So it turns out that FTP was insolvent before Black Friday. {For all of the updates please click on the Subject Poker link at the top right of the blog} Despite this they continued to pay the owners of the company vast sums of money using funds that should have been secured to pay out player withdrawals. As I've said before I have great sympathy for all of the players who have likely lost significant sums of money as a result of this criminal behaviour.
News has just surfaced of further investors that are interested in buying FTP (and in the process paying back all of the money that is owed). That seems like a gamble considering that the reputation of the business has been destroyed, but it's understandable. FTP assets are clearly worth something in the long run, and if everyone was paid back and the new investors demonstrated future responsibility (such as segregating player funds) then I see no reason why they could not potentially make the money back within a few years as the site returned to health.
Personally I have written my money off as gone for good, and it wasn't a large amount (~$1300). However if I was ever able to see that money again, it would be a very nice surprise. I'd withdraw the funds immediately and wait to see if FTP had a future before ever considering playing there again, especially as I heard a rumour that Poker Stars are developing a form of fast full ring poker [disclaimer: read this at the back of a dying thread on 2+2... Might be a complete fabrication]. For the immediate future I feel that my money is safest on Poker Stars and that's where I'll continue to play.
So I'll continue to wait and see, and I hope that everyone gets their money back and that the future of FTP is secured.
As for my play, after I've cashed in my VIP points I will have 40 buy-ins for $50NL. With the money I have saved up lately and my playing bankroll, I easily have enough money to make that limit my new home and that's what I'll do (although 25NL will be my let off steam/too tired/playing badly/beating on the fish limit). GL
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