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Chris Ferguson’s Secret FTP Bank Accounts and Threats to GBT Deal

January 25, 2012 - 9:03 PM EDT

From at least April of 2007, Chris Ferguson funnelled just under $60 million of his Full Tilt distribution payments into bank accounts held for him in the name of Pocket Kings Ltd, in addition to the roughly $25 million that the US Department of Justice reported that he received in their amended civil complaint. He successfully withdrew or spent about $45 million of this funnelled money, but about $14.3 million of it was used for Full Tilt's post-Black Friday expenses, reportedly with his permission. In an attempt to recover this money, Ferguson and his lawyer, Ian Imrich, have threatened repeatedly to take steps that might impede the pending deal with the DOJ and Groupe Bernard Tapie. Ferguson's...

FTP and GBT Agree on Assets; DOJ Next in the Queue

December 15, 2011 - 10:41 AM EDT

Subject: Poker can now confirm that Full Tilt Poker and Groupe Bernard Tapie have executed an agreement to further the transfer of FTP's assets to GBT. This agreement was necessary to pave the way for the US Department of Justice to take possession of the assets voluntarily being forfeited by Full Tilt. This was the next step in the complicated process of transferring Full Tilt assets (by way of the US Department of Justice) to Groupe Bernard Tapie....

Elie, Campos Argue Motion to Dismiss

December 5, 2011 - 6:09 PM EDT

On December 1, oral arguments were heard in Manhattan Federal Court before NY Federal Judge Lawrence Kaplan, in the motion to dismiss the UIGEA, IGBA, and fraud charges facing two of those criminally charged on Black Friday. Before a gallery full of prosecutors, attorneys, law enforcement and journalists (including Subject: Poker), attorneys for John Campos and Chad Elie challenged the legality of the charges facing their clients. Judge Kaplan has yet to rule on the motion,...

BREAKING: DOJ and GBT Ink Their Deal, FTP/GBT Next in the Queue

November 17, 2011 - 7:57 PM EDT

Following the longest two and a half weeks for online poker players since Black Friday, Subject: Poker can confirm that the US Attorney's Office for the Southern District of New York, and Group Bernard Tapie have signed their letter agreement, allowing for the acquisition of the assets of Full Tilt Poker by GBT once FTP have inked their side of the agreement. Mr. Behn Dayanim, the Washington, D.C. attorney for GBT in this matter, offered the following...

FTP Issues Statement Re: GBT/DOJ Agreement

November 17, 2011 - 7:57 PM EDT

Full Tilt gave Subject: Poker the following statement earlier today: Full Tilt Poker is pleased that the terms of the agreement between Groupe Bernard Tapie (GBT) and the Department of Justice have been finalized, and that the agreement provides forGBT to repay or make whole players outside of the United States and provides a mechanism for U.S. players to get repaid.Since Black Friday, repaying customers has been FTP’s number one priority. Ray Bitar, co-Founder and CEO...

BREAKING: GBT and DOJ Strike Deal, FTP Sale Pending

November 1, 2011 - 2:26 PM EDT

After weeks of waiting, Subject: Poker can confirm that Groupe Bernard Tapie and the US Department of Justice have come to terms that allow GBT's acquisition of Full Tilt Poker to continue. If FTP's current shareholders agree to acquisition of their company, this deal with the DOJ will provide for payment of all players worldwide. Multiple sources have confirmed to S:P that the following email went out this morning to Tiltware shareholders from Ray Bitar: Dear...

AGCC Falsely Reported $331M, Real Number $159M

October 20, 2011 - 10:22 AM EDT

The Alderney Gambling Control Commission's report that the US Department of Justice had seized $331 million from Full Tilt Poker over almost four years is false. Subject: Poker believes that the real number is about $159 million. Approximately $35-$45 million was seized from FTP on April 15th. Following ten days of hearings and deliberation,...

Full Tilt Buyer Seeks to Preserve Assets

October 6, 2011 - 2:15 PM EDT

Sources close to Full Tilt tell Subject: Poker that the acquisition agreement between Groupe Bernard Tapie (GBT) and Full Tilt contains a clause requiring that an outside independent entity be appointed to protect the current and future assets of the poker site pending its final sale. GBT intends to appoint a chief restructuring officer (CRO) who will, in effect, replace the current board of directors of Full Tilt Poker. Among the responsibilities of this newly...

FTP Acquisition Agreement, Fact vs Fiction

October 4, 2011 - 8:18 PM EDT

Correction posted 10/5/2011 8:06 PM EST. In light of some widespread rumors that are running rampant across the internet regarding the acquisition agreement between Groupe Bernard Tapie (GBT) and Full Tilt Poker, Subject: Poker has contacted several of our sources to get clarity. There is indeed a tentative agreement to purchase Full Tilt Poker that's been signed by all parties. As is to be expected, it's a provisional agreement, where certain contingencies must be met. The agreement...

Campos and Elie File Motions to Dismiss, Question UIGEA

October 3, 2011 - 2:06 PM EDT

Chad Elie and John Campos, two of the individuals charged in the criminal case on Black Friday, have taken the offensive in a fight to dismiss all charges. Chad Elie Chad Elie, a former payment processor for PokerStars, Full Tilt Poker, and Absolute Poker, is charged with all nine counts listed in the criminal indictment: ...

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