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Alderney Suspends Ftp License


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I don't believe that Full Tilt could withstand the inevitable run on deposits that is sure to occur if they "open without a licence" as a 2+2 poster speculated.Much more likely is that the European operations of Full Tilt along with all trademarks will undoubtedly be sold to another site very quickly and the "new" Full Tilt will stay away from the U.S. probably for good. In time the Full Tilt name will vanish into the acquirer's current brand. They are basically buying traffic.Only PartyPoker and PokerStars have the reputation to stop a run on the bank by reopening Full Tilt.A sale of European operations will probably be an asset sale, so liabilities (such as U.S. deposits) are not on the table. Since the DOJ has made it clear that any buyer of Full Tilt is not welcome in the U.S., there is zero incentive for the new buyers of the Full Tilt assets to pay one dime to U.S. customers ... after all "THEY" did not screw the U.S. customers ... the former owners did.Look for a very quick sale of Full Tilt. One can only hope that it is Zygna that buys them because in that case there is a faint hope of money for U.S. players in time. I know it sounds a little cracked but Zygna has the cash and since it has been squeaky clean with respect to the DOJ, they can wait for the U.S. regulators to start issuing licences.The DOJ may well go down in history as killing the poker boom because all of this negative press impacts the entire industry, not just Full Tilt.So all of the other sites have better put away the Champagne because the black eye is looking collective at this point. Considering the other online poker sites in the indictment pipeline at the DOJ (you didn't really think this was it, did you?) this constant stream of bad news about poker is really bad long term IMHO.One thing that bears saying ... the rise and crash of Full Tilt would make one hell of a movie.

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Thought this might bring a little perspective on the Full Tilt situation.Remember "Bugsysclub", the online poker site? :club: PokerStars "bought" them and integrated their traffic into their site. Here is the farewell letter I got from Bugsysclub in March 2009. I think it is likely all Full Tilt players will be getting this sort of letter in the near future ...Dear Bugsy Club Player,Firstly, we would like to take this opportunity to thank you for yourcontinued support of the Bugsy's Club Poker Room. Since Bugsy's Club wasformed, our mission statement has always been that we will offer you 'TheBest Poker Games in Town' and that 'We will take care of you personally'.We are proud to say that these are goals we feel we have consistentlyexceeded, providing you with a great place to enjoy poker.Unfortunately, due to circumstances beyond our control with regards tobanking facilities, it is with regret that we have to announce it is nolonger viable for the Bugsy's Club Poker Room to continue our businessoperations. However, we are delighted to inform you that Bugsy's Club havereached an agreement with the world's largest online poker site,PokerStars.com, to allow all Bugsy's Club players with real money balancesto transfer their account balance over to the PokerStars site and for thosethat do not have a balance to establish an account and be eligible for anexciting promotion on PokerStars. In the next couple of days, you will becontacted by PokerStars with an exciting offer addressed at you, our playmoney Bugsy's Club players.Once again, we would like to thank you for supporting the Bugsy's ClubPoker Room, but we are confident that PokerStars will provide you with anexceptional level of service so you can continue to enjoy playing poker.PokerStars are a highly reputable poker site that is fully equipped to meetthe original mission statement set out by Bugsy's Club Poker Room. They aretrustworthy, quick to handle cashouts and offer an outstanding level ofcustomer support. In short, they fully deserve their reputation as the bestonline poker site around. We are delighted to have been able to make thesearrangements with them as we know we are leaving you in the best possiblehands.The management and staff of BugsysClub------------------------------------------------------Sounds sort of familiar :ts

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The irony of all this is that the doj may have been justified closing down FTP.Since funds were obviously not segregated, eventually they woulda collapsed anyway under the weight of insufficent funds and many more woulda got screwed.Its time for strict regulation on all aspects of online play.

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The irony of all this is that the doj may have been justified closing down FTP.Since funds were obviously not segregated, eventually they woulda collapsed anyway under the weight of insufficent funds and many more woulda got screwed.Its time for strict regulation on all aspects of online play.
Bad management seems to be the culprit. A really serious question is:"What about all the poker players that won WSOP packages for the Main Event through Full Tilt Poker?" :club: There are going to be a lot of really, really, really upset players in Las Vegas right now if it turns out they traveled on their own dime after winning a FTP Main Event entry only to find out that they are not entered :ts .
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http://www.subjectpoker.com/2011/06/full-tilt-looks-kgc/It looks like Tilt might be getting the stamp of approval from that bastion of integrity the Kahnawake Gaming Commission who of course were the "Gaming Commission" who licensed AP/UB.This makes perfect sense since if they're going to survive they need to get back operating and need some sort of gaming regulator for public consumption even if that regulation actually is meaningless.
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Anyone think my check will cash that I just got in the mail?
I assume that it's in Canadian dollars from a Canadian bank.If it is deposit it in your bank but don't touch the money even if your bank doesn't put a hold on it. Just because they aren't holding anything doesn't mean it's cleared. If it hasn't been returned after 2 weeks then there won't be a problem. If it hasn't been returned after 1 week chances are very very good that there isn't a problem.
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I assume that it's in Canadian dollars from a Canadian bank.If it is deposit it in your bank but don't touch the money even if your bank doesn't put a hold on it. Just because they aren't holding anything doesn't mean it's cleared. If it hasn't been returned after 2 weeks then there won't be a problem. If it hasn't been returned after 1 week chances are very very good that there isn't a problem.
Thanks, appreciate the response.
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It should mean no change for a Canadian playing at Stars. I posted the Isle of Man Gaming Commission's statement about Poker Stars and that they are in full compliance with their licensing requirements.
Be that as it may, I've just withdrawn 80% of my money from stars.
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I assume that it's in Canadian dollars from a Canadian bank.If it is deposit it in your bank but don't touch the money even if your bank doesn't put a hold on it. Just because they aren't holding anything doesn't mean it's cleared. If it hasn't been returned after 2 weeks then there won't be a problem. If it hasn't been returned after 1 week chances are very very good that there isn't a problem.
Alternately, get the cheque certified. It'll cost you $10-15, but allow you to confidently access the money immediately.
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Alternately, get the cheque certified. It'll cost you $10-15, but allow you to confidently access the money immediately.
You're paying too much.
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You're paying too much.
Hmm, I checked the websites for two of the banks I don't work for, and the fee is $15-20, if presented by the payee. Though some of the more expensive bank accounts include a couple freebies per year.I have never had a cheque certified before, but if I had a 4-5 figure cheque from FTP in my hands, I would strongly consider it...
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http://www.pokernews.com/news/2011/07/clas...poker-10645.htm
Class Action Complaint Filed Against Full Tilt PokerJuly 01 2011, Chad HollowayOn Thursday, June 30, 2011, a class action complaint was filed in the U.S. District Court South District of New York against Full Tilt Poker demanding the return of players’ funds and for subsequent damages, purported to be more than $150 million. The class-action complaint was brought by plaintiffs Steve Segal, Nick Hammer, Robin Hougdahl, and Todd Terry “on behalf of themselves and all other similarly situated.”The complaint names nine corporate entities/companies, 15 persons, and “John Does,” which leaves open the possibility of attaching other names at later dates. The companies named are largely those that comprise “Full Tilt,” while the names listed include Raymond Bitar and Nelson Burtnick; in addition, many members of Team Full Tilt are listed including Howard Lederer, Phil Ivey, Chris Ferguson, John Juanda, Jennifer Harman-Traniello, Phil Gordon, Erick Lindgren, Erik Seidel, Andy Bloch, Mike Matusow, Gus Hansen, Allen Cunningham, and Patrik Antonius.The complaint essentially uses the following boilerplate paragraph in naming each member of Team Full Tilt: “[Name] is an individual residing in the State of Nevada, and is a member of the Enterprise. At all of some relevant time(s), [Name] has been a shareholder and director of Full Tilt and/or one or more Full Tilt Companies. [Name], a professional poker player himself, is a member of Team Full Tilt and represents the Full Tilt brand in poker-related events all over the world, wearing clothing and accessories that bear the easily recognizable Full Tilt Poker patch.”According to the complaint, the Plaintiffs (Segal is a resident of New York; Hammer and Hougdahl of Minnesota; and Terry of New Jersey) “represent a nation-wide class of Full Tilt account holders residing in the United States . . . Plaintiffs bring suit to demand return of U.S. player funds and for damages . . . U.S. Players’ would never have suffered injury, but for the Defendants’ widespread scheme to commit wire fraud, bank fraud and money laundering in order to pad their own pockets.”Read more: http://www.pokernews.com/news/2011/07/clas...poker-10645.htm
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so pure speculation here-Is there enough value in FTP to cover all the liabilities and buy the company? We know about the $150million to US players- I would think they may be short of the funds required to pay European players as well. There is also the DOJ and the 1 billion they are looking for. So maybe a total of $1.2 billion of liability.Additionally, there is little chance of getting back into the US market. Even if it does become legal there seems to be a bias against pure online operators and a preference for brick and mortar companies. So to get back into the US FTP would at least need to partner with a B @ M operator and lose some profits there.Finally, there is the damage to the reputation that FTP suffered recently. Online poker companies operate in the shadows with shell companies and limited disclosure. The final item is trust. FTP would somehow have to establish that trust with players to keep the non-us players on the site. The upside? The brand is solid, with lots of Pro's representing it. The software is very advanced, things like Rush poker etc.Clearly we don't know all of the details- but it seems that this is a bigger investment then just the $150 million to the players. I would imagine any potential investor would want to have clarity on the DOJ civil suit at least.

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Some Tweets from Tony G.Bankruptcy from Full Tilt can't be out of the question but bankrupcy and players getting their money back aren't mutually exclusive.TonyGuogaTony GI am getting some very important news from FTP from inside the company and will give details here.TonyGuogaTony GFacts within has it that FTP is about to roll over this week, Irish lawyers now involved demanding Pocket Kings pay up or declare bankruptcyTonyGuogaTony GThe authorities and poker community should not allow the gang powered by Ray and Howard to get away with this fraud.

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http://www.subjectpoker.com/2011/07/agcc-in-talks-with-ftp/Aldernay Gaming Commission issued a new statement.http://www.gamblingcontrol.org/userfiles/f...%2020110703.pdfMedia ReleaseAlderney Gambling Control Commission (AGCC) is in discussions, all be at an early stage, with its licensees trading as Full Tilt Poker and a third party concerning the prospective refinancing of Full Tilt Poker.The objective of these discussions is to enable the site to re-open to its current and prospective players.Contrary to current reports circulating in the media, AGCC has not authorised any statement by legal counsel in this regard and has no knowledge of the comments attributed by the editor of Gambling City.net to a Mr. Werner Bers, of whom we are otherwise unaware, and disputes the correctness of his statement.All and any further authorised announcements on this matter will be found on the website of AGCC at www.gamblingcontrol.orgCorrespondence may be conducted via info@agcc.ggIssued by: André Wilsenach (Executive Director)Alderney Gambling Control CommissionAlderney,Channel IslandsDate issued: 3rd July 2011
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Some Tweets from Tony G.Bankruptcy from Full Tilt can't be out of the question but bankrupcy and players getting their money back aren't mutually exclusive.TonyGuogaTony GI am getting some very important news from FTP from inside the company and will give details here.TonyGuogaTony GFacts within has it that FTP is about to roll over this week, Irish lawyers now involved demanding Pocket Kings pay up or declare bankruptcyTonyGuogaTony GThe authorities and poker community should not allow the gang powered by Ray and Howard to get away with this fraud.
If this is even remotely true, LOL. I'm not privy to the business model but for a company like this to even be considering bankruptcy shows how poor it must have been run. Indeed poker players are bad at managing their BR - unfortunately for us - their BR has our money too.Additionally Ivey dropped the suit - Did he get paid? That the only thing I could see happening as to why he dropped the suit. The drama continues.
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agreed- Tony G is the least reliable source in poker. BK does make some sense if they can clear whatever civil liability they might have with the US government. But I would want to hear it from a better source the Tony G. before I believe it.

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