Do you want the good news or the bad news?
That’s the sum total of John Pappas’ post on the Full Tilt Poker (FTP) Remissions discussion thread on 2+2.
The Executive Director of the Poker Players Alliance (PPA) was on 2+2 to give an update on the FTP remissions process after speaking to the Department of Justice (DOJ) earlier this week.
The good news is the new wave of $2m “undisputed claims” – that include a lot of remissions from former affiliates and players of FTP – will be hitting bank accounts sometime this week.
That will mean Garden City Group (GCG) would have coordinated close to $100m in repayments to former FTP customers based in America.
Bad news not surprising
Now for the bad news, and although it may be bad, it certainly won’t shock anyone.
There will be a number of players who filed a claim that the GCG deemed to be “disputed.” In most cases “disputed’ means that the petitioner did not submit sufficiently clear evidence of their disputed figure.
Pappas told the thread that they should expect to receive an email within the next two months, notifying them of what the outstanding issues are, and a time frame for providing the necessary evidence to help prove your case. He went on to say that if you don’t receive any notification from them then there is no issue with your disputed claim.
This is one part of the process that I think has more leaks than my poker game. If you already know that your petition falls into the “disputed” basket, then it’s imperative that the GCG send you notification one way or another. To simply not respond is shoddy.
If you do receive notification, then Pappas believes that there will be two likely issues with your claim.
1. Your claim involves cash outs on or around Black Friday where the funds were never transferred or a check bounced. In these cases the GCG are still determining the time frame for when these types of payments will be owed to the player without them having to provide additional documentation.
2. Your claim has a number of “small discrepancies” relative to your overall claim. Pappas wasn’t able to clarify what “small discrepancies” means but suggests that they will be small enough that the GCG will not undertake serious investigation before approving them.
There is also an appeals process. If the GCG or the DOJ do not agree with your claim, then you do have the right to appeal.
Q1 of 2015 means nearly a four-year wait for some petitioners
The reason for the bad news is the estimated timescale for completion of the “disputed” claims process. Pappas received word that payments are expected Q1, 2015.
“The wait has been torturous for many and we hope that no one will have to wait beyond early next year to be paid,” wrote Pappas.
On Feb 28, 2014, the GCG issued more than 27,500 payments totaling approx. $76m to former FTP players who timely confirmed their FTP Account Balances online.
The next wave of payments were distributed on April 1, 2014 – about 2,200 payments totaling approx. $5m – and were sent to players who needed to correct their bank account details
Then on Jun 12, 2014, another 3,200 payments, totaling $14m, were sent to petitioners who completed late petitions confirming their FTP account balances.
The latest payments of around $2m are the remaining stragglers, former Affiliates and former players of Full Tilt Poker who do not fall under the auspice of Team Full Tilt Poker players.
The final deadline for all petitions was Sep 3, 2014.