Pokerstars Buys Full Tilt Poker - Deal Complete!

cardriverx

cardriverx

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I don't understand. Why can't PS pay back FTP US players like they did their own PS US players? That would everything so much easier.
 
Debi

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Hi folks -
A lot of people are asking about the date which is used to establish whether you're a "U.S." or "Rest of World" player, for the purposes of from whom you get your money.

We have officially confirmed that that date is June 29th, 2011. Reports that the date is April 14th, 2011 are incorrect. If your Full Tilt account had an address in the U.S. or U.S. Territories as of June 29th, you are considered to be a U.S. player.

Best regards,
Lee Jones
 
Tom1559

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Great news. I had around $300 on FT so very nice little bonus. Weee Heeee.
 
vegasjj

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FROM DOJ Release; said:
Under the terms of the settlement with PokerStars, the company agreed to forfeit $547 Million to the U.S. and to reimburse the approximately $184 million owed by Full Tilt to foreign players, in order to fully resolve the allegations in the complaint.

and
Under the terms of the settlement with Full Tilt, U.S. victims of the company’s alleged fraud will be able to seek compensation from the Department of Justice (“DOJ”). The funds that will be used to compensate qualifying victims will come from the $547 million that will be forfeited by PokerStars as part of its settlement with the Government.

DiamondFlush; said:
US players with account balances outstanding, will be compensated separately. U.S. victims of the offenses allegedly committed by the FTP companies or other members of the FTP group as put forth in the amended civil complaint, shall have the opportunity to file a petition for remission with the U.S. Department of Justice, Asset Forfeiture Money Laundering Service (AFMLS), taking into regard the PokerStars forfeited funds, to seek compensation for their losses. The value of the remission applications is expected to be approximately $ 150 million. For clarity of compensation purposes, US players and “rest of world” players shall be categorized based on their verified and approved locations on the Full Tilt site as of June 29, 2011.

US ATTORNEY; said:
By March 31, 2011, two weeks before the initial complaint in this action was unsealed, Full Tilt Poker owed approximately $390 million to players around the world, including approximately $160 million to players in the United States.

hmmm ... so who is making money from on line poker? :icon_scra
 
Debi

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I don't know when I will spend my $2k from FTP - but I have decided on what!
 
PattyR

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bout time they finally announced this
 
D

doomasiggy

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and






hmmm ... so who is making money from on line poker? :icon_scra

lol, only just noticed this. The US Government reminds me a little of the wise guy s from the Godfather 2:

DOJ: I don't want it all... I just wanna wet my beak a little.
 
alaskabill

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I think pokerstars is straight up gonna cash you out, i dont think the government is taking care of the payouts. but i could be wrong

At last!! PokerStars buys Full Tilt Poker and we will get our money back - you can all be happy now!

Full Tilt will be forfeiting all assets to the US government who will then in turn transfer some of those assets to Pokerstars. Pokerstars wil refund money to non US players within 90 days. US players will be refunded separately by the US government.

Learn to read before posting IMO.


Yeah I have never understood why Merge and Revolution could allow US players but Pokerstars can't.

Because Merge and Revolution are so small that the DOJ has ignored them. Its no more legal (in the eyes of the DOJ) for them than it was for Stars and Tilt but Merge isn't advertising in prime time on NBC and sponsoring TV shows.
 
WVHillbilly

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Because Merge and Revolution are so small that the DOJ has ignored them. Its no more legal (in the eyes of the DOJ) for them than it was for Stars and Tilt but Merge isn't advertising in prime time on NBC and sponsoring TV shows.
Well that and, I hope at least, Merge / Revolution / bodog haven't brought a bank to launder their funds.
 
alaskabill

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Well that and, I hope at least, Merge / Revolution / Bodog haven't brought a bank to launder their funds.

Yeah, I almost forgot about that. I have to admit, that was a ballsy move.

"What, no banks will take our wire transfers? **** it let's just buy a bank. Take the funds out of petty cash. Bump the rake a little. Can't let something like this get in the way."
 
suit2please

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Good news I guess.

But DOJ paying out, lol. Not expecting my $40.02 anytime this year. Glad I didn't have much on there.
 
ckingriches

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1) Payouts from the government - a bit of a pain, or maybe a big pain, we'll see. But maybe I'll see my 2k within a few months.

2) Not being able to play at either PS or FT for the foreseeable future - that sux big time if you ask me. I would rather forfeit my money and be allowed to play on those sites. :(
 
suit2please

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Technically based on what is in the DOJ's press release they could allow US players to play since there is no US law anywhere making it illegal. Also based on the DOJ's previous statement that the Wire Act does not relate to poker and the UIGEA having nothing in it saying what unlawful internet gambling is, deposits should also be allowed. But try telling that to the DOJ, Banks, or legit payment processors.

*Hopefully all the US players with large FTP balances were claiming their winnings on their taxes....
 
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seqas

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I was awake and saw the news as soon as it broke! They were nice enough to ait until I got back from the tanning bed to announce it.

haha thats good hearing!
StgoW.gif
:biggrin: glad you got to announce it :p

best news for long time :)
 
dj11

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Anyone else wonder how the **** the DOJ can mandate how a non US company is to deal with the ROW?
 
suit2please

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Anyone else wonder how the **** the DOJ can mandate how a non US company is to deal with the ROW?

Well dropping charges against both companies for one, but the real question is how the DOJ can make up / interpret laws to begin with.... Legislatures make the laws, the courts interpret those laws, the DOJ is just supposed to enforce those laws.
 
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Big_Rudy

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Anyone else wonder how the **** the DOJ can mandate how a non US company is to deal with the ROW?

Well, for starters, they've got the big stick of ever allowing them back in the US market or not.
 
Pothole

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Well dropping charges against both companies for one, but the real question is how the DOJ can make up / interpret laws to begin with.... Legislatures make the laws, the courts interpret those laws, the DOJ is just supposed to enforce those laws.

Didn't you know? The US DOJ think they OWN the law, & the planet.:rolleyes:
 
Charade You Are

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Well dropping charges against both companies for one, but the real question is how the DOJ can make up / interpret laws to begin with.... Legislatures make the laws, the courts interpret those laws, the DOJ is just supposed to enforce those laws.

THIS DOJ has been making up laws this whole administration and bringing suit against states for wanting to uphold laws they won't.

The big winner here is the DOJ with $547M plus the $300M they seized from payment processors - the small amount that US players will get back.
 
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