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Last seen online: 2011-11-02 15:35:05

View all of saphira's blog posts

FTP in Exclusive Negotiations...

17 2011-07-12 06:57:40
The following article is quite interesting - for LOTS of reasons!  (Title is a link to the original article.)

FTP Agreed to Exclusive Negotiations

July 10, 2011 - 7:43 PM EDT


Full Tilt Poker has entered into an exclusive bargaining agreement with a prospective European investor.

The agreement, reached on June 30th, requires Full Tilt to stop negotiations with other prospective investors for at least three weeks while the primary suitor conducts due diligence investigations and negotiates with the poker site’s executives. Due diligence presumably poses a significant hurdle in this case because Full Tilt is an opaque entity with a complex corporate structure, an indicted executive, a PokerStars-Full-Tilt-UB-AP-et-al" target="_blank" title="Civil Complaint">civil complaint against it from the United States Department of Justice’s, and public troubles with regulators in Alderney, France, and the Kahnawake Mohawk Territory. Subject: Poker has confirmed from numerous sources that the US DOJ, the Alderney Gambling Control Commission, and the French regulatory authority ARJEL are all actively communicating with both Full Tilt and the prospective investor.

A reliable source who spoke on the condition of strict anonymity said that Full Tilt’s primary request is enough money to repay players and to cover a potential settlement of the United States Department of Justice’s civil complaint against the poker site.1 Since Full Tilt agreed to this exclusive agreement in spite of the presence of other suitors, the poker site’s executives presumably believe that the primary investor is likely to meet these terms.

This exclusivity agreement is the same agreement reported by the Los Angeles Times, which was widely misinterpreted as a finished agreement to sell some of the company.2 Subject: Poker wishes to stress that no such deal has been finalized, and to our knowledge, Full Tilt has not yet raised any capital from any investors. The actual deal simply involves exclusive negotiations, though it may lead to a sale in the future.

The prospective investor was introduced to Full Tilt executives in mid May by Phil Ivey, a Team Full Tilt member and a partial owner of the poker site. Shortly afterwards, on May 31st, Ivey released a public statement complaining about the fact that players had not been paid and filed a civil complaint against Tiltware, one of the companies behind Full Tilt Poker. Full Tilt responded quickly with a remarkably angry public reply claiming that Mr. Ivey’s lawsuit was hurting negotiations with prospective investors. Ivey withdrew his lawsuit on June 30th, the same day that the exclusivity agreement was signed. Subject: Poker has heard conflicting reports about how Ivey’s public feud with the poker site has influenced negotiations.

Full Tilt Poker has been unable to repay its US players since the US Department of Justice indicted its principals and filed suit against some of the many companies behind the poker site on April 15th. It has recently had troubles repaying non-US players as well. On June 29th, Full Tilt’s main regulator, the Alderney Gambling Control Commission, suspended the site’s licenses. Subject: Poker has reported throughout on the company’s largely secret attempts to raise capital in order to repay players, and we will continue to investigate and report on what we learn.

Edited on 7/11/2011 8:08 AM EDT: Added link to Poker News article about Tiltware’s response to Phil Ivey’s lawsuit.



  1. Our source said that the Department of Justice has already outlined the terms of a potential civil settlement with Full Tilt Poker. However, Subject: Poker is unable to verify this claim, and this is the first that we’ve heard of such advanced negotiations with the DOJ.

  2. Subject: Poker regrets publishing an article announcing the LA Times report and thus contributing to the misunderstanding.

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I'd love to be able to confirm that Greedy, but I can't find anything linking the current group and Binion.  If you follow the link for this article, you'll see some comments, and responses from the author to those comments appear to say that Binion appears (at this time) to be separate from this European group.

Still, we won't know all the details until more info is made public, and that won't happen until a deal is made public (if it doesn't fall apart). 

2011-07-15 10:30:40


read somewhere that it is still binion using a guise as the euro investor

2011-07-14 09:43:11


Slo-Mo ...
From everything I've been able to find, there were multiple possible investors FT was looking at.  It seems to me that he filed the suit as a way to "herd" them toward his favored investment group, and only dropped his lawsuit when they entered "exclusive" negotiations with the people he introduced.  If he's a member of that investment group, or stands to profit in any other way from this deal, then his actions with the lawsuit are highly suspect

I want a resolution just as much as anyone else.  But using lawsuits to force a solution that favors you is downright dirty - not the actions of someone looking out for "the little guy", bur rather actions of someone looking to maximize his own profit, potentially at the expense of others.

2011-07-14 09:00:19


Not sure how this makes Ivey's move more suspect, hell to me it makes it less suspect. He introduces them as people who can help out, they refuse to work with them and still don't pay people back then Ivey files a lawsuit to let them know he's serious aobut getting this worked out one way or another. Hell I give him a high five for it all.

Thanks for posting, it at least gives people a thread of hope in getting our money back.

2011-07-13 14:54:19


smileyty for posting , haven't seen this before ......

and goooooo ivey , at least something is happening ,

if it was left up to them they'd still be twiddling their thumbs , glyes

2011-07-13 14:20:06


I didn't say Binion couldn't be involved, but at this time it appears that he is not part of this group.  I probably got that from a different article, and honestly, we're working on more rumor than fact here.  It should get a bit clearer in a week or so if an offer is officially made.

As for "old" or not ...  I wasn't clear what criteria you had used.  I didn't see any blogs about it here, so thought I would let others know.  The story was less than 24 hours old when I posted it.  I thought you were referring to the LA Times story, which was based on little more than rumor, and which no one else had been able to corroborate or otherwise clarify until now.

2011-07-13 13:32:08


Saphira by the time you had posted it was atlease a day old.  Not saying that is really old news but in my oppion it was news I had already heard the day before and therefore it was old news.

I think that it makes it more likely that Ivey was working with Lederer and others to get Biter out of FTP so that tey can easely get the lissence unsuspended, not good for the CEO to be an indited person.

Second, why can't Jack be part of the Europeon Investment group, he does own Csasinos in Europe.

2011-07-13 12:29:48


Actually, this is not "old news", but the first real confirmation of the leak originally reported by the LA Times.  And yes, I think this makes Phil Ivey's actions ever more suspect.  Seems to me he was trying to "herd" FTP into doing what he wanted.

I found another report indicating that a formal offer may be on the table later this week, but of course that's just speculation at this point.  Guess we'll have to continue the "wait and see" game for now.

I, too, miss the better software and world-wide action that meant I could jump in a SNG any time of day or night and play a reasonably good game (that goes for both PS and FT), not to mention frequent decent tournaments and loads of cash tables at all levels. 

I was intrigued by the rumors that Jack Binion was looking to purchase rights to use the software.  Now that FTP is in "exclusive" negotiation with this European group, it does ot appear that Binion's efforts will go anywhere (at least for now).  But even if he had succeeded, we would still have to wait for legislative changes before we would get the benefit of that move.   ** Sigh **

2011-07-13 07:09:14



now it all makes sense on ivey's side

his friend"? buying ftp?

so he puts the screws to them,,then takes them out when "his friend" starts to negotiate?


2011-07-13 01:43:05


ty for the info Saph.

2011-07-13 01:34:28


sounds like a step forward...maybe...hope so...:):)

the new investors were ' introduced ' by phil ivey...lol...now that is funny...but no real surprise...lol...

2011-07-12 18:01:43


I just read on nolimitstrategy that the site should be up and running on the 22nd of this mounth ,this info was updated today but who knows , lets hpoe so best software and mix of games, Imo,Personally i will be back if they do the right thing by costumers,

2011-07-12 17:25:10


old news but some people may not have seen

2011-07-12 17:01:00


Thanks for the updates. I do  miss Full Tilt,  like the Happy Hour sessions,, though not all were that happy,,, lol,,,, A good site gone bad by greedy men. Nothing worse that placing a failed man to help run a successful company. AKA Ray Bitar... Evil things happen to evil people. And hes gettin his just deserts,,, damn scum bag...

2011-07-12 14:11:20


hmmn ! PS won't give me back my $5. They say amount to small to pay or transfer.indecisionIt will be black friday whatever deal they make. Ty for the news. Facts are important in poker.

2011-07-12 12:51:29


Fingers crossed Bump

2011-07-12 12:30:06



2011-07-12 12:25:44