GBT lacked liquidity to repay all players

Further clarifications in the Full Tilt Poker folder are added today. Information comes from the very serious news website "DiamondFlush", the successor somehow of the deceased 'Subject Poker'. In an interview published on the TwoPlusTwo PodCast, "DiamondFlush" calls into question the information according to which, if the Group Bernard Tapie had concluded an agreement with FTP, they would have been able to repay all the players. In short, according to him, even if the deal between the DoJ and GBT had occurred, it would have had no material to celebrate that much.



These charges resulted in a long thread on the forums of the site, and several accused DiamondFlush not to disclose its sources (credible according to him). He said: "if I were able to publicly cite my sources, I would. Most of the time in this story, I agreed to not to do so. This is not a small business, the Government is involved and there are civil and criminal charges significant, not just money, but also the freedom of some people in game. Their lives could be at stake, or maybe even worse, if their identity was revealed. The fact that I do not publicly name does not mean that I did not my audit work".

As we know now, the main reason that had derailed the agreement between GBT and DoJ is that both parties disagreed on the reimbursement of the players. As the official release of GBT explains:

"The DoJ was insisted on a total refund with a right of withdrawal within 90 days for all players. A late surprise request after months of good faith on the part of the Bernard Tapie group discussions.

Regulatory, and complications in particular questions about the recognition of the deal with the DoJ by certain international authorities, proved to be insoluble.

All of the important assets of Full Tilt Poker are located outside the United States. A foreign court could very well consider the deal as a "fraudulent transaction" and declare it invalid or consider the purchaser as responsible for all the obligations of the company. Given the $ 80 million purchase price, and the large sum of liquidity necessary to relaunch the site, these problems proved too great to overcome."

According to the latest information, all players with $ 100 and less in the FTP account could immediately withdraw all their money. Other players with more than $ 100 would have had a deposit of $ 100 in their account. Obviously, if you had $ 50,000 in your account to play the $ 2 / $ 4 and $ 3 / $6, $ 100 is not sufficient and you should have done another repository (even if you had $ 50,000 before in your account). To be able to withdraw what you had before black friday and the closure of FTP, you should have play a number of hands. In short, if you had a lot of money on FTP, you probably should have play years before being able to remove your bankroll passed. In addition, we wanted to apply a penalty of inactivity of 5% on bankrolls that have been inactive for more than 6 months. The DoJ wanted immediate reimbursement without penalty.

For additional details on this issue, you can consult the latest article published on the DiamondFlush site: Diamond Flush Full Tilt Poker DoJ and group Bernard Tapie.

We remain alert in this folder of course! More information will follow within a few days!

In the meantime, discuss this article on the PokerCollectif forums: GBT did not cash to repay all players


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