eGR’s source claims that FTP’s cash-flow woes extended beyond the accounts seized under the Black Friday indictments. “Banks that weren’t even subject to restraining orders started shutting down because they thought ‘we’ve got to be careful, the Americans are after us.’ We actually had to ask the prosecutors to call these banks and tell them they weren’t interested in them.”
eGR’s source also claims that, in the weeks following Black Friday, Bitar had representatives in Ireland query potential investors about taking a stake in the company. Bitar was reportedly hoping to raise as much as $150m via this move, but his efforts were for naught, as no one seemed to want to sink their millions into a company sitting so squarely in the DoJ’s crosshairs.
As for when US players might see their funds again, the source would only say “There are a lot of factors involved. Some of that is the $60m backlog referenced in the [indicted payment processor Bradley] Franzen case, some is the bank accounts that voluntarily decided to restrain funds, and some is the status of negotiations with the [DoJ]. All of those issues together contribute to creating an impediment to paying players back, an impediment which wouldn’t be there if each of those things didn’t exist.”
✖ Austrian tournament director Thomas Kremser has decided to sever ties with the European Poker Tour, apparently having grown uncomfortable with the organization’s continued relationship with sponsor PokerStars in the wake of Black Friday. According to a press release issued by Kremser’s TK Poker Events, Kremser contacted PokerStars a few weeks back “to review the nature of their relationship.” Kremser also said “the time is right to explore new adventures and also to adjust our business model to emphasize closer cooperation with licensed casino operators.” Kremser has been an EPT mainstay since 2004.