French Investors Consider Purchasing FTP

September 21, 2011 - 9:34 PM EDT
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French Investors Consider Purchasing FTP

Subject: Poker has learned that there is indeed a French investment group that is seriously considering purchasing Full Tilt Poker. In an exclusive interview with Jeff Ifrah, a lawyer associated with Full Tilt, Ifrah told Subject: Poker that French investors have, in fact, been working on a potential deal with FTP for weeks. Their first visit to Dublin was on August 24, eight days after the exclusivity period with a previous interested party had expired. Here is what we now know: There is an executed term sheet/letter of intent in place. Ifrah says the funds of the potential investor have been vetted by Full Tilt and the US Department of Justice. The terms say that any purchase agreement would provide funds to allow the repayment of account balances to all Full Tilt Poker players worldwide. The DOJ is...

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BREAKING: DOJ’s Civil Complaint Amended, Alleges FTP Stole Player Funds (Update 7)

September 20, 2011 - 12:00 PM EDT
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BREAKING: DOJ’s Civil Complaint Amended, Alleges FTP Stole Player Funds (Update 7)

Most recent update: 9/20 at 4:37 PM EDT. The US Department of Justice has amended its Black Friday civil complaint to include discussion of alleged "Full Tilt Poker's and the FTP insider defendants' theft of player funds." The new complaint adds three new defendants, Howard Lederer, Chris Ferguson, and Rafe Furst. It also alleges that these new defendents together with Ray Bitar committed money laundering, and asks for penalties ranging from $12M for Furst to $42M for Lederer. A...

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“DOJ Plans Action Against Merge”

September 8, 2011 - 12:15 PM EDT
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“DOJ Plans Action Against Merge”

Subject: Poker has recently been told of planned US Department of Justice action against the Merge Gaming Network or some part of it. According to our sources, the US Attorney's Office for the District of Maryland plans to seize the assets of payment processors who facilitated transactions between the Merge Network and its US customers. It is unclear exactly which payment processors are reportedly being targeted, whether indictments are planned in addition to seizures, or whether the...

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DOJ Releases Some Stars Funds

September 3, 2011 - 9:53 PM EDT
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DOJ Releases Some Stars Funds

The US Attorney for the Southern District of New York has agreed to release an unspecified amount of money to PokerStars. The agreement does not say how much money has been released. Instead, it says only that the DOJ has agreed to release all funds in a particular Luxembourgish account except for $5.5 million. It explains that the $5.5 million was derived from the real money play of US players. Presumably, the remaining funds in the account were released...

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FTP – a Pro Se Future?

September 1, 2011 - 2:01 PM EDT
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FTP – a Pro Se Future?

Full Tilt Poker attorney in the pending class action lawsuit, Jeff Ifrah, has asked the court for permission to step down, citing "an unreasonable financial burden on the law firm." In a motion filed with the court on August 31, A. Jeff Ifrah, David B. Deitch, and Ifrah's law firm, Ifrah PLLC, have asked to be relieved as attorneys for the defense. Ifrah has been acting as attorney for Tiltware, LLC; Vantage, Ltd.; Filco, Ltd.;...

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FTP’s August 30th Statement

August 31, 2011 - 12:12 AM EDT
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FTP’s August 30th Statement

Subject: Poker has received the following unprecedented statement from Full Tilt Poker: As is obvious from the events that have transpired since April 15th, Full Tilt Poker was not prepared for the far-reaching, US government enforcement effort of Black Friday. The events of Black Friday came on the heels of prior government enforcement activities and significant theft. Over the two years preceding Black Friday, the US government seized approximately $115M of player funds located in U.S....

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FTP’s “$60M Shortfall” Actually Much Larger

August 26, 2011 - 4:25 PM EDT
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FTP’s “$60M Shortfall” Actually Much Larger

On June 16th, Subject: Poker reported that Full Tilt Poker had credited $60 million to players for deposits that never left their bank accounts. In fact, the total amount of still uncollected funds is $128 million.[2. We have been unable to determine the total amount...

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