'Black Friday' and associated fallout megathread

[vanquish]

oh sweet they have a fancy new error screen that comes up when you click on "withdrawal" on FTP now


THANKS ASSBAGS

 

[vanquish]

 

[pokerman27]

So UB/AP bankrupt...you think FTP and Stars will go the same way?

 

[vanquish]

So UB/Absolute Poker bankrupt...you think FTP and Stars will go the same way?

no way FTP/Stars go bankrupt

 

[The Dark Side]

Some progress has been made I suppose.

An update for US players:

We are continuing to work on facilitating the withdrawal of US Player funds. It remains our top priority, and we do apologize for the delay.

I can announce that starting next week:
All T$ will be converted to real money on a 1:1 basis.
All Tournament Tickets will be converted to real money on a 1:1 basis.
All Ring Game Tickets will be converted to real money based on the current value of the ticket. This includes any tickets that have expired since April 15th, even if they no longer show in your ticket balance.
All pending Take 2 payments will be paid out. If you qualified for 3-6 days you will get $5, if you qualified for 7 or more days you will get $25.
All pending rakeback/Cash Back payments will be completed.
Any FTOPS Satellite Challenge winners will be paid.
All store purchases made after April 15th will be reversed. This includes the Iron Man store and the FTP store.
All uncleared portions of purchased bonuses will be refunded in the currency they were purchased.
All unused Iron Man freeroll tickets will be exchanged for medals at the same rate one would get if they went to the "Ticket Exchange" on the Iron Man page.
All April Iron Man medals will be paid out as if you played the entire month at the same rate as the first 15 days (so if you played 10 of the first 15 days of April, that will count as playing 20 days at that level). If you played all 15 days you will also get 15 medals for the One-A-Day promotion.
All Iron Man medals will then be converted to FTPs at a rate of 50 FTPs per medal, which is the top conversion rate in the Iron Man store.
All Full Tilt Poker Academy credits will be converted to FTPs at a rate of 1 FTP per credit.
I still don't have an announcement about what will happen to FTPs, but we are working on it.

We expect to have a further update next week. Again, I apologize for the length of time this process is taking.

 

[JOEBOB69]

Meaning of what FT Doug said is, sorry we did not keep your money separated like Stars did but were doing a lot of prom's tring to incourage alot of our European players to put money on the site with alot of bull shit promises.

 

[Pascal-lf]

Meaning of what FT Doug said is, sorry we did not keep your money separated like Stars did but were doing a lot of prom's tring to incourage alot of our European players to put money on the site with alot of bull shit promises.

Meh, can't imagine it's that easy for FTP to change their infrastructure for dealing with American payments, but I definitely don't think they'll be struggling for money - they are a huge company and earn hundreds of thousands in rake every day.

 

[absoluthamm]

Even though they are taking a long time, I agree with Pascal, it has to be really difficult and they have to be thorough, not only to make sure that they aren't screwing the US players, but also that they aren't screwing themselves or the remaining non-US players.

I can say that I'm really happy to see that they are converting IM Medals and FTP Academy Points though. I was curious about the medals because I have a ton of them, but I completely forgot about the FTP Academy, which I also have a ton of points in as well, so that might be pretty beneficial as well, depending on how they plan to convert FTPs over into $$$.

 

[OzExorcist]

Meaning of what FT Doug said is, sorry we did not keep your money separated like Stars did but were doing a lot of prom's tring to incourage alot of our European players to put money on the site with alot of bull shit promises.

Reading between the lines of FTDoug's responses the impression I get is that Full Tilt is sending absolutely everything through their lawyers and that's no doubt slowing things up.

 

[xdeucesx]

So i spent all my pts on Black Friday, but it specifically says purchases made after Black Friday will be returned...

I posed my Question on 2+2 but guess I'll have to see what happens

 

[ChuckTs]

Same. Unless they're freezing the whole store I don't see how it would affect non-US players though (does it?).

 

[absoluthamm]

Another article about possible legislation: "If [poker regulation] doesn't happen this year. . .[unlikely] until after the 2012 election" says one expert

 

[Charade You Are]

Another article about possible legislation: "If [poker regulation] doesn't happen this year. . .[unlikely] until after the 2012 election" says one expert

From the article:
Conservative Republicans in the Senate have been able block votes that would advance the proposal, and the panelists feared they would be further emboldened by the effect of the indictments, even though the key accusations were that online companies misrepresented what was being paid for online and defrauded banks.
“It gives the antis (those opposed to Internet gambling) something to hang their hat on,” Tenner said. “They can look at UIGEA (the Unlawful Internet Gambling Enforcement Act) and say, ‘It works.’

Never underestimate the power of those who think they know what's good for you to spin everything to suit themselves.

 

[onemorechance]

Jesus seeing people trying to flog their Cereus money for .20 on the dollar, brutal

 

[vanquish]

i bet its +EV to buy @ 20c on the dollar, but i am too scared to do it

 

[WVHillbilly]

I wouldn't buy UB/AP at .20 on the dollar.

 

[vanquish]

if you had a bankroll of 2 mil, how much would you buy 100k AP/UB money for?

 

[Oil_Fan]

if you had a bankroll of 2 mil, how much would you buy 100k Absolute Poker/UB money for?

You wouldn't need that much of a bankroll to make the gamble on UB money. I'd only buy it for 1 cent on the dollar. So we're talking about a grand on the risk of turning it into 100k. Let's face it, if they're laying off 95% of their staff, there is no way they come back. They've never know how to properly run a online poker room. Security?? What's that????

Now me, I did get my $7 from poker stars!!

 

[vanquish]

You wouldn't need that much of a bankroll to make the gamble on UB money. I'd only buy it for 1 cent on the dollar. So we're talking about a grand on the risk of turning it into 100k. Let's face it, if they're laying off 95% of their staff, there is no way they come back. They've never know how to properly run a online poker room. Security?? What's that????

Now me, I did get my $7 from Poker Stars!!

yeah ok but in order to buy it for 1 cent on the dollar, you need people selling it for 1 cent on the dollar. you don't have that right now, but you do have people selling for 20 cents on the dollar. i'm saying the latter might be +EV.

 

[OzExorcist]

UB/AP are claiming they're not bankrupt, they're just "restructuring":

http://www.pokernews.com/news/2011/...ent-restructuring-ub-absolute-poker-10343.htm

 

[WVHillbilly]

I wouldn't buy $100K in AP/UB $$ for anything anyone would take. Honestly history is not on your side if you have $$s in a site that goes under. Americans MIGHT get their $$s if the DoJ eventually releases the funds they confiscated directly to the players. But since it's unknown how much AP/UB money they have I wouldn't even count on that.

 

[absoluthamm]

I'm amazed. I just logged onto UB just to see how many people were on, and there are still people at the 20000/10000/5000HUNL tables. Granted, no one is playing until down at 1000NL, but still.

 

[vanquish]

I'm amazed. I just logged onto UB just to see how many people were on, and there are still people at the 20000/10000/5000HUNL tables. Granted, no one is playing until down at 1000NL, but still.

yeah i mean like, i don't think everyone's money is just going to disappear



then again, maybe it does, guess that's why a lot of people avoided it in the first place

 

[WVHillbilly]

I'm amazed. I just logged onto UB just to see how many people were on, and there are still people at the 20000/10000/5000HUNL tables. Granted, no one is playing until down at 1000NL, but still.

Why not play? It's just a video game now.

 

[onemorechance]

I'm amazed. I just logged onto UB just to see how many people were on, and there are still people at the 20000/10000/5000HUNL tables. Granted, no one is playing until down at 1000NL, but still.

Why not play? It's just a video game now.

exactly, a lot of people are just blowing their rolls