rosebud (2012-01-26)
Obviously u are drunk. He was an owner he is owed such and such an amount. Its how every businness in the world works. He bought and increased his shares from other owners. He used 14.5 million of his own money when things whent bad and the Justice Department seized 150 million dollars that Full Tilt could no longer use to repay the players.
You will get your 75$ sir just be patient.
What do you mean thats how every business works? 99% of businesses don't hold on to their customers money so I don't know what you are talking about. How can every business pay the shareholders dividends with the customer money when over 99% of businesses would never even have that opportunity?
Poker companies are like banks in that they are holding on to the customers money. Banks don't have all their customers money on hand, but its all accounted for in investments and loans. They don't just give the customers money to the shareholders. They keep your money safe and pay you a tiny bit of interest and they get to use your money to make more money. Thats the deal between the customer and the bank.
There is no such deal between the customer and the poker site. They aren't supposed to be using our money. They sure as hell aren't supposed to be simply dividing it up among the top shareholders. We play on the site and pay rake. Thats the deal, there is no agreement about letting them use our money.
If you have examples of other businesses that pay their shareholders with customer money they are supposed to be safeguarding I would be very interested to see that. I'd also be interested to learn how the vast majority of companies, who don't safeguard money for their customers, manage to somehow do what FTP did, as you claim they all do.
According to Subject Poker and the DOJ report, FTP had less than 10% of the funds on hand they were libel for months BEFORE Black Friday. They had about 1% on hand weeks after. There has never been any evidence to suggest FTP was ever solvent. Why are you defending them?
edit- I just want to add that its kind of funny that you are making him out to be a saint for the $14M thing because in the article it says he is taking legal steps to get it back that might negatively effect the sale of FTP to GBT.