Full Tilt Poker cliffz courtesy of Harry Demetriou:
"Here's a synopsis of a few extra things and details of which I am confident about being true (Please bare in mind that things lose a little in transalation sometimes when passed on from one person to another)
This will be my final offering on this subject as I am due to embark on a very long overseas trip shortly.
The original first deal (MB) that arose after 15 April was essentially for UK customers and a few other countries too but with no obligation for solving any of the US mess. As such it was rejected by FTP board as any deal had to involve the US players getting money back.
Then followed three more serious potential investors one of whom was brought in by Phil Ivey. Phil Ivey was going to receive a significant kick back if he could convince the owners and board to accept his investors deal/offer but when it was considered it was found to be the worst of the three and as such was rejected.
Ivey then went into prima donna mode sulked and issued litigation against Full Tilt effectively ****ing them over with this action as he seriously believed that Poker Stars
would pay him millions a year and so wanted his freedom "To pursue other interests."
Specifically because of this lawsuit the other two serious potential buyers pulled out and this in effect sealed FTPís fate to one of more or less inevitable death.
SA then appears from nowhere as the anonymous investor and seems to have good intentions but asks for exclusivity and for Phil Ivey to withdraw the lawsuit (The only bit I am not 100% sure about now is whether Phil Ivey brought this guy in too and whether he gets 10% of the company if it succeeds). However it does not take very long before he starts to dither and stall which drags matters out somewhat. The deadline approaches and is extended and then eventually expires without a deal being signed.
My personal belief and that of others within and close to the company are now that this guy was never serious in the first place and could easily have been planted there by Poker Stars or another rival or Ivey himself to drag things out to ensure the companies death or to ensure it can be obtained for next to nothing as there is obviously a time decay to how much FTP is progressively worth.
Several high level executives have now resigned/been forced to leave and FTP realize how stupid they were to agree to exclusivity in negotiations as it has cost them 2+ months of wasted time. Confidentiality is OK but exclusivity was just totally unwarranted and not merited
Things are now very desperate with the owners and the board now preparing for action by The DoJ in the USA
Owners like Howard Lederer and Chris Ferguson are beginning to feel serious pressure with regard to imminent legal actions against them personally as well as against the various companies under the FTP banner.
The only real offer that would have saved everyone and would have got players their money back was from JB and he was one of the persons who withdrew due to Phil Ivey's tantrum lawsuit and he is not interested in returning as his reputation means everything to him and he doesnít want to take the risk of promising the return of all player funds only to subsequently fail in that promise.
Unfortunately the way things stand at present FTP are not really addressing the specific problems they need to address in order to get back up and running. If they donít do that soon, and I doubt they will, they will die a complete death and I think its now almost inevitable that this will happen as they are beyond salvation as they really are not focusing on the right areas to facilitate a recovery.
If they do want salvation, however, I am more than happy to assist and point them in the right direction as I know people who may yet be able to help them survive but its still only a slim hope as I fear they have left things too late.
Before finally closing and getting flamed by the usual suspects I will end with a few plus points for FTP as they are genuinely trying to sort this mess out which they are overwhelmingly and predominantly responsible for creating.
Since Black Friday:
No Dividends have been paid to any owners
No Players have been paid or had tournament entries paid
(doesnít mean they didnít promise to pay at a subsequent date if they recover as they do have contracts of sorts with various individuals and players)
FTP are giving the company away to anyone who will deposit $300 Million as requested by Alderney to guarantee all player refunds but will need another $50 million+ on top to keep operating once reopening.
Shareholders will receive nothing from the sale of FTP
Ray Bitar accepts responsibility for his actions and will remove himself at the appropriate time if and when an investor is found
An agreement of sorts although not yet finalised has been reached with The DoJ for their fine which would piss off rivals if it were made public. It is understandably less than previous fines elsewhere as the company simly cant afford it or new investors donít want to be liable for and is a compromise to permit the continued existence of FTP. (Argue the merits fo this elsewhere).
There has been monumental in housing fighting amongst the various shareholders within the company.
FTP only want to do a deal that ensures all players worldwide get their money back."