Hi all,

Here is a brief official update from Full Tilt.

Doug

 

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.

Seems like a step in the right direction. Thx for letting us know Doug.

 

Originally Posted by ApesAreFun

Seems like a step in the right direction. Thx for letting us know Doug.

+1

 

Originally Posted by ApesAreFun

Seems like a step in the right direction. Thx for letting us know Doug.

agreed. It doesn't get money back faster, but they seem downright embarrassed to have to release this statement. And no company wants to be in that position. It's definitely another step in the right direction though

 

Originally Posted by SusieQue

Be patient? Your kidding right? First of all they should have already had the money to pay us. Second this is the exact same BS statement they put out every week. Why any non US players would still play there is beyond me. If they have to raise capitol to pay us how confident are Non US players that they can even pay them??

I think you missed the nuance of their note.

 

We are raising capital to ensure that the US players are paid out in full as quickly as possible.

I read the statement to say that raising capital will let them payout sooner. Not raising capital would result in them paying us later.

 

Originally Posted by miamigreen

why isn't there anything regarding all the players that have withdrawals in limbo? I would be happy if at least thefunds would be back in my ftp account.

samsies

still a fuckin joke of an update.

 

Originally Posted by P0KERPR033

Another joke update. How do you guys honestly think this is a step in the right direction? Once again an update that says absolutely nothing. Great job full tilt. How can a company as big as full tilt handle a situation so poorly.

agree this is a joke BUT this update does say something. they come out and say they do not have the money to pay players. why any player would play on there is beyond me.

i would also like to know how much you moderators are getting paid to say that this is good news and a step in the right direction. that is the ONLY reason i can fathom anybody saying/thinking that.

 

Originally Posted by HoldThzNutz

agree this is a joke BUT this update does say something. they come out and say they do not have the money to pay players. why any player would play on there is beyond me.

Sounds like they were using the funds that players have deposited on some less than liquid situations and are now scrambling to make it back up. It's like a run on the bank except in this case, it's one huge fucking run that cannot be paid back immediately. So the stall is on...expect to see another message like this in two weeks. FWIW, I dig Full Tilt and I have the majority of my roll on there so I want to see it resolved. I'm just resigned to the fact that it might not be there either.

obv they had to make some sort of statement before wsop i hope all u top players give howard jesus ivey durr some shit if u see them there

 

Originally Posted by wackyJaxon

I guess I would rather Ray & Howard to update

FYP- seems pretty ridiculous to continue to refer to a generic account controlled by FTP mgmt as "Doug" when it's common knowledge that said employee left FTP a while ago.

And this update sucks. Since they're admitting to being short on cash, why not pay out whatever portion they can now while continuing to work on raising the rest??

Shipping 50% (or whatever amount they have) now would go along way in helping those of us who are stuck.

 

Originally Posted by Nole91

FYP- seems pretty ridiculous to continue to refer to a generic account controlled by FTP mgmt as "Doug" when it's common knowledge that said employee left FTP a while ago.

Agreed - Would be nicer if they posted, but don't see the owners of any site except Hero having someone with ownership making the posts on behalf of their sites on any of the major poker boards. I would rather see an update that even just says "we are working on it" than no update or presence on the boards at all. On the flip side, I do empathize with those that are fed-up that its 6 weeks after Black Friday and this is the best update they have.

 

Originally Posted by wickedfamous

They floated 60 million in funds as of January 2011, who knows how much more between that time and 04/15/11... Since they're eating the losses,

As of bf, we're the ones "eating the losses"

We are raising capital to ensure that the US players are paid out in full as quickly as possible.
How, are they going to make every tourny multi-entry?

 

Originally Posted by SusieQue

Be patient? Your kidding right? First of all they should have already had the money to pay us. Second this is the exact same BS statement they put out every week. Why any non US players would still play there is beyond me. If they have to raise capitol to pay us how confident are Non US players that they can even pay them??

They ARE paying us. Its 0 problems for non US-players to play there.

0 problems? I have made multiple withdrawals since 22 April and havn't seen a dime. Customer service I have received has been beyond bad over last few weeks but what else is new? They keep telling me I will be paid soon etc but 5 weeks and nothing.

 

Originally Posted by Daggle

...is there any way for mods to stop watering down threads...

FTP US Player Update 5/30

HOW MANY OTHER Norwegians are there posting in the FTP US Player Update 5/30 thread?

Im sorry, its just provoking when people make assumptions that are just plain wrong.

Are you serious Doug? I haven't even read this post yet, but all you can do at this time is relay what the heads are telling you to? And you put your entire post as a QUOTE? C'mon man.

 

Originally Posted by P0KERPR033

I guess you are right...at least they finally admitted they are having cash flow problems. I just can't believe how poorly they have handled this entire situation. When they come out with these updates I expect them to actually update us with something. I already knew about the cash-flow problems so this update didn't provide me with anything I didn't already know. I wish they would have been more up front with us about the problems from the start. A tentative time table would be nice and all the smaller things could be taken care of while they "raise capital" such as fpps for cash, players withdrawals back into their accounts, etc etc. None of this is being done. It's just poor business. Hats off to pokerstars though. They really showed how a business should be run. It's funny because I always felt safe with my money at stars and I never felt that way about full tilt. My father always told me I have great intuition and to always trust it. I had most of my money at stars and never felt comfortable keeping heaps at full tilt.

Great post.

Stars definitely showed the poker world how an online poker business should be run. I always felt they were the most innovative, and secure out of any of the poker sites I played on. You could always speak directly to a person at their company, and if they ever open back up to the US market, I am depositing there FIRST before some rival US company that may start up once legislation gets passed.

Let's also not forget who we should be mad at here. Not only Full tilt, but the lawmakers who tried to ban our game of fun skill/chance/(whatever the FUCK you want to call it) back in 2006, making all the things Full tilt had to do to allow US players to play, highly illegal. So while Full tilt was doing illegal things, so was the government by trying to eliminate competition in a market so clearly wanted by the public.

 

Originally Posted by ftpdoug

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.

Bout the only thing new in this update: Something that doesn't look like it was written by a fucking computer.