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Showing posts with label Super Tuesday. Show all posts
Showing posts with label Super Tuesday. Show all posts

Wednesday, August 01, 2012

Poker’s “Super Tuesday”? Are you kidding me PPA?

Yesterday, Tuesday July 31, 2012, it was formally announced that PokerStars was acquiring Full Tilt’s assets from the Department of Justice and that all players (both US and Non-US) would be paid back any money they were owed.

Granted this is good news, however…

Non-US Players will be paid back within 90 days by PokerStars and in full, but US Players will have to apply for re-payment to the US Department of Justice.

To the Poker Players Alliance, via this announcement released 2012-08-01, this is a cause for dancing in the streets:

Weekly Update from Rich Muny, VP of Player Relations

Yesterday, PPA sent out a member-wide announcement with terrific news -- the Justice Department approved the deal for PokerStars to purchase Full Tilt Poker!
From the Department of Justice press release:

Under the terms of the settlement with PokerStars, the company agreed to forfeit $547 million to the U.S. and to reimburse the approximately $184 million owed by Full Tilt to foreign players, in order to fully resolve the allegations in the complaint. The settlement further provides that PokerStars will acquire the Forfeited Full Tilt Assets from the Government. Full Tilt’s U.S. fraud victims will be able to seek compensation for their losses from the Department of Justice from the $547 million forfeited by PokerStars.

In other words, PokerStars has provided funds to cover all player balances at Full Tilt Poker and the DoJ is establishing a process by which we U.S. players can request and receive our money. While PPA does not yet have the detailed information on the specific process to follow, we are calling for a streamlined process and repayment of 100% of player account balances.

To aid in all of this, PPA will gather the needed information on the reimbursement process in real time and post it to http://theppa.org/repayment. I will be using the PPA guide to apply for my reimbursement and am looking forward to trialling the process for all of us. We have all been in this together from the get go, so I am personally pleased that we will be in it together as we finally recover our funds and press on for victory in the fight for licensed and regulated online poker.

PPA's legal team will remain fully involved as the ‘voice of the player’ to ensure we are all heard throughout this process.

For more information:
Poker Players Alliance Press Release
Department of Justice Press Release
PokerStars Press Release
PokerStars’ FTP FAQ

On that last part, the fraud or Ponzi scheme allegations were all after Black Friday and have to do with Full Tilt not revealing their financial situation to people who continued to play and deposit money on the site or in other words Non-US players.  The fact that they didn’t segregate player funds was bad business and a bad idea but wasn’t fraud.

My outrage continues to fall squarely on the shoulders over the Department of Justice itself.  The logic train that allowed them to even go after the online poker rooms is amazing and frightening—does anyone think the DoJ was somehow protecting the US population from “bank fraud” and the like?  Because after Black Friday they then rescinded their stance on using the wire fraud act which was their main weapon to insist that online poker was, itself, illegal gambling and the “bank fraud” did not harm any banks!  How this continues to this date with people caving to what is essentially government level extortion amazes me.

Well Hurray!  Super Tuesday!!