FTP’s $60M Shortfall

June 16, 2011 - 3:33 PM EDT
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FTP’s $60M Shortfall

From at least September of 2010 to February of 2011, Full Tilt Poker was crediting funds to US player accounts for deposits that never left their bank accounts. As has always been the case, players who deposited by electronic funds transfer (also known as EFTs or "e-checks") received the deposited funds instantly in their Full Tilt Poker accounts. Typically, these funds would be debited from the players' bank accounts a few business days after their deposit. However, during the time period in question, many US players found that these funds were simply never taken from their bank accounts. Full Tilt had given them funds on their site for nothing.[1....

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Cereus Owes $54M, Has $5M-$6M Liquid

June 13, 2011 - 11:50 PM EDT
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Cereus Owes $54M, Has $5M-$6M Liquid

Correction posted 11:45 PM EST. Subject: Poker's Scott Bell has learned that Absolute Poker and Ultimate Bet's total outstanding debt to players is $53.7 million, but their cash on hand is only between $5 million and $6 million. These numbers came from a reliable source inside of AP management and have been corroborated by a different person inside a different department in the company. Our source, who wishes to remain anonymous, told us that $29.5 million of...

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Interview with the PPA’s John Pappas- Part II

June 12, 2011 - 3:26 PM EDT
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Interview with the PPA’s John Pappas- Part II

John Pappas is executive director of the Poker Players Alliance, a non-profit organization that attempts to represent American poker players' interests. The PPA has faced widespread criticism recently as the United States Congress has failed to provide legislation to license and regulate online poker and the US Department of Justice has largely put a stop to online poker playing in the US. In the first half of the interview, Pappas discussed his role at the...

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Interview with the PPA’s John Pappas- Part I

June 10, 2011 - 5:31 PM EDT
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Interview with the PPA’s John Pappas- Part I

John Pappas is executive director of the Poker Players Alliance, a non-profit organization that attempts to represent American poker players' interests. The PPA has faced widespread criticism recently as the United States Congress has failed to provide legislation to license and regulate online poker and the US Department of Justice has largely put a stop to online poker playing in the US. In this first half of the interview, Pappas discusses his role at the...

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S:P Has a New Logo!

June 2, 2011 - 7:43 PM EDT
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S:P Has a New Logo!

Subject: Poker is quite proud to announce that we've finally got ourselves a new logo! Our logo contest was unquestionably a huge success. We received a lot of really awesome logos with a wide variety of design ideas, and almost all of the entries would have made a great logo for this site. Though we were absolutely terrified to have to choose (especially considering that we don't have good eyes for this sort of thing),...

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Merge Network Temporarily Blocks US Sign-Ups

June 1, 2011 - 11:17 PM EDT
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Merge Network Temporarily Blocks US Sign-Ups

The Merge Gaming Network plans to temporarily stop accepting new US players. A source close to Merge who requested anonymity has confirmed this story to Subject: Poker, corroborating the reports of other news outlets. We were unable to find a clear timeline, but our source described the move as "very temporary." The decision will not affect current US players or players outside of the US. Both our...

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Phil Ivey vs. Tiltware Legal Complaint

June 1, 2011 - 7:54 PM EDT
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Phil Ivey vs. Tiltware Legal Complaint

Subject: Poker has obtained a copy of Phil Ivey's legal complaint against Tiltware LLC and other people and companies related to Full Tilt Poker. In the complaint, Ivey's lawyers request over $150 million in damages and freedom from the non-compete clause in his contract with Tiltware, alleging that Tiltware et al. violated their contract and severely harmed his reputation. The complaint centers around four principal allegations: That...

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