Alderney suspends Full Tilt's operating license

[kcfromhb]

I think Full Tilt's problem is pretty simple: you had a bunch of poker players trying to be businesmen. And they failed miserably. However, they were great marketers and I'm sure a lot of the funds vanished in marketing dollars. With all the money they had,they should have hired a world-class CFO to keep the books in check.

I think this hits it right on the ever lovin head. And if there had been legality for US players, Full Tilt would have been around till the year 3000. Put some stock options on top of that for some investors to jump on board like some of the Vegas casinos, and it would have been a highly profitable endeavor.

 

[gefishy]

See, at the end of the day, Full Tilt still had great software. I will probably jump back to them if/when they get back online but that doesn't mean I will deposit again.

If they want me to think about depositing, I would need to be sure their books were in check and it wouldn't hurt to see them under new ownership. Depositing with a site is kinda like investing. Know what you're buying into and what the risks are. The fact of the matter is, no matter how good you are at poker, you get nothing if the site fails. Hopefully we all learned at least that from this whole mess.

 

[absoluthamm]

See, at the end of the day, Full Tilt still had great software. I will probably jump back to them if/when they get back online but that doesn't mean I will deposit again.

If they want me to think about depositing, I would need to be sure their books were in check and it wouldn't hurt to see them under new ownership. Depositing with a site is kinda like investing. Know what you're buying into and what the risks are. The fact of the matter is, no matter how good you are at poker, you get nothing if the site fails. Hopefully we all learned at least that from this whole mess.

You couldn't anyway...you're from Wisconsin and their license situation has nothing to do with you playing there.

 

[cardriverx]

http://www.subjectpoker.com/2011/07/ftp-exclusive-negotiations/

 

[Poker Orifice]

http://www.subjectpoker.com/2011/07/ftp-exclusive-negotiations/

Sounds like some of TonyG's talk from awhile back was pretty much on the money (re: Phil Ivey).
(yah... I posted on here again, couldn't help myself).
tks for the link cardriverx!

 

[coolnout]

Full Tilt Poker Hearing
In a press release we received early Tuesday morning, the Alderney Gambling Control Commission announced that it would hold a public hearing regarding the future of Full Tilt Poker. The hearing will take place on July 26 at the Park Plaza Victoria Hotel in London.
full tilt poker's license was suspended in June by the AGCC after the company failed to satisfy the AGCC's concerns regarding its activities inside and outside the U.S. after Black Friday. The reason for the hearing is to "make public evidence from both AGCC and Full Tilt regarding the suspension of Full Tilt's license and to adjudicate the findings transparently."
“AGCC’s choice to hold a public hearing in to the future of Full Tilt Poker demonstrates our willingness to act transparently and we will welcome members of the public and the media. As ever at all times, our primary concern is the protection of the player," said André Wilsenach, executive director of AGCC.

 

[dj11]

Full Tilt Poker Hearing
In a press release we received early Tuesday morning, the Alderney Gambling Control Commission announced that it would hold a public hearing regarding the future of Full Tilt Poker. The hearing will take place on July 26 at the Park Plaza Victoria Hotel in London.
Full Tilt Poker's license was suspended in June by the AGCC after the company failed to satisfy the AGCC's concerns regarding its activities inside and outside the U.S. after Black Friday. The reason for the hearing is to "make public evidence from both AGCC and Full Tilt regarding the suspension of Full Tilt's license and to adjudicate the findings transparently."
“AGCC’s choice to hold a public hearing in to the future of Full Tilt Poker demonstrates our willingness to act transparently and we will welcome members of the public and the media. As ever at all times, our primary concern is the protection of the player," said André Wilsenach, executive director of AGCC.

Source please. Or alternatively, if you are part of the 'we' who received this notice, who are 'we'?

This was the original date AGCC set isn't it?

Transparency, wow! What a concept!

 

[coolnout]

Source please. Or alternatively, if you are part of the 'we' who received this notice, who are 'we'?

pokernews http://www.pokernews.com/news/2011/...lt-poker-hearing-wsop-live-coverage-10696.htm

Want to find out more about the AGCC? Head on over to GamblingControl.org.

 

[OzExorcist]

...huh.

AGCC releasing that makes it seem super unlikely that they're going to get their licence back before the hearing now, regardless of what happens with the new ownership situation.

 

[Pothole]

How would they just "pull out"? They would have to find buyers for their US assets so there wouldnt be any collapse, rather a shift in ownership.

If your talking about the flow of "Hot Money" then again why would they pull out? Hot money has no loyalty, it flows wherever investors can get a decent return for an acceptable level of risk. The only reason it flows into the US is because of the level of return given and the risk involved. So the fact that its there means there wouldnt be a sudden withdrawal, its not there by accident and would never be pulled out on a whim.

FWIW, you don't need buyers to depress a market. Emergency oil supplies were recently released, did anyone buy the oil? doubtfull, yet the price of crude dropped $6 a barrel in 2 days.

They don't need to actually "pull out" their investments. All they have to do is default on the 25% of American debt they own, a bit like a loan shark breaking your legs for not paying up, only in reverse. There's more than one way to skin a cat.

 

[rssurfer54]

Emergency oil supplies were recently released, did anyone buy the oil? doubtfull, yet the price of crude dropped $6 a barrel in 2 days.

LOLOLOL.

What's funny is that he's serious.

 

[NoWuckingFurries]

Emergency oil supplies were recently released, did anyone buy the oil? doubtfull

What's funny is that he's serious.

Wouldn't be much point releasing it if nobody was going to buy it, after all supply and demand needs buyers and sellers to function properly

 

[coolnout]

From @Alex_Dreyfus: "A source from a 'European regulatory body' tells me the hearing today will most likely be delayed, audit not finished."

 

[Stu_Ungar]

FWIW, you don't need buyers to depress a market. Emergency oil supplies were recently released, did anyone buy the oil? doubtfull, yet the price of crude dropped $6 a barrel in 2 days.

They don't need to actually "pull out" their investments. All they have to do is default on the 25% of American debt they own, a bit like a loan shark breaking your legs for not paying up, only in reverse. There's more than one way to skin a cat.

So you think Chinese businessmen would be prepared to loose their fortunes simply to devalue the dollar?

 

[coolnout]

http://www.subjectpoker.com/2011/07/ivey-benyamine/ FTP's financial relationship with two pros

I'd like to know how they got this data?

 

[ALL IN CLUBS]

looks fishy fishy

 

[Poker Orifice]

I want to be a 'red pro' (would even settle with bein' a Chinese businessman at this point)

 

[coolnout]

Mike Matusow is currently on Quadjacks radio going off on FTP.

"It's really surreal that this has happened."

He's calling Bitar a MF'er...

"Ivey working diligently to try and get something done. Phil is working hard to get investors."

Matusow "I go on the record and still believe everyone will be paid".

Negreanu "Negotiations are happening, but I wouldn't be comfortable buying FTP money right now"

Matusow said the Alderney hearing was the best thing to happen for FTP, but didn't elaborate.

Matusow is upset they haven't come to him and given him any information to tell people rather than this silence.

 

[coolnout]

He said he has to believe there has to be a deal done in the next week or two.

rofl he's telling negreanu he wants to jump ship to pokerstars.

matusow "this silence is really scary when the first rumors came out that they were having trouble paying people. that's the biggest bullsh@t in the world that they don't have the funds to pay people."

"it has only been 3 1/2 months nobody really needs to panic"

He said he believes they have to get FTP back up in the next 10-14 days. They can't go til the next hearing.

They've handled things awfully as far as PR, but they aren't criminals man

"You would be surprised what an ego Ray Bitar had"

 

[KerouacsDog]

CN, thanks for the info bud.

 

[Poker Orifice]

Somebody just please shoot Bitar & let them get on with it. Have Ivey & Dwan put up funds & call it PhilTiltPoker with DurrrRush tables.

 

[coolnout]

Quadjacks is replaying the entire broadcast now. It starts with Matt Savage vs Daniel Negreanu, then Matusow joins later. It's definitely worth checking out. It's nice to finally hear an ftp pro open up a bit. Also Negreanu and Matusow both seemed to regret being so candid after the show. Another reason to check it out.

 

[coolnout]

AGCC updated their statement. I'll take anything as a sign of hope, cuz there hasn't been much lately:

"The recent payment of overdue licence fees by FTP is also in players’ best interests since it allows commercial negotiations to take place that might result in a successful refinancing deal."

 

[mrmonkey]

Well, at least it sounds like the investors are still interested in purchasing. I didn't realize FTP hadn't paid their licensing fees... but it's not really surprising given the complete lack of any communication from current management.

 

[Cheese]

Somebody just please shoot Bitar & let them get on with it. Have Ivey & Dwan put up funds & call it PhilTiltPoker with DurrrRush tables.

They probably would if they weren't banned by their country lol

BTW the words phil tilt remind me of hellmuth not ivey