Full Tilt Poker Sold to French Investors

[Arjonius]

This seems like a hopeful sign, but I don't expect to see my money any time soon since I'd have to guess that satisfying the various conditions won't exactly happen overnight. That said, I'm not surprised to see a potential buyer emerge since I have the impression FTP was a pretty profitable operation and can be again, especially if it can get back into the US market.

 

[tcummo]

they hope to get up and running in january (if all goes well)
watch out for a big advertising campaign at christmas, with
massive bonus offers.
heres hoping, fingers crossed.

 

[Extreme Fishing]

Fingers x'd but i just hope we get our money back!

 

[dwbrown7680]

I fully believe that before the group would have even considered purchasing FTP they would have talked with the DoJ first. They wouldn't go into the matter with no hope of anything happening for them to make money. Of course there are still many more negotiations that will need to occur but this is a good sign for sure. As far as them not wanting to put up the $300m or so, who in their right mind would? If they can get DoJ to release any of the seized funds that's a big plus in their book, and them wanting such to happen doesn't have any negative connotations on the deal in my opinion.

I imagine around January the site will open back up for withdrawals, with it being fully open to non-US by May or so. Who knows when us precious Americans will get to play there again. But man will I be happy to get my money at the very least.

 

[okeedokalee]

from pokerstrategy.com

PokerStrategy.com has been asked by the community on numerous occasions for advice as to what can be done regarding "lost" account balances at full tilt poker for those members that find themselves in this regrettable and unenviable position.

While it is true that aggrieved players undoubtedly have various rights of action against Full Tilt and that, during the weeks immediately following Black Friday, certain groups of players joined together to bring class action lawsuits against Full Tilt, the outlook is becoming increasingly bleak as more details about Full Tilt Poker's financial woes come to the surface.

Although it might feel like the exact opposite of what you should be doing, the best advice we can offer any player affected by Full Tilt's apparent demise, in the current circumstances, is to sit and wait while the US Department of Justice's legal claims run their course.

Our reasons for why we consider the best course of action at this time to be no action are:

1) It is becoming increasingly apparent that Full Tilt’s financial liabilities massively outweigh the cash that may be available to it, including those sums frozen by the DoJ – as such, the DoJ should be given the opportunity to grow the size of the pot by attempting to recover additional sums from Full Tilt’s directors and shareholders, as appropriate;

2) Commencing any form of legal action is likely to be expensive and, in the long run, worsen your financial position with a very slim possibility of recovering even a proportion of any money owed to you. It is almost certain that you would not be able to recover anywhere near 100% of your legal costs;

3) For now, you will not compromise your claim through inaction;

4) The DoJ has released a statement confirming that it is working to recover as much money as possible to be able to repay those affected players, you can read the DoJ's statement here; and

5) At the time of writing, PokerStrategy.com has received an exclusive statement from Full Tilt Poker to confirm that it has signed an acquisition agreement with French investors Group Bernard Tapie which, although conditional upon the new owners being able to resolve outstanding issues with the DoJ, will ensure that all Full Tilt Poker players are repaid in full once the deal has completed.

 

[fletchdad]

from pokerstrategy.com

PokerStrategy.com has been asked by the community on numerous occasions for advice as to what can be done regarding "lost" account balances at Full Tilt Poker for those members that find themselves in this regrettable and unenviable position.

While it is true that aggrieved players undoubtedly have various rights of action against Full Tilt and that, during the weeks immediately following Black Friday, certain groups of players joined together to bring class action lawsuits against Full Tilt, the outlook is becoming increasingly bleak as more details about Full Tilt Poker's financial woes come to the surface.

Although it might feel like the exact opposite of what you should be doing, the best advice we can offer any player affected by Full Tilt's apparent demise, in the current circumstances, is to sit and wait while the US Department of Justice's legal claims run their course.

Our reasons for why we consider the best course of action at this time to be no action are:

1) It is becoming increasingly apparent that Full Tilt’s financial liabilities massively outweigh the cash that may be available to it, including those sums frozen by the DoJ – as such, the DoJ should be given the opportunity to grow the size of the pot by attempting to recover additional sums from Full Tilt’s directors and shareholders, as appropriate;

2) Commencing any form of legal action is likely to be expensive and, in the long run, worsen your financial position with a very slim possibility of recovering even a proportion of any money owed to you. It is almost certain that you would not be able to recover anywhere near 100% of your legal costs;

3) For now, you will not compromise your claim through inaction;

4) The DoJ has released a statement confirming that it is working to recover as much money as possible to be able to repay those affected players, you can read the DoJ's statement here; and

5) At the time of writing, PokerStrategy.com has received an exclusive statement from Full Tilt Poker to confirm that it has signed an acquisition agreement with French investors Group Bernard Tapie which, although conditional upon the new owners being able to resolve outstanding issues with the DoJ, will ensure that all Full Tilt Poker players are repaid in full once the deal has completed.

#5.... Let it happen. Get my moneez and FT goes back up. The only thing better is if they re pay with interest.

(Hey, why not, as long as I am dreaming)

 

[KerouacsDog]

lol fletch.
previous poster, thanks for posting that.

 

[okeedokalee]

Here is something else which smells bad for the perps that robbed us:


Catherine Focas / Fedele Mendicino | 12.10.2011 | 2:04 p.m.

More than 18 million dollars were seized by the courts of Geneva on September 26 as part of online poker games, learned this morning the Tribune de Genève. Geneva accounts of ten suspects living in the United States are now examined. These organizers or founders of the famous sites Full Tilt Poker, pokerstars and Absolute Poker. Dario Zanni, the prosecutor in charge of the investigation confirm our information. It does not exclude that there are other funds related to online poker in other Swiss banks.

Recall that for several months the FBI and the Attorney of New York are investigating the organizers of these online poker games including the famous Chris "Jesus" Ferguson-looking cowboy. According to U.S. law enforcement, it would not be a game but a Ponzi scheme to Ponzi or Madoff. According to the complaint, the leaders have conned players into believing that the funds they deposited in the online game were safe and always available. While just money latecomers allowed to pay first.

The survey in the United States for a possible bank fraud and illegal activities related to money laundering. Is not known how many online poker players in switzerland. There would be two million in france.

 

[Samango]

Here is something else which smells bad for the perps that robbed us:


Catherine Focas / Fedele Mendicino | 12.10.2011 | 2:04 p.m.

More than 18 million dollars were seized by the courts of Geneva on September 26 as part of online poker games, learned this morning the Tribune de Genève. Geneva accounts of ten suspects living in the United States are now examined. These organizers or founders of the famous sites Full Tilt Poker, Pokerstars and Absolute Poker. Dario Zanni, the prosecutor in charge of the investigation confirm our information. It does not exclude that there are other funds related to online poker in other Swiss banks.

Recall that for several months the FBI and the Attorney of New York are investigating the organizers of these online poker games including the famous Chris "Jesus" Ferguson-looking cowboy. According to U.S. law enforcement, it would not be a game but a Ponzi scheme to Ponzi or Madoff. According to the complaint, the leaders have conned players into believing that the funds they deposited in the online game were safe and always available. While just money latecomers allowed to pay first.

The survey in the United States for a possible bank fraud and illegal activities related to money laundering. Is not known how many online poker players in Switzerland. There would be two million in France.

I hope this has been translated or these are the worst journalists ever. Most of these sentences...aren't sentences!

The best bit has to be 'Chris "Jesus" Ferguson-looking cowboy' lolol

 

[isaac]

I'm not overly bothered about getting my money back, but I am very much looking forward to Full Tilt being back online again...

100% agree

 

[okeedokalee]

Yep, translated. Geneva Tribune...

Catherine Focas / Fedele Mendicino | 12.10.2011 | 2:04 p.m.

 

[ziggymom]

I would like to see FT just open there doors again and let us U.S. players play on the site , never know what will happen to the money that we left in there and that is sad as they can take that money themself and us it any way they want to but would be nice to see a check come to the door one of these days

 

[X__Gandalf__X]

I think it's unlikely I'll ever see my money. Luckily I was down to $40. I feel sorry for those who stand to lose thousands. Note to self - never maintain a high balance in any poker account. Why run the risk?

 

[F4STFORW4RD]

I would like to see FT just open there doors again and let us U.S. players play on the site

Dream on!

 

[ziggymom]

Dream on!

Dam right I'll keep dreaming because one of these days it just might happen .

 

[woody19]

hurry up fulltilt and reopen, i am getting bored of all the other sites lmao

 

[evildoesit2003]

I miss it too, hell I left my cowgirl hat there and I want it back, also some bucks.

 

[WVHillbilly]

I think it's unlikely I'll ever see my money. Luckily I was down to $40. I feel sorry for those who stand to lose thousands. Note to self - never maintain a high balance in any poker account. Why run the risk?

Mostly because to play at any sort of decent stakes you need to have a decent BR available to work with??? I mean it's not like people just kept thousands online because they were too lazy to pull it off. I get so sick of people with no BRs who have no clue what they're talking about with regard to the way the pre BF world worked.

 

[cardriverx]

Mostly because to play at any sort of decent stakes you need to have a decent BR available to work with??? I mean it's not like people just kept thousands online because they were too lazy to pull it off. I get so sick of people with no BRs who have no clue what they're talking about with regard to the way the pre BF world worked.

well to be fair. One could've kept let's say $5k in their bank account and $100 on their poker account, but their BR would be $5,100. If the player went busto they would reload to $100, so at any point one player could only lose $100 if the site went down.

While I don't think people thought this was necessary pre-bf (I certainly didnt (1.4k on FTP)) I believe this is what will happen when more sites come back to US eventually (or at least, that's what I'll do).

 

[WVHillbilly]

well to be fair. One could've kept let's say $5k in their bank account and $100 on their poker account, but their BR would be $5,100. If the player went busto they would reload to $100, so at any point one player could only lose $100 if the site went down.

While I don't think people thought this was necessary pre-bf (I certainly didnt (1.4k on FTP)) I believe this is what will happen when more sites come back to US eventually (or at least, that's what I'll do).

Not really since depositing was such a pain in the ass. Also most online players played more than 1 table (I played up to 16) and we like to always top up and we like to have an extra BI in case the table fish stacks us, and ...

No way to play 100nl with $100 online. Try again.

 

[tcummo]

Why not open a separate bank account for your poker bankroll ?
Then you could deposit whatever you wanted, to cover what you want to play, on whatever sites you play on.
When you win , withdraw it to your bank account.
As far as I know, when you deposit the funds are instantly available
to play with.
I haven't deposited anything for over two years now,
and when I withdraw, it takes about 4/5 days and its in my bank account.
This way you dont keep any meaningfull amounts online and
you get interest on your BR from the bank.
I use a debit card for transactions and have never had any probs.

 

[OzExorcist]

Sorry, but WVHillbilly has it right.

If you're a micro stakes player then maintaining a tiny bankroll on-site is feasible (if you're prepared to keep depositing over and over, and eating the associated processing fees). But once you reach a certain point there's really no way to avoid keeping 4+ figures on the site. Regular withdrawls of amounts above what you need to play can minimise the risk but you still need a big chunk available on the site.

The other point is that with proper regulation and a stable legislative environment this should become less and less of a problem because there will be less uncertainty, better oversight to keep shady operators out, and none of the problems with processors being shut down.

 

[tcummo]

I am only micro stakes essentially, highest I've played
is $20 sng, but mostly $2 / $5 sng.
As far as I'm aware I've never paid any processing fee's.
What I mean is use a time period
ie. 1 month
keep enough in to cover yourself for your particular stakes.
After a month ,withdraw any profits to a separate bank account
and just keep what you need online.

 

[WVHillbilly]

I am only micro stakes essentially, highest I've played
is $20 sng, but mostly $2 / $5 sng.
As far as I'm aware I've never paid any processing fee's.
What I mean is use a time period
ie. 1 month
keep enough in to cover yourself for your particular stakes.
After a month ,withdraw any profits to a separate bank account
and just keep what you need online.

I understand what you're saying but there were just lots of complications to doing that. Max check withdrawals of $2500. Limits on how frequently you could withdrawal. Increasing difficulty in depositing. Need to build online roll to move up in stakes. Pretty much we were at the mercy of the sites and government. In the end they both ****ed us.

I had just shy of $7K on FTP on BF. And I was fortunate it wasn't more since I had done a max withdrawal that went through just a few weeks before. It sucks and I've pretty much mentally written it off but I just get sick of people who have no clue telling me how I should have done this or that when I know it just wasn't practical to do what they're suggesting.

 

[baudib1]

You just have to keep most of the bankroll online, if you keep withdrawing and depositing you end up paying rake and vig, which is just insane.

I mean, if it's 90% of your net worth, I can see it being pretty risky, but beyond that, keeping your bankroll online is the thing to do.