14Feb
The $1 million Promise: Tom Dwan and Phil Galfond Hounded by Players

Those who have been keeping up with the events that happened after the Black Friday incident will no doubt know about the promise that Tom Dwan and Phil Galfond made in order to soothe the players who had become extremely worried that PokerStars and Full Tilt would not be able to pay out their US customers. PokerStarsplayers were already assured that they had nothing to fear. However, Full Tilt has not been as fortunate. Worse, Full Tilt has not exactly been informative about the whole situation, and players were left in the dark as to what would happen with their money. With nothing concrete to grasp onto, players have latched on to the promises made by these two and have thus been hounding them to pay up.

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Deadlines, anyone?

Phil Galfond and Tom Dwan were no doubt pretty confident about Full Tilt’s condition at the time that they made that promise. After all, Full Tilt is second only to PokerStars. Who would have thought that they mismanaged their affairs so much that they would not have any reserve funds? But then, Full Tilt is not completely to blame, since the DOJ practically tied the company’s hands behind its back with the freezing of its bank accounts. Now, with Full Tilt still unable to pay, players have started to turn against Tom Dwan, flooding his Twitter account with questions about when he’ll pay up. Understandably, he got tired of all the naysayers and decided to post his response. Dwan said that he would pay up if, and only if, he’s more than 90% sure that Full Tilt is not going to pay up. Until then, he’s pretty much hoping that FTP will pay out because he’d rather spend the money on “goofy stuff”. Galfond wasn’t being hounded as much as Dwan was because he actually gave a deadline, which is Hanukkah of 2012. But giving a deadline can be a double-edged sword, and he may end up in a pretty bad situation if Hanukkah does come and FTP still hasn’t paid up.

Taking Sides

Of course, not everyone likes the idea of Dwan and Galfond paying out. For one thing, $1 million – or $2 million, if both of them pay up – won’t be enough to make up for the $150 million that Full Tilt still owes. Besides, the two of them have no idea of knowing who should get the money. Also, if Full Tilt does eventually pay up, then they have no way of getting back the money they gave. Most importantly, they don’t even really owe anyone money – so expecting anything from them is nothing short of insane.

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