Joined: Apr '11
Location: Romania
Age: 58 (M)
Posts: 2432
After months of silence, an update – with what appears to be very good news – from the company charged with handling the return of Full Tilt Poker bankrolls to the room’s former U.S. customers. The Garden City Group (GCG) issued the update today via the official website for the FTP claims process. The two key points for those who have money stuck on Full Tilt (excerpted from the statement): “The claims process will begin shortly.” “It has been determined that the calculation formula to be used for the Petition for Remission process will be based on players’ final balances with FTP as of April 15, 2011 [...] If the forfeited funds available for distribution equal or exceed the aggregate FTP Account Balances for all eligible Petitioners, each eligible Petitioner with an approved claim will receive the entirety of his or her FTP Account Balance.” This update comes only days after reports circulated of additional delays in the remissions process that threatened to push return of player funds into 2014 or beyond.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
And they are still no mentioning at all who is getting the interest to all those millions. It seems that while the money is there, they find some technicalities every time to stall the repayment to the players.
Joined: Jul '13
Location: Israel
Age: 49 (M)
Posts: 558
When I play online I know there's a chance that I will never see my earnings - just like if I'm investing in a company that promises me a return on my money. When they shut down Full Tilt I was sure that no one will ever see his money back.
So, it is definitely good news to all poker players to see Full Tilt return the lost money, with all the questions about when or interest profits are minor at my opinion.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
I dont thing that the "when" isnt a case that no one is interested to know. Especially the US players. What good it will be if they say... you are gonna get your money for sure... 100%, but its gonna take like 10 years.
Joined: Apr '11
Location: Romania
Age: 35 (M)
Posts: 6669
roeish, i kinda agree to you, i mean the golden rule in gambling, even more important than bankroll management is that you only need to invest what you can afford to lose.
Of course it's not nice to lose it this way rather than playing but s*** happens.
Joined: Apr '11
Location: Romania
Age: 58 (M)
Posts: 2432
According to the new update, the Garden City Group will be emailing ”potentially eligible claimants identified by GCG” beginning on September 16th with information about how to file a petition for remission. The information will also be available on the GCG website. Perhaps more significantly, the GCG also announced that the “deadline to submit a Petition for Remission is November 15, 2013.”
Joined: Jul '13
Location: Israel
Age: 49 (M)
Posts: 558
Posted by Sorin888: According to the new update, the Garden City Group will be emailing �potentially eligible claimants identified by GCG� beginning on September 16th with information about how to file a petition for remission. The information will also be available on the GCG website. Perhaps more significantly, the GCG also announced that the �deadline to submit a Petition for Remission is November 15, 2013.�
I guess that they hope that most players will not submit the petition in those two months, and they could get it all over with, after paying, say, 10%-25% of the money they should have. I guess most players that played regularly with a heavy bankroll will submit the petition but most players with less than 50$ will probably just let it go, or even not hear about the petition.
Joined: Aug '10
Location: Germany
Age: 52 (M)
Posts: 2219
But this payment requitements at FT are not a problem. A player transfer to the PokerStars account is not a Problem and so you can choose betweens the different offers.
Joined: Jul '13
Location: Israel
Age: 49 (M)
Posts: 558
I wonder what is the spread of the funds on poker sites - what is the percentage of the total sum is brought in by heavy players and how much by us fish. My guess is that the Pareto spread is not valid here (20% of the players put in 80% of the money), but that at least 50% of the money is from many many small players. What do you think?
