Full Tilt's Financial Woes Worse than Expected

By: Charles / February 9, 2012
The lawyer representing Group Bernard Tapie (GBT) in negotiations to purchase Full Tilt Poker has stated that the shuttered poker room is in worse shape financially than was originally believed, which has put a crimp in the acquisition process.

The poker industry is abuzz with recent allegations that a handful of well-known poker pros, including Barry Greenstein, Phil Ivey, Erick Lindgren, and Mike Matusow, owe almost $17 million to Full Tilt, which is causing delays in GBT acquiring the assets of the company and moving forward with reimbursing players with money frozen on the site.

“If the money doesn’t come in, it creates a serious obstacle to completion of the deal. This isn’t the only issue with the takeover, and the deal won’t end on any one issue, but this is a substantial item,” Behn Dayanim, the attorney trying to facilitate the deal on behalf of GBT, recently told PokerStrategy,

Some of the pros who are believed to owe money to the beleaguered poker room have spoken out about the allegations that their debts are causing the deal to be held up, including Greenstein, who was recently elected to the Poker Hall of Fame and is widely known for his substantial donations to charitable causes.

“I don’t believe my debt has any impact on the sale to the Tapie group as they have alleged,” Greenstein said on TwoPlusTwo. “I was concerned about taking money due to U.S. players and giving it to the Tapie group because it is understood that the Tapie group won’t be the one paying the U.S. players.”

Matusow, whose debt was said to be in the neighborhood of $700,000, denied that he was in arrears to Full Tilt, and tweeted to his Twitter following of 52,000, “For all my fans out there, just to let you all know, I don’t owe Full Tilt anything. Why my name is mentioned, I don’t know.”

A March 1 date for the restarting of Full Tilt was previously anticipated by Dayanim, but due to the money said to be owed to the site by the pro players, that date is now uncertain.

“It’s very difficult to predict with any certainty when the start date will be,” Dayanim told PocketFives. “There are a few issues that are substantial and material. The debt owed to Full Tilt Poker by players is a significant issue. We are hoping we’ll be able to work through it. This is a significant issue that we’re trying to address and we’ve had limited success so far.”

The saga of Full Tilt continues. Players with frozen bankrolls on the site have experienced the upswings and downswings well known to poker players. The bad news of the poker room shutting down, followed by the good news of its sale and eventual planned reimbursement of players, followed again by bad news regarding problems with the acquisition going through. One can only hope that someday the purchase and payback of players will commence. Dayanim assured players that he will strive to make the asset acquisition become a reality.

Tip of the Month - Bluffing into Dry Side Pots

There are very few things that make me really angry at the poker table. Sure, I get frustrated when I take a bad beat, but that’s poker – that happens. The thing that really makes me steam is players bluffing at a dry side pot during a tournament.


First, so there’s no confusion, let me explain what this term means. Let’s say you are one of six players left at a final table. Just to make this example crystal clear, let’s say the tournament pays five places – one more player gets knocked out and everyone’s in the money. One of the six (we’ll call him “Short stack”) goes all in. Another player calls (let’s name him Alan), and you call. Now we have a main pot, the only money that Short stack can possibly win. If his hand hits, or holds up, as the case may be, he can’t do any more damage. If any bets are made after the flop by me or Alan, we will create a side pot. Right now, the side pot is “dry,” or empty.

The flop comes Alan makes a big bet you now presume you are behind in the hand and fold, I make my normal comment of “betting into a dry side pot you had better have him beat”  Only to discover when Alan turns over his hand he has nothing absolutely nothing!!!!  The only thing achieved by this bluff is he has got me out of the hand – Short stack isn’t going anywhere. My hand was JT, and the board flopped A-K-2., It’s possible I could hit my straight, but it’s a gut shot and not worth calling Alans big bet with. I fold and the hand proceeds. The turn is another 2 and the river is a Q. Short stack's AK takes down the pot.

If Alan had checked, I would have stayed to the river and caught my straight, which would have beaten Short stack’s two pair. He would have been knocked out and the rest of us (including Alan) would be in the money. Alans bluff at the dry side pot not only prevented a player from being knocked out, but it also tripled up Short stack, who I guess we are now forced to re-christen “Mid stack.” Why, I ask you, would anyone want to do this? Remember dangerous players become short stacked too.

Don’t misunderstand and think I just wanted Alan to check so I could catch my hand and rake in all the chips. If our hands had been reversed, I would have checked all the way to the river and happily watched Alan’s straight knock Short stack out. I didn’t lose any more chips on the hand and I’m in the money now. The world is good.

I’m not saying you should never bet when a player is all in. If you think you have the best hand, by all means, go ahead and protect it. But if you can’t beat the all-in guy, and there’s no money in the side pot to bluff at, just check and let the other players catch up. Maybe one of them will be able to knock him out.  There is absolutely no point in bluffing. You’re not going to be able to win the money in the main pot, so why not let someone else make a hand and make sure Short stack gets eliminated?

When I see a player make this mistake at a final table or at any table for that matter it drives me absolutely insane.    The bottom line is there is no point; You will not gain anything except perhaps making everyone else on the table angry at you and the risk of that player who has just tripled up knocking you out resulting in no money for you.  There always has to be a clown somewhere just make sure the next time you go to bluff in to a dry side pot you stop and think of this article and use your intelligence and say “NO!” I will check it down unless I have the Nuts.  By the way short stack that became mid stack went on to win the tournament so keep this in mind.

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Ref:- http://sappa.roadkil.net/index.php?REQ_Action=Article&REQ_ArticleID=29&Title=Bluffing%20into%20dry%20side%20pots

2012 - Round 1 - Jan 28

1	Ratu	200
2	Michael	170
3	Kevin C.	150
4	Jamie Ha	130
5	Matthew	120
6	Rohan	110
7	Anhtai	100
8	Heath	90
9	Grant	80
10	Gary	70
11	Paul	60
12	Tania	50
13	Kevin P.	40
14	Cabe	30
15	Shannon	20
16	Patrick A.	10
17	Adrienne	1
18	Rod	1
19	Kenny	1
20	Jamie Hi	1
21	Patrick	1
22	Ashley	1
23	Charlotte	1
24	Loui	1
25	Josh B.	1

Table 1			Table 2			Table 3
Seat 1	Rod		Seat 1	Anhtai		Seat 1	Charlotte
Seat 2	Rohan		Seat 2	Ratu		Seat 2	Cabe
Seat 3	Matthew M.		Seat 3	Shannon		Seat 3	Adrienne
Seat 4	Gary		Seat 4	Jamie Hi.		Seat 4	Patrick A.
Seat 5	Grant		Seat 5	Paul		Seat 5	Tania
Seat 6	Ashley		Seat 6	Kenny		Seat 6	Patrick J.
Seat 7	Kevin P.		Seat 7	Josh B.		Seat 7	Michael
Seat 8	Heath		Seat 8	Kevin C.		Seat 8	Loui
Seat 9	Jamie Ha.		Seat 9			Seat 9
Seat 10	Unavail		Seat 10	Unavail		Seat 10	Unavail

Player of the Year & Bracelet Winners

Player of the Year Hall of Fame
	1st	2nd	3rd
1 - 2008	Anhtai	Brett	Ashley
2 - 2008	Heath	Shane	Nick C.
2009	Ashley	Anhtai	Shane
2010	Ashley C.	Loui H.	Heath W.
2011	Michael W.	Shaun K.	Ashley C.
2012	Heath W.	Kevin P.	Michael W.

Bracelet Winners 2010 - 2013

Ashley C.	5
Grant C.	4
Shaun K.	3
Anhtai L.	3
Laurence M.	2
Ratu M.	2
Michael W.	2
Loui H.	2
Kevin P.	2
Heath W.	1
Rohan T.	1
Richard C.	1
Tyrone	1
Adrienne O.	1
Alex K.	1
Rod O.	1
Gina R.	1
Stuart M.	1
Kenny N.	1
Patrick A.	1
Shane L.	1
Charlotte H.	1
Paul N.	1
Roy H.	1

2011 - Top 6

The Top 6 game was held on Dec 17th at Michael's house. The final placings were:-

1st - Grant
2nd - Ashley
3rd - Heath
4th - Michael
5th - Shaun
6th - Shane (Forfeit)

Results - Round 12

1	Shane	200
2	Kenny	170
3	Josh	150
4	Michael	130
5	Kevin C.	120
6	Shaun	110
7	Adrienne	100
8	Heath	90
9	Gary	80
10	Matthew	70
11	Loui	60
12	Tania	50
13	Kevin P.	40
14	Ashley	30
15	Ratu	20
16	Rod	10

Results - Round 11

1	Patrick	200
2	Paul	170
3	Michael	150
4	Loui	130
5	Grant	120
6	Adrienne	110
7	Ashley	100
8	Heath	90
9	Gary	80
10	Shaun	70
11	Matthew	60
12	Kenny	50
13	Tania	40
14	Josh O.	30
15	Shane	20
16	Ratu	10