Unpaid Pro Debts “Serious Obstacle” in FTP Deal
The lawyer for Groupe Bernard Tapie, the French investment group in the process of acquiring Full Tilt Poker, has indicated a series of unpaid debts accrued by former Full Tilt pros could be a major issue in closing the deal.
Behn Dayanim, the lawyer representing the Tapie Group, told pokerstrategy.com in an exclusive interview that the due diligence process has revealed Full Tilt’s financial situation to be “substantially worse” than anticipated.
In particular, outstanding debts to the company from pros including Phil Ivey, Mike Matusow, David Benyamine, Erick Lindgren and Barry Greenstein could be problematic.
"GBT doesn't want to acquire assets which will need to be litigated over later. In total, the sum owed to the company is between $10 and $20 million.
"Several of the players who owe money and have not yet expressed a willingness to pay their debts include Phil Ivey, Layne Flack, David Benyamine, and Erik Lindgren. Barry Greenstein, Mike Matusow, and others owe a smaller but still significant amount.
"If the money doesn't come in, it creates a serious obstacle to completion of the deal."
A signed agreement is in place between GBT and the US Department of Justice to purchase the assets of the former Full Tilt for $80 million, although the working through of several necessary conditions has taken more time than expected.
As recently as this past week however, Groupe Director Laurent Tapie has said he expects the deal to be completed by the end of February.
FTPisDEAD.. yeah your right, fergie became almost a torchbearer for the idea of decent bankroll management and he does come to mind when most consider it. I started my roll with a freeroll and took some risks for a while to spin it up. All along the real risk was from FT managment and not the poker players sitting at my table. lol
all them pros associated with full tilt are nothing but pieces of crap, hopre they all burn in hell
Hey Haloomi !
What's funniest is Chris Ferguson did the Bankroll management advice at their Poker Academy lol what a joke.
Only reason I had so much money on Full Tilt is I was trying to follow his rules so I could play higher levels. Fricken thief !!
If the amount totals $20million at most. Look at the funds that were shipped around by jesus and his multiple accounts. We can only image how much the professor snatched for himself aswell. The total of these loans and the amount is such a meaningless issue to this whole process( clearly just my opinion). Those loans were made when the company was up and running "proper" if u want to call it that. And im sure that is what the Players that were sponsored thought aswell. Those loans were made under good faith with what was thought to be a five star company. Why pay back loans to bailout a company the was run like the mob from jump. Im not saying this moraly right to do. Look at from a diffrent angle same senario. If a company Bernie Madof owned in the past loaned u a large sum of money. U owe this large sum still to company owned by Berne after everything became public on his ponzi scheme. Would u still pay this loan back if the company was being baught out by other backers? All u are doing then is bailing out Bernie, same as these sponsored "pros" from fulltilt. They are only bailing out Chris and Howerd.
I remember taking them first steps on my poker journey with a deposit at full tilt. I worked hard at grinding a bankroll and many times I had serious doubts at whether I could cut it in the poker world.. but, my bankroll always kept growing and I would read articles of people who lost their rolls with reckless plays etc etc and never thought I would loose my roll. But it was only a matter of time that my whole bankroll would dissapear and it had absolutely nothing to do with the way in which I played! Can you freaking well believe that their are other considerations regarding bankroll management that are completely outside of our powers. I read many decent articles and one of them being form lederer regarding bankroll management...ofcourse he never said leaving your whole roll in fulltilt was one of the worst cardinal sins that can be commited regarding smart bankroll managment! Im grinding once again and only keeping a few buyins for my level at any one time within my PS account. My heart goes out to all the others who have lost their rolls as well... many with much larger invesments than mine and ones that depended on it as their sole income.
Someone needs to go to prison, Will never look at Lederer or Ferguson the same .... sweet jesus I used to respect them, why I went to Full Tilt in the first place. Snake Oil salesmen.
Guess we will never see them again, live in a gated community somewhere to try and keep themselves safe ! Enjoy my $1200 you pricks a drop in your greedy ocean.
So, these poker players are the ones who are going to get the whole deal shelved thanks to their massive gambling debts. Where has all the millions gone too.. nothing just dissapears into thin air!