31 Aug 11
PokerStrategy.com Receives New Full Tilt Poker Statement
Full Tilt Poker have released a statement. In it, they comment on the latest financial issues surrounding the company.
"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."
#2
andreimgs, 31 Aug 11 07:14
So... nothing new#3
Janth88, 31 Aug 11 07:17
SO GOOD#4
DusanStanar, 31 Aug 11 07:39
At least it doesn't say: "Bye, bye 2 u all and c u in the next life!"There's still some hope...
#5
Abhorrence, 31 Aug 11 07:41
I feel kind of bad for FTP to be honest. They got screwed over really hard.#6
RazDirk, 31 Aug 11 08:03
#5 +1#7
Tim64, 31 Aug 11 08:08
Nice to have a statement that isn't just full of platitudes and recognises the hole they're in.#8
MojaDunja, 31 Aug 11 08:08
i dont know about you guys, but i think FTP is manipulating with players. every month same news about some new investitors. im sick of this#9
Tim64, 31 Aug 11 08:26
#8, what is the benefit to FTP 'manipulating' players?#10
Cpwpoker, 31 Aug 11 08:29
The next AGCC meeting will the same as the previous one. They won't be able to say anything and they will try to get more delay until an investors really come to light instead of making them losing time to bankrupt.Ftp is missing us a lot but we can't really do anything.FTP was the most inrresponsible poker provider by stupidly mixed company and player asset.
#11
JHTAN, 31 Aug 11 08:41
I WANT MY MONEY BACK!!!!#12
Aruniux, 31 Aug 11 08:46
fak your 3$ we want FTP back!!!#13
ProlinePoker, 31 Aug 11 09:25
As I said in a previous news, what seemed to be a step forward is actually 2 steps behind.I'd rather they STFU and came only to the public when something really happened...
#14
tofu22, 31 Aug 11 09:33
i don't care anymore, they can have my 250$.#15
BOBOsvk, 31 Aug 11 09:59
good news as always :D#16
eteris, 31 Aug 11 10:13
it's really getting old with this crap. why it's called "news" if there is nothing new?#17
Heffron89, 31 Aug 11 10:28
So I guess this is it for the money, they have nothing they keep laying "new investors" ye right.. noone want to invest in this shit, even if they do come online everyone would want to cashout#18
kiromanAAKK, 31 Aug 11 10:38
But guys be realistics, who want invest in a business where u know that instead to make oprofit you must pay an amount of money out straight as you get in?Common guys .... commune sense!
#19
gordy1957, 31 Aug 11 10:46
6 people looked and decided not to invest.I wonder why?#20
lessthanthreee, 31 Aug 11 10:53
@19thats not what the statement said.
#21
Zuttasoxx, 31 Aug 11 10:55
@18 In all business you need to invest money to make money. + with full tilt they prob could earn the money back in like 2 years. So after 2 years they own the company and it's profit from there on#22
matel17, 31 Aug 11 10:59
Man I hate circles.#23
mikrobz, 31 Aug 11 11:15
I think that usa faked all it up..those bastards never enough of money..#24
biogas, 31 Aug 11 11:20
Looks like FTP decided to go on a attack. Despite saying we're sorry we wasted ur money, now they claim that it was stolen from them. But because they were running so good, they couldnt be bothered until black friday. Nice move, but sounds too bluffy.#25
tammyccc, 31 Aug 11 11:53
look lad,s be real even you get your bank roll back would you on take your money an run i know for sure i will an anybody with half a brain would do the same.#26
lennyCro, 31 Aug 11 12:36
#12 +1#27
Luupainaja, 31 Aug 11 13:01
yeah, #12 +1 soft was too good compared to other sites. And if FTP opens, i expect them to offer some bonuses to keep players.But i've learned one thing. As a SNG player i wont keep 100 or 200 BI on the poker site anymore. Instead, i'll make an separate bank account to keep eg 70 BI there and only 30 BI on poker site. And when on a downswing, i can easily deposit from my separate account.
#28
PokerPirate1, 31 Aug 11 13:56
@#27 Yeah, you are 100% right, but the prolem is that a lot of players (including me) realized that too late :/#29
AaronLambert, 31 Aug 11 14:02
sigh I feel like I have read the same statement about 20 times now#30
Jackalof, 31 Aug 11 14:07
I want my cents back!#31
aleceiffel, 31 Aug 11 14:35
In terms of chances of seeing any money back I'd go for :Chino > Full Tilt
#32
BigOVERBET, 31 Aug 11 15:11
cmon tilt....#33
muel294, 31 Aug 11 16:38
I think there is still hope! Yeah this sucks but I think what is key here is that FTP can convince new investors that the entire player base wont just cashout and leave.I think this is why there have been a few failed bids.
A new investor will have to stump up large sums of capital to ensure all players have their funds returned. Also they have no assurance that players wont just up and leave, leaving them witout a business.
Maybe this is something 2+2 and PS.com and other poker communities such as the PPA can promote towards FTP? There is already a thread on our forums that can illustrate that a lot of player would be back there in a heartbeat
#34
yegg, 31 Aug 11 18:18
wtf US gvt "seized" our bankrolls and FT is not even an american company..#35
britace80, 31 Aug 11 19:20
i for 1 will b leaving my bank roll in and still play at fulltilt,its light years ahead of the rest with there software#36
candylarue, 31 Aug 11 19:46
Payment provider just stole money FullTilt stole from all of us. Action flop after action flop to create more rake. No poker site has a purely legitimate RNG. It's all rigged by what switch they associate to your account.#37
muel294, 31 Aug 11 20:51
@36 rigtard / troll, cant decide.on a side note, surely rush is a USP for potential investors as well
#38
Guthans, 31 Aug 11 22:28
#18Think, they buy the company far below market value, invest to pay the debts and boom +/- 0. They'll do this if they see themselves going out winning in a couple of years.
#39
Heffron89, 31 Aug 11 23:26
#38 if that was the case this would be resolved long time ago.#40
Heffron89, 31 Aug 11 23:28
#33 more than the half of the player base on ftp was american, they can no longer play. FTP have to compete with all other rooms.#41
One12ver, 01 Sep 11 03:20
Nice. They are telling us that they need to find someone with money to give them or we don´t get our money back and even with a investor this is not 100%. Also I missed the news of when they were loosing money and the "Payment prossesor" took 42m$ dollars from them."In addition, as was widely reported,"
#42
PocketAcesJohn, 01 Sep 11 08:52
Some comment on there current finance would of been good! I mean they've been shut for 2 months! Whats there weekly expenses atm like? :/#43
3tilley, 01 Sep 11 10:08
#42 given that their staff were told to cler their desks and a lot of their management have apparently been fired/ are under inditement I'd guess its pretty minimal. Also any full tilt pro with a significant amount on the site is probably being driven md with worry and working the streets to earn cash to stabilise the site.#44
trinityjmac, 02 Sep 11 12:03
man i just liked the vegas skyline table???/ i miss tht#45
MikeAK47, 17 Sep 11 17:30
FULL SHIT POKER WILL BE BACK SHORTLY AFTER THE 18TH SEPTEMBER!MARK MY WORDS!
#46
Skraggy, 20 Sep 11 14:27
marked your words and it's now the 20th...