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#7
07-04-11, 09:27 AM
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Subsequent to my post above, the LA Times reported that FTP will be bought out by an unnamed Euro investor.
It sounds like good news, but no deal has been finalised and I'm still not convinced. Based on the accounts and estimates I've read, it appears that FTP will need an investment of 200 - 400M to continue operating. Now, put yourself in the shoes of one of the handful of investors who actually has that sort of capital. Why take on FTP's baggage? It's hard to know if FTP can even operate at a profit after losing its American customers and oodles of goodwill (a large percentage of their players will simply withdraw and never come back). What seems more realistic is that FTP sells their assets (software, patents, physical equiment, databases, etc) and that money is put towards repaying the players. Maybe Ivey convinces the equity owners to all chip in to re-pay the remainder. I'm not sure how reliable Tony G is as a source, but his tweets today are consistent with my read that this is a trainwreck and everything to date has been in desperation: TonyGuoga Tony G @ScottMatusow I dont think you get the drift. I been talking with Howard and I can see where this is going. I want him to sort this out. TonyGuoga Tony G The authorities and poker community should not allow the gang powered by Ray and Howard to get away with this fraud. TonyGuoga Tony G Facts within has it that FTP is about to roll over this week, Irish lawyers now involved demanding Pocket Kings pay up or declare bankruptcy TonyGuoga Tony G The deal on the table is to sell what they can and let the rest go busto. Somebody will pick this up and Howard will be a new part owner. |
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