Colbefc
Legend
Silver Level
Just had an email from a poker site I use saying that full tilt poker has been bought out by a consortium and will be opening again later in the month
Stick66
Legend
Silver Level
Poker Orifice
FoolsTilt
Platinum Level
Things are looking good (better) but until I can log on to the site it is not a done deal imo.Just had an email from a poker site I use saying that Full Tilt Poker has been bought out by a consortium and will be opening again later in the month
G
genleemb
Rock Star
Silver Level
All 3 of these use the LA Times as their source ...
Basically its no new news since the LA Times story. I just did a quick search at the times and they have nothing new either.
OzExorcist
Broomcorn's uncle
Bronze Level
Unless something significant changes in the political landscape in the US you're probably right on the first point but probably wrong on the second one - if the company is bought out it almost certainly means that US players will be paid.
okeedokalee
Glory To Ukraine
Loyaler
Colbefc
Legend
Silver Level
Sorry I am not sure how to put a link in here but this is what the email says, by the way the email was sent to me by a rakeback site:
"It has been an awful eventful week for Full Tilt players. On Wednesday it looked bleak when the Alderney Gaming Commission removed Full Tilt Pokers license and shut the site down.
However since then Full Tilt has sold a majority interest of their company to a group of european investors. This Means FTP will be re-opening under new management some time in the next month"
"It has been an awful eventful week for Full Tilt players. On Wednesday it looked bleak when the Alderney Gaming Commission removed Full Tilt Pokers license and shut the site down.
However since then Full Tilt has sold a majority interest of their company to a group of european investors. This Means FTP will be re-opening under new management some time in the next month"
Ronaldadio
Legend
Silver Level
I would guess that if this was the case, the reason would be to stop any kind of ripple effect in the industry - one site goes down people will become very cautious
M
MIGO14
Enthusiast
Silver Level
If the deal will be done and they will reopen again, I guess they will pay out US players.
Otherwise no one will trust them again and all other players will try to withdraw their money which will then be the definite end for the site.
Otherwise no one will trust them again and all other players will try to withdraw their money which will then be the definite end for the site.
regd87
Rock Star
Silver Level
pokerstars is more legit imo.
dj11
Legend
Silver Level
Nothing I have seen here suggests there is or ever will be any compelling reason for any new incarnation of FT to pay back Americans. The situation is so obfuscated with innuendos, corruption and shell companies that I do expect years of finger pointing till no one gives a shit anymore.
From our POV (we the players) we loved the software. Many here think it is unsurpassed. If we ever see that software again, it will not say FullTilt on the table, and really it doesn't need to. The name is sullied now.
There was/is little if any value left in the FullTilt name, but huge potential with the software. Their patent for RUSH poker alone could have solved their problem if they would have licensed it out.
I will guess we won't ever even know who it is that bought in. Another shell company layer of more obfuscation and confusion, IMHO.
And ohhh how I hope I am wrong.
From our POV (we the players) we loved the software. Many here think it is unsurpassed. If we ever see that software again, it will not say FullTilt on the table, and really it doesn't need to. The name is sullied now.
There was/is little if any value left in the FullTilt name, but huge potential with the software. Their patent for RUSH poker alone could have solved their problem if they would have licensed it out.
I will guess we won't ever even know who it is that bought in. Another shell company layer of more obfuscation and confusion, IMHO.
And ohhh how I hope I am wrong.
F4STFORW4RD
Visionary
Silver Level
The problem with the current situation is that people are allowing their strong emotions over the fact that FT still owe them money to cloud their judgement. I am fairly confident that FT will be back, it will still be called Full Tilt and it will emerge as a much stronger company in many ways than it was before.
Yes FT have $50 of my money but I am mainly a recreational player and really $50 is neither here nor there to me, whereas I appreciate that a lot of your guys will have significant sums there. I am not too bothered whether my $50 comes back to me or not, as long as I can continue to participate in things like Iron Man, Challenges, Poker Academy, Fantasy WSOP and using software which is infinitely better than the cruddy iPoker thing that I am using at the moment.
At least I don't have a government stopping me from participating in online poker, so it's not all bad news for me.
I
illium4
Rising Star
Bronze Level
What is FTP's secured status?
This is what the AGCC say about their licensees and secured players funds:
"AGCC requires its licensees to adhere to strict prudential ratios in order to ensure that assets exceed liabilities and cash exceeds player liabilities. AGCC also advises its licensees to inform players of the separate protection status of the player fund deposits in the casino, within three categories:
“Not segregated” – this means that the operator has not segregated player funds from the company’s own funds. Player funds are therefore at risk in the event of a business failure.
“Segregated” – this means that the player funds are held in one or more accounts separate from the business’s own funds and that the interest of the players in the account/s is noted in the title of the account. This may provide protection in the event of a business failure.
“Segregated and protected” – this means that the player funds have been segregated and the Commission has been given reasonable assurance that the segregation is likely to be effective in protecting the player funds in the event of a business failure.
The player is able to see the relevant status on each casino licensed in Alderney. "
It looks like the regulator has stepped in to try and secure any available funds for player cashouts. This may have been triggered by FTPs inability to cashout US players since April. That's the regulators job, at least they came down on the side of players.
The international ramifications are horrendous. Who has first access on any available funds? The US goverment? they appear to want billions. US players? $150M looks like it could satisfy them. The rest of us (World-US)? are we last in line? does anyone care? What about the rake taken between 15th Apr and 29th Jun? surely this is Non-US money and should be reserved as such?
I might be wrong but I can't see anyone buying out this mess. European investers?
what would they be buying? a whole heap of trouble.
FTP pros might be worried about US players but I'd be looking out for some irate Russians
This is what the AGCC say about their licensees and secured players funds:
"AGCC requires its licensees to adhere to strict prudential ratios in order to ensure that assets exceed liabilities and cash exceeds player liabilities. AGCC also advises its licensees to inform players of the separate protection status of the player fund deposits in the casino, within three categories:
“Not segregated” – this means that the operator has not segregated player funds from the company’s own funds. Player funds are therefore at risk in the event of a business failure.
“Segregated” – this means that the player funds are held in one or more accounts separate from the business’s own funds and that the interest of the players in the account/s is noted in the title of the account. This may provide protection in the event of a business failure.
“Segregated and protected” – this means that the player funds have been segregated and the Commission has been given reasonable assurance that the segregation is likely to be effective in protecting the player funds in the event of a business failure.
The player is able to see the relevant status on each casino licensed in Alderney. "
It looks like the regulator has stepped in to try and secure any available funds for player cashouts. This may have been triggered by FTPs inability to cashout US players since April. That's the regulators job, at least they came down on the side of players.
The international ramifications are horrendous. Who has first access on any available funds? The US goverment? they appear to want billions. US players? $150M looks like it could satisfy them. The rest of us (World-US)? are we last in line? does anyone care? What about the rake taken between 15th Apr and 29th Jun? surely this is Non-US money and should be reserved as such?
I might be wrong but I can't see anyone buying out this mess. European investers?
what would they be buying? a whole heap of trouble.
FTP pros might be worried about US players but I'd be looking out for some irate Russians