Barry Greenstein speaks out regarding his FTP debt.
Feb 7, 2012 at 4:47 pm in Latest Poker News by George
Barry Greenstein spoke out about his FullTiltPoker debts and why he is reluctant to pay them back. It’s simple.. If they pay US players back what’s owed, he’ll pay the new FTP owners.
Here is what Barry had to say in a recent 2+2 post:
“I have been inundated with calls from all the poker media sites regarding this, so it’s easier for me to respond in one place. Obviously, 2+2 has become the main place where people discuss online poker so I’m posting here. It would be nice if everyone who owes money discusses it openly so there is a better chance that they will make good on their debts and the money will end up in the pockets of players with balances on FTP.
My statement to the press and the poker community:
I borrowed $400,000 to play on Full Tilt a few years ago, before PokerStars had high stakes games. I didn’t pay it back, hoping that some people who owed me and had money on Full Tilt would pay me there so I could use that against the debt. (I’m only owed about $150,000 now). I have assumed when this case is resolved, the DOJ will allow methods for dealing with debt to FTP.
Tapie Group contacted me last week and asked if I would pay them directly. Their attorney offered me the opportunity to pay in installments so I could have a chance to use money owed to me. He even offered me the opportunity to discount my debt if the US players don’t get paid in full. I told him that I have never paid less than I owe on any debt and I would rather wait until the DOJ establishes a fund for the US players. I don’t believe my debt has any impact on the sale to the Tapie group as they have alleged. I was concerned about taking money due to US players and giving it to the Tapie Group because it is understood that the Tapie Group won’t be the one paying the US players. On the other hand, I realize that the total debt counting other players is substantial, especially because I would include in that tally any money taken from FTP once it had become insolvent.
Here is an excerpt from the letter I sent to their attorney:
“The consensus in the poker community is that all money owed to Full Tilt or taken by investors after the company became insolvent should be used to pay back player’s funds. If I were to make a deal with you it would look like I had turned my back on the best interests of the American players.
Even though the terms are easier for me if I deal with you and it will fulfill my legal obligation, I have to see how things work out with the DOJ and try to make good on my moral obligation to the US players. I assume at some time in the future the DOJ will establish a pool of funds from Full Tilt’s assets that will be used to pay off some percentage of the player balances that are owed.””
If I owed FTP money from previous tournaments and floats, I would pay the debt back, but I would also wait until something was on paper saying that US players are going to be paid back. Why would a poker pro, in the United States, side with a new company that has no outline of how US players are going to be paid back?
It’s nice to see a poker pro:
1. Come out with a post and publically discuss the situation.
2. Actually support and stand for US poker players.
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I hate to say it, but if he owes a debt, he shouldn’t have to wait to be “paid back” so he can settle his debt. You borrow money from the bank, you don’t pay the bank, they take your house, your car, your dog, WHATEVER. This should be no different…thoughts?
I agree somewhat. He borrowed money but he doesnt want to pay a new company back that will not use the money to pay back US layers. He is looking out for US players.
Fully agree. If you borrowed money from someone, YOU owe that debt. Just because someone else owes you money doesn’t mean that your other debts go on hold. Like the support for US players.