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Thread: Full Tilt Payments at least another year away

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    Serial Blogger BeerAndPoker's Avatar
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    Full Tilt Payments at least another year away

    I guess I shouldn't be too surprised given it's a third party group and they are going to be slow with this shit and I bet it still don't go that smoothly when the time comes to pay.

    http://www.cardplayer.com/poker-news...year-for-funds

    U.S. Full Tilt Players Should Expect To Wait At Least Another Year For Funds
    Garden City Group Is Miles Away From Starting Payment Process

    by Bob Pajich | Published: Jul 19, 2013

    American players who are collectively owed millions of dollars from the Full Tilt Poker fiasco should expect to wait at least another year for their dollars.

    The Garden City Group, a claims adjuster hired by the Department of Justice to distribute $184 million owed to players, hasn’t been able to move past the first step of parsing a massive amount of player data information.

    According to an unnamed supervisor at GCG, the process will “most likely” take longer than a year, probably longer. In some instances, it’s taken GCG more than two years to process claims.

    “There are no dates set in stone as of yet,” he said. “We haven’t even begun the claims process.”

    The massive amount of Full Tilt player data is the largest obstacle currently delaying former Full Tilt Poker players from receiving money owed. Non-American players were paid last November through PokerStars, which bought Full Tilt Poker’s assets from the Government when it settled with the DOJ for $731 million last year.

    It’s estimated that about 1.3 million players have money caught in this net.

    To further complicate things, GCG has to work with two Federal agencies – the Asset Forfeiture and Money Laundering Section of the DOJ and the Asset Forfeiture Unit of the United States Attorney’s Office for the Southern District of New York.

    The great unknown, in a case of great unknowns, is just how much money the players who take part in the claims process will receive.

    Once all the player account information is processed and the players are accounted for, the GCG will create a formula called “estimated recovery.” This calculation will determine just how much money each U.S. player will receive. Players outside of the U.S. received 100 percent of their currency from PokerStars.

    But GCG doesn’t have any information as to how this will be determined. This matters greatly to poker players, especially players who are waiting for large amounts. Whether GCG has the ability, or even desire, to distribute the exact amount each individual is owed is a mystery.

    As far as GCG is concerned, it has to distribute approximately $184 million to people listed in the data provided. They simply aren’t at the point in the process when the amounts that should be paid to each player will be determined.

    The supervisor said that since they are so early in the process, they haven’t received any kind of direction from the DOJ or the Attorney’s Office about how the recovery estimate should be calculated.

    After GCG parses the massive amount of player information, the claims process will actually begin by contacting the players who choose to take part in the repayment process. Players can register at www.fulltiltpokerclaims.com.

    After the “estimated recovery” amount is determined, GCG must receive a court order to actually distribute the money. Only once GCG receives this order will the money be distributed. How long that will take is anyone’s guess.

    The supervisor had no idea when GCG will begin contacting players and was reluctant to give any hardline estimates as to when the first step of compiling player information will be complete. GCG was named the distributor in March.
    The article also states that American Pro Blair Hinkle Has Over $1 Million Stuck On Full Tilt Poker. He is just one of probably I'd say a dozen or more players with $1 mil stuck on there.

    Why any American used a poker site as a bank account is beyond me.

    Black Friday was a surprise in a way of how it creeped up on people and then finding out FTP was nearly broke but every American should have known their was always an outside chance a big crackdown could happen at any moment so to keep that kind of money on the site was a huge risk.

     
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      Corrigan: shoot the messenger

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    Platinum garrett's Avatar
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    Take a step back and look at it. Sort of shows how much the DOJ cares about the players, in this.

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    Platinum ftpjesus's Avatar
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    Ok so Pokerstars was able to get ROW taken care of with much more money apparently needing to be accounted for then the US Player base, yet these idiots are looking 1-2yrs possibly additionally.. WTF oh wait the issue is the Feds shoulda seen that coming a mile away. This people is why the fuck you dont let the government get anymore involved in your lives then is minimally necessarily. They fuck shit up and spend way more time and energy then any private entity would to get the same task accomplished.. And yet fucking trolls like DirtyB think the some morons in DC should run healthcare (as a healthcare worker large majority of us fucking fear whats coming down the pipeline, we already see the bullshit older people are enduring with medications being denied and changed when shit was working just fine for them before). WTF are you smoking dude please please get rid of it immediately and get some better shit because its fucking killing your brain cells at record pace.

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    Platinum BetCheckBet's Avatar
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    Quote Originally Posted by ftpjesus View Post
    Ok so Pokerstars was able to get ROW taken care of with much more money apparently needing to be accounted for then the US Player base, yet these idiots are looking 1-2yrs possibly additionally.. WTF oh wait the issue is the Feds shoulda seen that coming a mile away. This people is why the fuck you dont let the government get anymore involved in your lives then is minimally necessarily. They fuck shit up and spend way more time and energy then any private entity would to get the same task accomplished.. And yet fucking trolls like DirtyB think the some morons in DC should run healthcare (as a healthcare worker large majority of us fucking fear whats coming down the pipeline, we already see the bullshit older people are enduring with medications being denied and changed when shit was working just fine for them before). WTF are you smoking dude please please get rid of it immediately and get some better shit because its fucking killing your brain cells at record pace.
    In all fairness most private entities take 3-5 years to complete liquidations which is fairly similar to what is going on here. Problem has more to do with level of thoroughness of task at hand than who is in charge. Doesn't matter whether you have big brother or guys on wallstreet, both will do a shitty job. Once you bring in a third party to distribute money you are starting a big clusterfuck.

    Just take a look at the list of cases GCG is working and see how many have been resolved in under 3 years... or look at any other competitor for that matter. So please give up your ignorant "government is evil bit"

     
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      ftpjesus: [plain]wont happen becuase govt does fuck up everything it runs for the most part. It needs to stick to what its purpose as laid out by the US Constitution end of story.. Its job isnt to regulate fairness, its to defend the US and regulate trade with
    Last edited by BetCheckBet; 07-21-2013 at 08:53 PM.

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