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Full Tilt Poker Gives Reasons For Continuing Debt

Full Tilt Releases Statement In Attempt To Answer Important Questions

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Furious former Full Tilt Poker players will have some reading to do today as according to Forbes, the site has released a statement to answer why it has not yet paid back its players. The site blames various circumstances and scenarios for why it has not yet returned funds but also talks about its current search for outside investors and future hopes.

The statement reads, “As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday.

“The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S. banks. While we believed that offering peer-to-peer online poker did not violate any federal laws—a belief supported by many solid and well-reasoned legal opinions — the DOJ took a different view. In addition, as was widely reported, a key payment processor stole approximately $42M from Full Tilt Poker. Until April 15th, Full Tilt Poker had always covered these losses so that no player was ever affected. Finally, during late 2010 and early 2011, Full Tilt Poker experienced unprecedented issues with some of its third-party processors that greatly contributed to its financial problems. While the company was on its way to addressing the problems caused by these processors, Full Tilt Poker never anticipated that the DOJ would proceed as it did by seizing our global domain name and shutting down the site worldwide.

“Over the last four months, Full Tilt Poker has been actively exploring opportunities with outside investors in order to stabilize the company and pay back our players. At least six of those groups, including hedge funds, operators of other internet businesses and individual investors, have visited Dublin to inspect the operation. We have recently engaged an additional financial advisor through an investment banking group to assist us in our search for an infusion of cash as well as a new management team to restore the site and repay players. While any deal of this nature is necessarily complex given the current regulatory environment, our players should know that Full Tilt Poker is fully committed to paying them back in full and restoring confidence in our operations.”

The latest statement was not time or date stamped but according to Forbes was issued on Tuesday. It was not signed and did not offer any contact details.

 
 
 
 

Comments

Staphylococcus
almost 9 years ago

Let me just get this out of the way before someone inevitably posts this. "Howard Lederer and his cronies should be sent to jail!..." blah, blah, blah.

I will summarize each sentence of Full Tilt's "statement".

S1: We failed because of bad timing.
S2: The govt seized our funds because of some "law" that they wrote.
S3: It's the DOJ's fault.
S4: It's one of our key processor's fault.
S5: It's our other processors' fault.
S6: We were not prepared.

S7: We are trying to get $ to cover the fact that we weren't prepared.
S8: These $ sources are looking at our company.
S9: We need $ and new management.
S10: We will give back the $ if we get $.

Seems like a lot of blaming of everyone except themselves.

 
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TandG21
almost 9 years ago

What a joke
Why was it no one could help me out when I was complaining to FTP
That ther so called processor was doublediping from my account.
You were right on STAPHYLOCOCCUS
They all should go to jail

 
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VoiceOfReason
almost 9 years ago

So glad that I only played with free money here (from pokerstrategy), I just knew something wasn't right with a site that had such stupid avatars with the changing expressions ...

 
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brum747
almost 9 years ago

wow what a bunch of lame excuses money doesnt just dissapear it gets spent its not like it was play money and accidentally got erased it was liquid asset somewhere somehow they say they didnt know this would happen its funny how phil helmeuth and annie duke left UB before shoot hit the fan im pretty sure they knew ahead of time

 
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TandG21
almost 9 years ago

Brum747 you hit that one on the head.
No one can't tell me they didn't know what was coming
Must be nice when they play with sponsor money and don't give
a dam.

 
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Cardplayer911
almost 9 years ago

Although I am for on-line poker, what FTP has done here is a perfect example of why there needs to be some sort of regulation to protect the players. In most businesses where money is held in trust, those funds should be available at any time to pay-out to your client. If FTP was robbed by their processors before the government crackdown in April 2011, the players should have been made aware that their funds were compromised. It is clear to me that such news would have caused mass panic/withdrawals by the players and the lack of funds on-hand to pay-out would have been exposed. Instead, Black Friday happened and the bottom-line is that FTP did and still does not have the money to pay their players or to protect their reputation and brand like Pokerstars did. I don't think it is simplifying the case to say that FTP is seeking investors to make-up the difference that was created by the pseudo-Ponzi scheme that has caused the deficit in player funds. Even if FTP was victimized by processors and blind-sided by the Feds, they chose to do business with the bad processors and now they should take responsibility. What is the value of such a brand?

 
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takedown
almost 9 years ago

When the petition I was running on sighon.org reached 200 signatures, i emailed it to The White House. Of course I got no response. I plan to resend it each time I get 100 more signatures.

I see alot of people blaming the sites but the government is the real culprit here and President Obama needs to be held accountable for a DOJ that's out of control. The link is below and you can make comments with your signature.

http://signon.org/sign/president-obama-stop?source=c.fwd.in&r_by=161170

 
Reply
 

takedown
almost 9 years ago

When the petition I was running on sighon.org reached 200 signatures, i emailed it to The White House. Of course I got no response. I plan to resend it each time I get 100 more signatures.

I see alot of people blaming the sites but the government is the real culprit here and President Obama needs to be held accountable for a DOJ that's out of control. The link is below and you can make comments with your signature.

http://signon.org/sign/president-obama-stop?source=c.fwd.in&r_by=161170

 
Reply
 

VoiceOfReason
almost 9 years ago

Did you honestly expect a response from a petition with just 200 signatures? What % of your population is that?
Unless you get over at least a million signatures then I wouldn't waste your time, or indeed anybody elses.

 
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lpenwell
almost 9 years ago

The players' money wasn't held on account in any fund or bank. It was spent to sponser every swinging d#&^k at a poker table for the last 7 years. How many 10K buy-ins for all of the nobodies with their names in red do you think they threw around?? Giving 200 "poker pros" a freeroll for every tournament in exchange for wearing a patch and a hat is the reason there is no money to pay back to the players.

 
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