High-stakes poker pro Matt Glantz recently took to his blog to share some whispers from Full Tilt. The revealing blog includes details of conversations he has had with “a number of FTP shareholders”. According to Glantz, “most of the insiders seem to conclude that there is almost no chance of [the deal between Full Tilt and Groupe Bernard Tapie (GBT)] going through at this point.” He also advises players with money on Full Tilt to, “move on as if the their funds are gone.”
While Glantz admits the blog entry is opinion pieced together from various conversations with members of Full Tilt, it is about the closest thing the poker world has had to hearing from the Full Tilt camp in months. The company has remained almost entirely silent since the U.S. Department of Justice called their operation a Ponzi scheme last September. Glantz shares his belief for the reasoning behind this silence:
The common theme is anyone making a public statement from the inside will be “at risk” in being blamed for the Tapie deal falling apart. This is why nobody is speaking publicly. Let me clarify: It is not because they are worried about the deal falling apart. It is because they are worried that if they say anything they will eventually be blamed for the deal falling apart. 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.
Glantz said he believes based on his conversations with Full Tilt insiders that, “it is inevitable that Tapie will be backing out.” He gave an example of how players could receive some of their Full Tilt money back one day by saying, “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.” But Glantz also speculated that, “There is also a remote chance that the U.S. does not treat this situation like a poker site and sticks with its original assertion that it was just a Ponzi Scheme. In this case the account balances won’t matter. You would only get your deposits back. Any money won on the site would be fake profits from the government’s perspective.”
Finally, Glantz advised players to, “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.”