Quote:
Originally Posted by vamooose 
The ROW player debt passes to GBT when they complete the purchase of FTP from DoJ...which means we benefit from the ability to sue GBT, either individually or via class action when they take ownership but....
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No, the debt does not pass to GBT. FTP is forfeiting its assets to the DOJ. GBT is then buying those forfeited assets from the DOJ. There is no transfer of liabilities, which includes USA/ROW player debt. However, as reported, the terms of the sale would include an agreement that GBT will repay or make whole ROW players, and that the DOJ will take responsibility for US player balances (does not necessarily mean 100% payment, see below).

Quote:
Ofc, we won't need to sue.
GBT is buying an online poker company and might just be planning to reopen it to make some cash.
GBT will need licence if they like deposits by Visa or any other processor you've ever heard of.
GBT will need a licence in order to recoup the $40m paid and to ensure that $150m ROW player liability doesn't end up in court.
GBT will only get licence if they have funds to guarantee the ROW players deposits.
GBT wouldn't have bothered spending 'millions' arranging deals with DoJ and FTP if they didn't have $150m or didn't think they'd get a licence.

I'd say the chances of ROW seeing 100% are far greater than US but there are some (you in particular) that won't see sense til they have their money in their pocket.
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This is for the most part true. It wouldn't make any business sense for GBT to buy the FTP assets and then stiff ROW players. However, since the debt doesn't technically transfer over during the asset sale, GBT probably won't end up in court if they end up not paying 100% of ROW balances (depending on the terms of the agreements between FTP, GBT and the DOJ). Also, while they may need to have all ROW funds on hand in order to get/regain a license with the AGCC, that doesn't necessarily mean they have to allow for ROW players to be able to withdraw 100% of their FTP balance when FTP2 opens.

There is still the possibility that some balance will be repaid in equity in FTP2 (unlikely / bad idea IMO), or that players will have to unlock some/all of their balance by playing on FTP2 (more likely but still a bad idea IMO). I think the best strategy is for GBT to offer full cashouts for ROW players, with strong incentives (bonuses, player points, etc.) for players who don't cashout and put in volume on FTP2.

I agree with you that the ROW is more likely to see 100% of their balance than US players. There will almost certainly be some sort of application/processing fee for US players to claim/receive their balance from the DOJ, and there's also the possibility that the DOJ screws over US players and only offers partial repayment.

That episode always comes to mind when I say "that said".

Ok so this article dates back to Oct. 11'   I still find it an interesting read.


http://www.billrini.com/2011/10/04/screwed-full-tilt-poker/

I really like Bill Rini's blog. Actually, it was this article that got me reading his blog. He's very mature, and level-headed.