I’m trying to get through this strange writers block I’m experiencing. I’ve always been able to put my thoughts and actions on paper but I’ve had problems getting started. I feel bad because I committed to doing at least one blog a week for my web site and I’ll do my best to accomplish that from now on. I’ve had lots of personal issues that I’m determined to put behind me and move on.
Poker in Las Vegas was already pretty slow because of all the tournaments in Europe and the USA. It seems there is a tournament somewhere all the time and most of the high stakes cash players go to them. I don’t blame the young players who travel around the world to participate, frankly I’m jealous of them. But it does create havoc with the cash games. The existing cash game players, who aren’t quite as talented as some of the touring pros, have introduced new games that favor the bad players. Most of the time the cash game mix has games like Badeucey, Badacey, Badugi, and Razzdacey in them. Even in the stud games, each player gets four hole cards and discards two of them. These games even the playing field in poker and are very slow. In my opinion this is very bad for poker and will keep most of the pros on the sideline.
I’ve watched the Lederer Files and they are exactly what I expected. I was widely criticized for saying that I believe that Howard and Chris didn’t know the terrible condition Full Tilt was in. Does this absolve everyone from wrongdoing? No, of course not, but I think any reasonable person will say that Bitar did many things that no one was aware of. In my mind, before Black Friday, not only the board, but all the FT stockholders were complacent and guilty of negligence. But if you were getting checks each month for hundreds of thousands of dollars, would you feel the need to investigate your company?
Everybody keeps harping on the fact FT kept taking deposits after BF. I was involved with the deal Jack Binion was trying to make and there was plenty of hope that FT was going to survive and become a viable company. I talked to Jack every day while he was doing his due diligence until he withdrew. After that, there were other deals on the table that I’m sure looked favorable. There had to be a point where FT should have stopped taking deposits but that is one of the many bad decisions that management made after BF. At least now hopefully we will get our money from the DOJ.
It will be interesting to see how the loans FT made to the players and particularly the stockholders turn out. Anyway, please don’t bombard me with tweets and e-mails about the FT situation. History usually tells us what the real facts are. In this case, the true facts might never be known for sure.
May the flop be with you.