Alderney suspends Full Tilt's operating license

[RamdeeBen]

I deposited yesterday, nice....

Sigh.

No offense intended when I say this, but you have been around for a while to know about what's been going on with full tilt etc, why you would even CONSIDER it at this stage is well beyond me so I can't actually feel anything in terms of sympathy apart from I can't believe the stupidity of depositing now or since black friday.

Never understood why ANYONE would EVER deposit money during the times at full tilt poker at the minute. As soon as they got indicted I would never of deposited there until everything was sorted out.

Why people wouldn't just go deposit at stars or any other site is beyond me, yet many still continued to deposit at full tilt after knowing what happened. So weird..

 

[beardyian]

I cant help but wonder why people like Dwan keep on about someone taking over or buying FTP? - who would go within a million miles of a company that obv is facing many thousands of people wanting money via their own accounts (which would need instant investment to cover i presume) as well as court cases claiming more money (Ivey, Gowen etc)

 

[benevg]

I cant help but wonder why people like Dwan keep on about someone taking over or buying FTP? - who would go within a million miles of a company that obv is facing many thousands of people wanting money via their own accounts (which would need instant investment to cover i presume) as well as court cases claiming more money (Ivey, Gowen etc)

i seriously hope someone does. that would mean people have a chance of getting their money back. it may not be a very sensible business decision, but i would not judge whoever made it, rather bless him

 

[OzExorcist]

I cant help but wonder why people like Dwan keep on about someone taking over or buying FTP? - who would go within a million miles of a company that obv is facing many thousands of people wanting money via their own accounts (which would need instant investment to cover i presume) as well as court cases claiming more money (Ivey, Gowen etc)

Someone who can see the big picture.

As a company they've still got fantastic brand recognition in a market that's show it's prepared to forget completely about last week's ****-ups as long as the action is good this week (*cough UB cough*). They've got a huge database of players and significant assets in terms of their software, (pending) patents on things like Rush poker and their roster of signed pros.

Obviously it'd depend just how bad the books were, exactly how badly they're in trouble with the Alderney regulators and how willing people like Ivey would be to drop their lawsuit (the Gowen case would be almost a non-event compared to all the other problems they have) but I think if you cut off the head of the existing management structure, install some competent people and make a bunch of business practice changes there's still a very profitable company there to be had and maybe now it could be had cheaper than ever before.

 

[benevg]

... and their roster of signed pros.

i actually agree with everything you said, except for this. most red names on there do not seem particularly deserving. if they cut that list by half (or more), surely their expenses will drop and their profits - not so much.

 

[benevg]

in fact, if together with the "head of the existing management structure" they change a lot of the weird practices, like the needlessly complicated rakeback/bonus system while keeping the positives (weekly rb in your account), that would make quite a lot of people reconsider and forgive past errors, i am certain.

 

[redmist2169]

this is marvellous

just deposited a few days ago, to start once more playing online, feel like a T**t, I guess I wil not get my money back!!!!!!! Can not even log on so I gess that is a sure bet.......
I really know how to pick my sites!!!!!.....thanks for the memories FTP....which were only a few sit and go's plus one tournament....lol

 

[Aldito]

Sigh.

No offense intended when I say this, but you have been around for a while to know about what's been going on with full tilt etc, why you would even CONSIDER it at this stage is well beyond me so I can't actually feel anything in terms of sympathy apart from I can't believe the stupidity of depositing now or since black friday.

Never understood why ANYONE would EVER deposit money during the times at full tilt poker at the minute. As soon as they got indicted I would never of deposited there until everything was sorted out.

Why people wouldn't just go deposit at stars or any other site is beyond me, yet many still continued to deposit at full tilt after knowing what happened. So weird..

Lol, this. Anyone who left large sums of money, let alone (re)deposited significant amounts on to FTP since black friday is bonkers tbh

 

[redmist2169]

black Friday

Never heard of it, do not play poker that much, do not read magazines or get to know the latest poker news, but hey ho....did not deposit that much....in fact only twenty five pounds....but still would not like to lose it.....guess would have been better informed if I had all the magazines or were looking at forums,....but it aint in large print anywhere either....not usual internet news....did not see it on virgin media anyway....lol

 

[MIGO14]

Reading in forums or magazines wouldn´t have helped you in this matter.

 

[arahel_jazz]

Someone who can see the big picture.

As a company they've still got fantastic brand recognition in a market that's show it's prepared to forget completely about last week's ****-ups as long as the action is good this week (*cough UB cough*). They've got a huge database of players and significant assets in terms of their software, (pending) patents on things like Rush poker and their roster of signed pros.

Obviously it'd depend just how bad the books were, exactly how badly they're in trouble with the Alderney regulators and how willing people like Ivey would be to drop their lawsuit (the Gowen case would be almost a non-event compared to all the other problems they have) but I think if you cut off the head of the existing management structure, install some competent people and make a bunch of business practice changes there's still a very profitable company there to be had and maybe now it could be had cheaper than ever before.

This ^^

Keep in mind also that in addition to branding, you have significant Intellectual Property in the software design. The software and interface are probably the most valuable components of Full Tilt, and it will survive any mis-management on the financial/legal issues. Heck, you could even re-brand it if you want.

It's like buying a private plane - You don't buy the airframe/engine as they are typically very old and have to be reworked anyway. You buy the instrument panel/radios. They are the heart and soul of an airplane. Just like the software is the heart and soul of Full Tilt.

 

[absoluthamm]

Exactly. Tilt could be turned around if the management was shaken up. Also, as far as paying out players, likely what would happen if someone like Binion bought it up, they would probably make a type of deal like some venture capitalists make, they put up the money that there needs to pay for what the company needs and then they will get x% on every $1 that is made by the company until they get back say 50% of their investment, and then they continue on as a normal significant shareholder. Because the first thing that would need to happen is that they would need to pay out all of the players, if they don't do that, then I do think the brand is screwed forever. But if they paid it out, they would make that money back because players would trust them, and be confident that the new management is doing their job and not going to screw up again.

Although, I have a feeling an investor like Binion will only get involved if there is more of a promising light in the face of US regulation... Not being able to hit up the millions of US poker players, granted they aren't the majority in the world, wouldbe a loss of potential $$$'s

 

[Pillshark]

Has anybody seen or heard of any statements being released by any of the Fulltilt bosses/owners regarding the current situation?

 

[WVHillbilly]

No.

 

[absoluthamm]

lol

 

[F4STFORW4RD]

Love the fact that PS put out a statement about it before FT did. Still waiting for some sort of communication from FT to their customers...

 

[absoluthamm]

Love the fact that PS put out a statement about it before FT did. Still waiting for some sort of communication from FT to their customers...

That's kind of to be expected though. PS didn't have to sort anything out and figure out a solution before they released their statement.

 

[F4STFORW4RD]

It's not unreasonable to expect to hear something from FT within the first two days, even if it's only "Apologies, and we are trying to find a solution"

 

[absoluthamm]

It's not unreasonable to expect to hear something from FT within the first two days, even if it's only "Apologies, and we are trying to find a solution"

Oh I agree with that completely, but it hasn't been 2 days yet

 

[fletchdad]

I have a BR at tilt that will hurt to not get back. This is unnerving news indeed.

Well it looks like I will have to hurry up and wait.....................

 

[given68]

Actually kicking myself in the butt over this - just last week i was thinking of getting my small remaining BR off and into instadebit and of course didnt and have for now missed out on that chance - DAMN

 

[Dorkus Malorkus]

Oh I agree with that completely, but it hasn't been 2 days yet

Spoiler

you still won't have heard anything from them by the time 2 days has passed

 

[tcummo]

here's the reply I got from FT support

Hi,

As you have heard, the Alderney Gaming Control Commission (AGCC) has suspended Full Tilt Poker?s license with immediate effect, subject to a formal hearing late July.

Full Tilt is in ongoing discussions with the AGCC with the aim of rectifying the situation as soon as possible, therefore re-enabling real money play on the site.

Unfortunately, until this is resolved Full Tilt Poker is unable to facilitate any play, and this includes deposits and withdrawals.

Full Tilt Poker are deeply sorry for this inconvenience and will update you as and when there is further information available.

Thanks,

Sandra
Full Tilt Poker Support

just have to wait and see what happens on the 26th july
i'm having withdrawal symptoms
all the other software graphics in other rooms
seem crap after playing on FT.

 

[botebum]

Exactly. Tilt could be turned around if the management was shaken up. Also, as far as paying out players, likely what would happen if someone like Binion bought it up, they would probably make a type of deal like some venture capitalists make, they put up the money that there needs to pay for what the company needs and then they will get x% on every $1 that is made by the company until they get back say 50% of their investment, and then they continue on as a normal significant shareholder. Because the first thing that would need to happen is that they would need to pay out all of the players, if they don't do that, then I do think the brand is screwed forever. But if they paid it out, they would make that money back because players would trust them, and be confident that the new management is doing their job and not going to screw up again.

Although, I have a feeling an investor like Binion will only get involved if there is more of a promising light in the face of US regulation... Not being able to hit up the millions of US poker players, granted they aren't the majority in the world, wouldbe a loss of potential $$$'s

+1 Well said.
Now let's see if it happens.
I hate it for the guys that still had money in. I pulled out in Feb. because of bills and am still looking for a safe spot on a site with decent software.
Any ideas on Feltstars?

Doug

 

[Poker Orifice]

Sigh.

No offense intended when I say this, but you have been around for a while to know about what's been going on with full tilt etc, why you would even CONSIDER it at this stage is well beyond me so I can't actually feel anything in terms of sympathy apart from I can't believe the stupidity of depositing now or since black friday.

Never understood why ANYONE would EVER deposit money during the times at full tilt poker at the minute. As soon as they got indicted I would never of deposited there until everything was sorted out. < but you continued to play on Pokerstars....No? Isn't it 'investing money' every single time you enter a game? (sng/mtt). Did you withdrawl all funds on Stars after B.F.?

Why people wouldn't just go deposit at stars or any other site is beyond me, yet many still continued to deposit at full tilt after knowing what happened. So weird..

Because the other sites SUCK BIG TIME by comparison perhaps??
Because would one figure that Howard, Jesus, Bloch et al, will just abandon ship.. say 'fk it' to a co. that was rakin' $1mil/day? So they can just take their money & run,..... & then just never play poker again in their lives??? Or do you think they'd even want to go back to trying to grind for a living? (after making money hand over fist with FTP). I think one could easily assume that they will (or 'were') trying to salvage the business.

...& Jokerstars doesn't have the wsop Fantasy Contest ..... & it's 'rigged'.. obv.