FTP Debacle Addressed by Matt Glantz

Feb 24, 2012
FTP Debacle Addressed by Matt Glantz
Top player not optimistic on the Tapie deal In his new blog dedicated to the events at Full Tilt Poker, the respected pro player Matt Glantz apparently had a number of talks with industry connoisseurs and parties involved in the issue. What he found out from his anonymous sources involves a lot of info, but also fears that the Groupe Bernard Tapie deal may fall through. In his blog, Glantz states: "It was surprising to me that only one shareholder told me not to post any of our conversation in the blog and I will certainly respect those wishes. However, the other shareholders seemed to be in contact with me mostly to explain why they can't speak publicly in response to my last blog. There was also a disconcerting amount of trashing of other shareholders and their actions." He also explained that most of the shareholders decided to be anonymous due to fear that any statement they may make might be construed as contributing to any failure that might stop GBT acquiring Full Tilt, and the benefits for unpaid players that could flow from such an event. "Even though most of the insiders seem to conclude that there is almost no chance of this deal going through at this point, they don't want any perception that their words caused the deal to fail," he said, adding that despite the fact that the GBT deal has a high profile in articles about FTP, one key shareholder told Glantz that there were "...still more viable options past Tapie." However, it has been explained by the same source that players' payouts stand the best chance with the GBT deal, and that “everyone, shareholders included, would serve best to stay silent on the matter.” In Glantz's opinion, "Without Tapie buying FTP there is little hope of the US players ever receiving their funds in their entirety. There are likely no other buyers on the horizon. Unfortunately I feel based on their recent actions, I believe it is inevitable that Tapie will be backing out. It looks to me that for whatever reasons they have no real interest in acquiring FTP. "The reasons why they are hanging around giving the illusion that they are still interested are unclear. One can assume that Tapie has some ulterior motives for staying involved and they are just using the vulnerability of FTP to serve other purposes. They might think the publicity of them being a possible White Knight is positive for their own shady reputation. They also might be trying to use the publicity in the upcoming months to promote their stadium tournament in Europe, an event they have been working on for years. "They have been publicly trashing the individual players who allegedly owe money to FTP. The truth is that some if not most of the players Tapie has outed do not have the money to pay the company back and it is not going to happen. One can assume that Tapie is only doing this to save face, so when they officially back out of the deal they will have public names to blame." Based on his blog, it can be concluded that Glantz is convinced that it the deal is doomed to failure: "Tapie has had several months to perform due diligence. The Dept of Justice cleared the way for Tapie to take over the assets of FTP over three months ago. Also, with their latest leaks and public embarrassment campaign of poker players involved, it just seems implausible for them to move forward. “These are not the actions one would expect from an impending or serious acquirer. I expect the company to shut down and for the US Government to eventually disperse the assets under its control. A reasonable expectation under the circumstances is for the players to receive between 20%-40% of their account balances back from the government somewhere down the line," he underlined. And as a piece of advice to the damaged players, he added that, even though he is with them in hope for a positive deal, he believes they may need to get past the issue: "I do see all the hatred out there in blog responses and forum posts. I am recommending that these players move on as if the their funds are gone. Think of any money you may receive back from the FTP debacle in the future as found money. If you start to look at things from that perspective you will hopefully feel a much needed weight lifted off your shoulders. "It needs to be stressed once again that this entire blog is just my opinion and not hard facts. Unfortunately, this is as informed as you will be on the situation because the only people who do have the facts are unwilling or unable to talk publicly," he concluded.
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