 1993. He also owned a cycling team that won the Tour de France twice and a soccer club that won the French Championship five times in a row, as well as the Champions League in 1993. Bernard Tapie's record isn't only littered with wins. In 1993, he was accused of fixing a match between his soccer club and another, for which he served a seven-month prison sentence. Tapie was also convicted of tax fraud and was sued by his banker for repayment of a $240 million loan.
Comments
not sure if this is good or bad.....my 9hundy hopes good
http://www.gamblingcontrol.org/userfiles/file/FTP%20short%20update%2020110905.pdf
Which fits perfectly with their last release of "no later than September 15th"
And FTP release that yes, they are indeed broke.
The best news possible is that they get their license back. weeeeee
"The class action suit was filed by Consumer Law Group (CLG) on the behalf of Canadians with outstanding balances being held by FTP"
As a result, Pocket Kings Ltd. (provider of marketing and technology services to Full Tilt Poker) has adopted a cost optimization program and estimates that they need to reduce their costs by approximately €12m. This program is intended to streamline the company’s operations in order to better position itself for future growth and profitability in Full Tilt Poker’s markets outside of the U.S.
If all of the required cost savings were to be achieved through redundancies, approximately 250 positions could be affected; however the exact number cannot be confirmed until the conclusion of a consultation process with its workforce.
Notwithstanding the foregoing, Pocket Kings firmly believes it has a very strong future in Full Tilt Poker’s Non-US Markets, and is fully committed to ensuring Full Tilt Poker restores the site and repay players in full. To this end, Full Tilt Poker has retained Sea Port Group Securities, LLC as its financial advisor with regard to raising capital and/or assisting in securing a strategic partner in order to fund continued operations of Full Tilt Poker's non-U.S. business. The Company is in active discussions with several parties and will provide a further statement in due course."
Might be something positive, at least for non US players.
News | U.S. Attorney Claims Full Till Poker a Ponzi Scheme; Lederer, Ferguson, & Furst Accused | Mobile PokerNews
Not for any reason like this, I was never put funds on full tilt interesting how its played out, I dont think its really over yet.
French Investors Consider Purchasing FTP | Subject: Poker
by this group with deep pockets
Groupe Partouche - Wikipédia
Hopefully the deal includes payment of players
Sure it will. 10c on the dollar!
:mad:
I think AJ might be a little optimistic.
You can safely say with affiliates and licensing and what the DOJ wants, easily 500m
For that money, an investor can buy a coal power plant or, sticking to gambling, this:
What 500 Million Gets You These Days In Vegas || VegasChatter
People with that kind of money are not stupid. Why would they risk it in this huge mess when they could just buy this, or a floating golf course...
Interview with Tom “durrrr” Dwan about FTP | Subject: Poker
photostatic copy
http://www.gamblingcontrol.org/userfiles/frontpage/FTP_statement.pdf
http://www.gamblingcontrol.org/userfiles/file/Determination%20Notice%20290911.pdf
ya just saw it too..GG full tilt!
FUCK!!! :mad::bs::mad::bs::-[:mad::bs:
Yup. I guess if a lawyer couldn't figure out a solution for me in about 10 minutes, it wouldn't be worth trying.
Someone should consider calling 911 and seeing what the police have to say. Hard to sell this to them as an emergency.
The United States Department of Justice - United States Attorney's Office
INSERT: Only good for the US?
The return of forfeited funds to victims of the alleged fraud may be possible, but will depend on several factors, including the successful conclusion of the litigation, the amount of funds seized and ordered forfeited by the court, and compliance with other procedures the Department of Justice may eventually establish regarding return of forfeited funds to victims who lost money as a result of the alleged fraudulent conduct.
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Maybe our grandkids will see it.
http://www.wgme.com/template/inews_wire/wires.national/20644279-www.wgme.com.shtml