To our customers:
We acknowledge that our lack of communication reflects poorly on us, and rightfully so. We have been too optimistic in estimating how long it would take to sort through the issues we have faced since Black Friday. And as frustrating as the delays have been for us, we recognize that it cannot compare to the frustration you have been feeling.
We further recognize that our lack of communication has led to much speculation and many unsubstantiated rumors, which have often been contradictory. With this message, we hope to clear up as much confusion as we can, while at the same time keeping in mind the constraints imposed on us as a result of the cases brought in the Southern District of New York.
The most pressing questions:
1. When will the US players be paid?
We still do not have a specific timeframe for this. There has been, and remains, no bigger priority than getting US players paid as soon as possible, and we have been working around the clock to get this done.
2. Is FTP bankrupt?
No. FTP's worldwide business is healthy and, although we've had some short-term challenges, it is operating as normal.
From: http://www.gamblingcontrol.org/userf...2020110516.pdf
"The AGCC’s investigation into the affairs of it licensee Vantage Limited, trading as Full Tilt.com, is ongoing; initial investigations indicate no reason to believe that player fund transactions are fundamentally threatened by any consequence of the US authorities' actions. Delays caused by these actions are in the process of resolution, with normal service now being restored for non-US players. We understand that progress in respect of US player fund repatriation is anticipated and will be the subject of a separate statement from Full Tilt in due course. The Commission will remain engaged in this process."
3. What is the company doing to speed up payouts to the US players?
We are raising capital to ensure that the US players are paid out in full as quickly as possible.
It is important to remember that Full Tilt Poker has always paid out our players, even in the face of previous legal obstacles or factors not in our control, such as payment processor defaults and prior actions by the US government which resulted in US player funds being seized.
In all of these previous instances, Full Tilt Poker has covered these losses and intends to do the same again.
4. Why are the Full Tilt Pros remaining silent?
It is not their choice. But they are constrained by the pending legal actions.
As a final note, we understand -- and have always understood -- the effect that our brief statements have had not only on our customers, but also on our reputation. It has not been easy to stay silent and watch the damage being done to our company brand and personal reputations, but we need to be mindful of the complicated and serious legal issues raised in the pending cases.
We acknowledge that our lack of communication reflects poorly on us, and rightfully so. We have been too optimistic in estimating how long it would take to sort through the issues we have faced since Black Friday. And as frustrating as the delays have been for us, we recognize that it cannot compare to the frustration you have been feeling.
We further recognize that our lack of communication has led to much speculation and many unsubstantiated rumors, which have often been contradictory. With this message, we hope to clear up as much confusion as we can, while at the same time keeping in mind the constraints imposed on us as a result of the cases brought in the Southern District of New York.
The most pressing questions:
1. When will the US players be paid?
We still do not have a specific timeframe for this. There has been, and remains, no bigger priority than getting US players paid as soon as possible, and we have been working around the clock to get this done.
2. Is FTP bankrupt?
No. FTP's worldwide business is healthy and, although we've had some short-term challenges, it is operating as normal.
From: http://www.gamblingcontrol.org/userf...2020110516.pdf
"The AGCC’s investigation into the affairs of it licensee Vantage Limited, trading as Full Tilt.com, is ongoing; initial investigations indicate no reason to believe that player fund transactions are fundamentally threatened by any consequence of the US authorities' actions. Delays caused by these actions are in the process of resolution, with normal service now being restored for non-US players. We understand that progress in respect of US player fund repatriation is anticipated and will be the subject of a separate statement from Full Tilt in due course. The Commission will remain engaged in this process."
3. What is the company doing to speed up payouts to the US players?
We are raising capital to ensure that the US players are paid out in full as quickly as possible.
It is important to remember that Full Tilt Poker has always paid out our players, even in the face of previous legal obstacles or factors not in our control, such as payment processor defaults and prior actions by the US government which resulted in US player funds being seized.
In all of these previous instances, Full Tilt Poker has covered these losses and intends to do the same again.
4. Why are the Full Tilt Pros remaining silent?
It is not their choice. But they are constrained by the pending legal actions.
As a final note, we understand -- and have always understood -- the effect that our brief statements have had not only on our customers, but also on our reputation. It has not been easy to stay silent and watch the damage being done to our company brand and personal reputations, but we need to be mindful of the complicated and serious legal issues raised in the pending cases.
Again, still think we will get paid, maybe some time in 2012 is probably about right. I heard a rumor that they were trying to shop part of the company around, but I don't see any potential investor wanting to do anything with the current operations, given the damage sustained from this fiasco. However, buying out the company with the intent of rebranding and leveraging the good things like the software and patents they have on Rush poker, may be an interesting option for somebody with deep pockets to consider.
2BA
2 comments:
"We are raising capital to ensure that the US players are paid out in full as quickly as possible."
That's the whole story right there, and it confirms what most of us have been saying for weeks: This is far more than a merely procedural or legal obstacle to paying out the U.S. players. Full tilt in point of fact does not have sufficient funds to pay out the U.S. players, and they need to go somewhere to try to find the funds.
Disgusting.
Their client is by far the best. I would think that someone would value that enough to help them raise capital.
Aren't there several sites that use Party Poker's client? If FTP could market their software alone, I would think they could make a killing.
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