Excellent read about what may have happened, by Bill Rini:
http://www.billrini.com/2011/10/04/screwed-full-tilt-poker/
The part that doesn't ring true to me, however, is the bit about the big investors accepting ongoing payments, when they knew they really shouldn't, because they had to keep up appearances. I just don't buy the premise that Howard Lederer was depositing checks for millions of dollars at a time, while muttering under his breath, "Damn, I really hate that I have to take this money, but it's for the good of the company, so I'll do it."
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I think Bill's version is really trying to put the best spin on the ethical and illegal nightmare that was FTP (at least well into their existence). We just have to accept that some individuals we (the royal we, that is) used to admire, such as Howard Lederer and Chris Ferguson, aren't really all that admirable.
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