pokernews lederer interview

[Loopz]

Since April 15, 2011, the poker world has waited anxiously to hear from Howard Lederer regarding the downfall of Full Tilt Poker. That wait is officially over.

In Part 1 of this exclusive interview series with PokerNews.com, Lederer explains the reasoning for his elongated silence. He also discusses the early phases of Full Tilt Poker, including his initial impressions of CEO Ray Bitar, the company's original Board of Directors and investors, and more.

Said Lederer about his decision to come forward, "I just think now is the time for the poker public to get some answers to questions that they deserve to have answered; for them to get some facts that have obviously not been shared with them over the last 15 months.

"There were very good reasons why the company and the principals were not discussing these issues in public during the 15 months, but now that the deal has been completed, I think this is the time."

Without further delay, here's Part 1 of the Howard Lederer Files:

http://www.youtube.com/watch?v=3g1wFJx461U

[Zod]

North Korea looking very developed, they even have a Venetian!

[Guest]

Like how he effectively calls Irish people bone idle around 29 min mark!

[Strewelpeter]

Like how he effectively calls Irish people bone idle around 29 min mark!

LOL at your interpretation of that in the context of other conversations in BBV.
I got a very different sense of what he's saying there.

[Guest]

Well he effectively says that we won't work all the hours god sends?

[theshortstack]

yes, what he is saying is that we don't let other people push us around to work more hours than usuall and in the workplace in general, not that we are bad to work.

[ChasingAces]

Haven't watched it yet (in work). They're supposed to have recorded 7 hours of footage and they are cutting it down to about 3 and a half hours worth of footage

[Loopz]

In Part 2 of this exclusive interview series with PokerNews.com, Lederer discusses Full Tilt Poker's decision to remain in the U.S. post-UIGEA and the payment processing issues that went along with that decision. According to Lederer, it was an easy decision to stay, based on the recommendation of legal counsel.

"The company sought legal opinions from very reputable attorneys," Lederer said, "and the law didn't say anything about poker."

Lederer also explains his reaction to a startling email the company received from a customer on March 17, 2008. The customer said he was "very concerned about the risk of depositing money" and questioned whether the money in his account was being held in a company trust account.

It was a question that opened Lederer's eyes about the company's financial situation.

"I saw it as an important question that needed to be answered accurately," Lederer says in the interview. "In the (following months), I endeavored to have the company financial department be able to produce a document that could answer the fundamental question, which is, 'did we have more cash on hand in our various accounts than we owed our customers?'"

In Part 2 of The Lederer Files, Lederer also discusses his decision to step down from his management role with the company, a decision he claims he made in late 2007. Lederer remained on the board of directors, but the search began for his replacement.

Here's Part 2:

http://www.youtube.com/watch?v=2DxUJxGzSO4

[Strewelpeter]

Well he effectively says that we won't work all the hours god sends?

I don't think he's saying that, hes complaining that we have laws that govern working hours, management practices and most importantly that an employee is entitled to fair procedures and can't just be fired at will.

[V for Vendetta]

Amazing stuff. Terrible interviewer but fascinating viewing. It always blew my mind the amount of money people trusted to online gaming companies with no Independent custodian arrangement. Now that I see the absolute joke of a company FT was and the amount of money they were handling and the ineptitude of their "oversight" it's just incredible. A fool and his money really are easily parted.

I've seen people ask more searching questions when signing up for annual membership of a gym ffs.

[Jam-Fly]

haven't gotten a chance to watching them yet. Any cliff notes on important/interesting stuff brought up in the interviews? Have the interviews changed anyone's opinions or is the consensus still that Lederer is a scumbag?

[gra]

Am, interesting enough, but he doesn't know much, isn't aware of other stuff and has no recollection of much really!!!

[Buceph]

He comes across as someone who knows his story inside out. He knows what he knows, he knows what he doesn't know and he knows a little here and there (as the great American would say, known knowns, known unknowns, etc.) It's obvious he has spent a lot of time with lawyers practicing his answers and having his story turned inside out. Which is pretty obvious, because he wouldn't have given the interview unless he knew he couldn't dump himself in it.

I've gotten to about 22 mins in the second video, and it's amazing how bad the interviewer is. Lederer is stopping, and giving the biggest clues to the interviewer about what weird goings on in the FTP world he actually wants to talk about. It's entirely possible that the interview has been edited that the seeking questions will come as a big gut punch, but Lederer is on the cusp of writing the interviewer a note telling him what questions to ask.

The obvious thing is that Lederer is pointing out that he knew that the customer e-mail about the Trust is important. And he's trying to indict the regulators in the same breath. There simply isn't (or wasn't) a mechanism in place where a poker site had to treat the money the same way a bank would. Lederer keeps pointing out that the balance sheet covered the players' accounts and is really trying fucking hard to get the interviewer to ask, "What about the company's further obligations above and beyond depositers." And how are those obligations treated differently to an insurance company, a bank, or is it just a case of these poker sites are Ltds or PLCs.

I'm not a poker head, but this kind of stuff interests me. Maybe I just like gossip. Lederer seems like someone who has made his peace with what has happened (either he's rich off it or simply he knows he's not going to jail over it, or even a combination of both.) But more than a man who made his peace he comes across as someone who is being as honest as he can, without hellraising, but absolutely trying to shake up the industry as to how it's all governed. What's most interesting about all that is the relationship between Pokerstars and FTP. Especially as Pokerstars are being seen as the holiest of the holies.

Edit: Heh, literally 30 seconds later, "We are not a bank" quoted from the DOJ indictment. And liabilities beyond account holders.

[V for Vendetta]

He comes across as someone who knows his story inside out. He knows what he knows, he knows what he doesn't know and he knows a little here and there (as the great American would say, known knowns, known unknowns, etc.) It's obvious he has spent a lot of time with lawyers practicing his answers and having his story turned inside out. Which is pretty obvious, because he wouldn't have given the interview unless he knew he couldn't dump himself in it.

I've gotten to about 22 mins in the second video, and it's amazing how bad the interviewer is. Lederer is stopping, and giving the biggest clues to the interviewer about what weird goings on in the FTP world he actually wants to talk about. It's entirely possible that the interview has been edited that the seeking questions will come as a big gut punch, but Lederer is on the cusp of writing the interviewer a note telling him what questions to ask.

The obvious thing is that Lederer is pointing out that he knew that the customer e-mail about the Trust is important. And he's trying to indict the regulators in the same breath. There simply isn't (or wasn't) a mechanism in place where a poker site had to treat the money the same way a bank would. Lederer keeps pointing out that the balance sheet covered the players' accounts and is really trying fucking hard to get the interviewer to ask, "What about the company's further obligations above and beyond depositers." And how are those obligations treated differently to an insurance company, a bank, or is it just a case of these poker sites are Ltds or PLCs.

I'm not a poker head, but this kind of stuff interests me. Maybe I just like gossip. Lederer seems like someone who has made his peace with what has happened (either he's rich off it or simply he knows he's not going to jail over it, or even a combination of both.) But more than a man who made his peace he comes across as someone who is being as honest as he can, without hellraising, but absolutely trying to shake up the industry as to how it's all governed. What's most interesting about all that is the relationship between Pokerstars and FTP. Especially as Pokerstars are being seen as the holiest of the holies.

I'd agree with a lot of your analysis but it has to be said Lederer looks like shit. For a guy who's at peace that doesn't tally for me. This effort to try to redeem himself in the eyes of the community doesn't hint at a scumbag who's made his money and doesn't give a fuck that's for sure.

[Buceph]

I'd agree with a lot of your analysis but it has to be said Lederer looks like shit. For a guy who's at peace that doesn't tally for me. This effort to try to redeem himself in the eyes of the community doesn't hint at a scumbag who's made his money and doesn't give a fuck that's for sure.

Maybe I didn't make clear my follow on from "someone who has made peace." I don't know him as a scumbag, so I think I can look at his story with absolutely clear eyes. When I say he's made peace I mean that there's a little of the Hierarchy of Needs thing going on. He knows he's not going to jail, he knows he's not going to be short a few bob, so now he can go out and tell his story (a series of stories that he has unified into one grand story in his own head.)

Maybe Poker News is slow rolling us all, as they're dealing this out piece by piece and the interviewer hasn't been seen to push him at all. But Lederer has made a number of statements that show FTP to be completely foolish in their setup, completely foolish in how they ran their business the Ray (Raif?) guy as obfuscating to the very important "Trust" issue. And most of all Lederer has been severely critical (in what he's hinted at) of the regulation of the poker industry. He's said a number of times there were issues with Alderney (and the Hawaii? place.) The "We're not a bank" thing is incredibly telling. That shows there was corporate negligence at the very least, if not necessarily corporate malfeasance (Although I could very much see that argument being made.)

I think Lederer has an axe to grind with not only the poker industry, but also with his past. To me he looks like someone who has made a lot of mistakes (and as the poker community would believe is an absolute shitbag.) But really he wants to see good done by himself, not only for himself but to prove that such an entity as a poker company can be run well and can be accountable on a fully professional level. He comes across as someone who feels he owes a lot to his industry, as much as to clearing his own name.

He obviously could cut and run. The agreement with the American Federal Authorities would indicate that he's clear, but for whatever reason it seems that he wants to remain in the industry. And to me it absolutely doesn't come across as a pride thing, rather he comes across as someone who wants to be good at what he does. And he has obviously failed at that and wants to do good now to show, if only to himself, that he is capable of doing that. It looks like he learned a huge lesson in what happened to FTP and now even if only by this interview, he wants it to be clear that he isn't as stupid and that he can learn a lesson.

The only obvious thing so far is that the interviewer (or editing) is entirely sub-par. But maybe three and a half hours of video will make up for that.

[RoadSweeper]

Really surprised how bad the interviewer is. Need Tony G.

[Starvin Marvin]

I hope he gets inoperable brain cancer.

[gra]

Maybe I didn't make clear my follow on from "someone who has made peace." I don't know him as a scumbag, so I think I can look at his story with absolutely clear eyes. When I say he's made peace I mean that there's a little of the Hierarchy of Needs thing going on. He knows he's not going to jail, he knows he's not going to be short a few bob, so now he can go out and tell his story (a series of stories that he has unified into one grand story in his own head.)

Maybe Poker News is slow rolling us all, as they're dealing this out piece by piece and the interviewer hasn't been seen to push him at all. But Lederer has made a number of statements that show FTP to be completely foolish in their setup, completely foolish in how they ran their business the Ray (Raif?) guy as obfuscating to the very important "Trust" issue. And most of all Lederer has been severely critical (in what he's hinted at) of the regulation of the poker industry. He's said a number of times there were issues with Alderney (and the Hawaii? place.) The "We're not a bank" thing is incredibly telling. That shows there was corporate negligence at the very least, if not necessarily corporate malfeasance (Although I could very much see that argument being made.)

I think Lederer has an axe to grind with not only the poker industry, but also with his past. To me he looks like someone who has made a lot of mistakes (and as the poker community would believe is an absolute shitbag.) But really he wants to see good done by himself, not only for himself but to prove that such an entity as a poker company can be run well and can be accountable on a fully professional level. He comes across as someone who feels he owes a lot to his industry, as much as to clearing his own name.

He obviously could cut and run. The agreement with the American Federal Authorities would indicate that he's clear, but for whatever reason it seems that he wants to remain in the industry. And to me it absolutely doesn't come across as a pride thing, rather he comes across as someone who wants to be good at what he does. And he has obviously failed at that and wants to do good now to show, if only to himself, that he is capable of doing that. It looks like he learned a huge lesson in what happened to FTP and now even if only by this interview, he wants it to be clear that he isn't as stupid and that he can learn a lesson.

The only obvious thing so far is that the interviewer (or editing) is entirely sub-par. But maybe three and a half hours of video will make up for that.

I don't know if claiming ignorance is proving anything really, surely if he didn't know what was going on he ought to have known. This man was making millions and seems to have had very little concern for the security of his customers funds, labouring the point that he flagged one e mail and made them produce a satisfactory reply within "a few weeks" to a customers concern about the security of his funds is hardly due diligence. He is unaware if he had a contract, was completely ok with allowing someone unqualified to run a multi-million dollar company because "he was Chris's friend", knew the CFO was called "alan" but he's terrible with names and didn't know the situation with the accounts because "i'm not an accountant",he may not be an accountant but he's shady and I bet he knows exactly how much he made from Full Tilt. If he's trying to prove he isn't stupid well he will have to actually provide some answers in the next few instalments coz so far doh! As for having a future in the poker industry........... ammmmmmmm

[Buceph]

I don't know if claiming ignorance is proving anything really, surely if he didn't know what was going on he ought to have known. This man was making millions and seems to have had very little concern for the security of his customers funds, labouring the point that he flagged one e mail and made them produce a satisfactory reply within "a few weeks" to a customers concern about the security of his funds is hardly due diligence. He is unaware if he had a contract, was completely ok with allowing someone unqualified to run a multi-million dollar company because "he was Chris's friend", knew the CFO was called "alan" but he's terrible with names and didn't know the situation with the accounts because "i'm not an accountant",he may not be an accountant but he's shady and I bet he knows exactly how much he made from Full Tilt. If he's trying to prove he isn't stupid well he will have to actually provide some answers in the next few instalments coz so far doh! As for having a future in the poker industry........... ammmmmmmm

I think his answering is pretty much on the ball. He's answering the questions from his viewpoint during the times the things were going on. He probably didn't know the names of a few of the higher ups (or at least he'd be taking a gamble of offending them if he took a stab at their names.) He probably didn't know, or didn't want to know about the workings of the financials at the time. He was happy enough going along presuming everything was alright and pushing to the back of his mind the concerns he had (because everything was going grand.) Or maybe he is a true sociopath and he knew the issues and dismissed them because he thought, "fuck the public."

I don't think he's trying to prove anything to the public. I think he has revealed a lot about the situation going on there without every implicating himself. Yes, we all know how dodgy it was, but there's nothing you can hang your hat on. And most of all he's trying to show that he learned a lot from that situation. That he's capable of going onto better things as a "silent board adviser" to one of the future legitimate poker companies in America. He's said a huge amount in this interview, but people are out for blood and looking to incriminate him and looking to damn him. But from what I can see he's a man who is beyond that level of worry and is looking towards his future.

And out of curiousity, what can happen to him? What charges are facing him?

[A_CitizenErased]

Anyone read Diamond Foxes Interview with Andy Block? The lads over at 2+2 are creaming over it. Some extremely interesting things in it (not sure if true or not and none of us will probably ever know) but the thing I found most interesting is how much bad Phil Ivey did in the whole FTP thing. The interview even manages to put Ferguson and Lederer in the good guy category (trying to pay back money etc and seemingly ferguson payed up some money so players could be paid back).

Seemingly Ivey owed FTP millions before black friday and just says before it asked for more money, he then threw a hissy fit and filed a lawsuit out of selfishness and seemingly the money could have been used to play back a lot of players.

Phil Gordon also comes across as a good guy as he always hated Bitar and now people are saying he was a snoop for the DOJ. Crazy shit.

Again, none of this is true fact but if it is true, it puts a seriously different perspective on this situation.

Also, Lederer looks like hes dieing.

[Wesley Harms]

Parts 3 and 4 are up. Compulsive viewing

[A_CitizenErased]

Parts 3 and 4 are up. Compulsive viewing

Part 4 is the best so far. A few questions answered.

Interviewer is a total goon though.

Lederer comes across pretty honest IMO although im sure 98 percent of the poker community says different.

[ianmc38]

Anyone read Diamond Foxes Interview with Andy Block? The lads over at 2+2 are creaming over it. Some extremely interesting things in it (not sure if true or not and none of us will probably ever know) but the thing I found most interesting is how much bad Phil Ivey did in the whole FTP thing. The interview even manages to put Ferguson and Lederer in the good guy category (trying to pay back money etc and seemingly ferguson payed up some money so players could be paid back).

Seemingly Ivey owed FTP millions before black friday and just says before it asked for more money, he then threw a hissy fit and filed a lawsuit out of selfishness and seemingly the money could have been used to play back a lot of players.

Phil Gordon also comes across as a good guy as he always hated Bitar and now people are saying he was a snoop for the DOJ. Crazy shit.

Again, none of this is true fact but if it is true, it puts a seriously different perspective on this situation.

Also, Lederer looks like hes dieing.

Got a link?

[Blackboosh]

Got a link?

Here it is

[AndyFatBastard]

http://www.youtube.com/watch?v=AZme4AvjE30

[AndyFatBastard]

Wow. He is shitting on Bitar completely in #3.

[A_CitizenErased]

Lederer is obviously trained in what to say in a lot of these videos through Lawyers I imagine but embarrassingly enough, I find him to come across quite well and part 4 has a lot of the "truth" come out.

Does anyone know if he is getting Jail for this and why he hasnt been jailed already? Again, Im not 100 percent sure about this whole thing.

[AndyFatBastard]

Can't find Part 4. Did they pull it or something?

[Wesley Harms]

This guy is the best pokernews could send to do the interview. He's seems mildly retarded

[A_CitizenErased]

This guy is the best pokernews could send to do the interview. He's seems mildly retarded

[x] Confirmed retarded

[A_CitizenErased]

Can't find Part 4. Did they pull it or something?

Yeah its not on the Pokernews Youtube anymore. Weird.

[Wesley Harms]

Can't find Part 4. Did they pull it or something?

Check my twitter feed, KevMath linked it to me last night

[A_CitizenErased]

Can't find Part 4. Did they pull it or something?

Part 4 for everyone (definitely the most interesting)

Found it on 2+2

http://www.youtube.com/watch?v=_T5KWPlsBuY&feature=youtu.be

[AndyFatBastard]

I must say I feel like this is all genuine. Yes he's been carefully coached not to mention certain things or single out anyone other than Bitar, but everything he's saying seems plausible, if extremely rose-tinted and biased towards himself not being the bad guy.

He is certainly admitting that he failed to adequately explain the severity of the situation to board members and owners, which could still leave him open to civil liability. But this was partially because he did not grasp it completely himself, and also because by the time the full seriousness was explained to him, it was probably already too late to save the company.

It's all very intriguing.

[A_CitizenErased]

I must say I feel like this is all genuine. Yes he's been carefully coached not to mention certain things or single out anyone other than Bitar, but everything he's saying seems plausible, if extremely rose-tinted and biased towards himself not being the bad guy.

He is certainly admitting that he failed to adequately explain the severity of the situation to board members and owners, which could still leave him open to civil liability. But this was partially because he did not grasp it completely himself, and also because by the time the full seriousness was explained to him, it was probably already too late to save the company.

It's all very intriguing.

I also found it interesting that Andy Bloch said that Lederer was the only one of the lot who tried to put money together. Rumors Ferguson did too but I dont believe that.

I think Lederer is coming across very well.

Anyway...

PART 5.

In part 5 of an exclusive interview with Howard Lederer, the Phil Ivey lawsuit is discussed, and for the first time in the company's history a new board of directors is selected by the shareholders.

http://www.youtube.com/watch?v=hiSDJ...ature=youtu.be

[poprock]

Also, Lederer looks like hes dieing.

We are all dieing, just some of us faster than others.

You are correct though, looks like the life has been drained from his soul.

[Line Us]

Part 5 actually gets interesting, Lederer appears to open up a bit compared to the first few. Any part 6 about yet?

[A_CitizenErased]

Part 6: Click remind me later down bottom left of video so u dont have to sign up. (best episode yet)

http://www.pokernews.com/news/2012/09/the-lederer-files-outstanding-member-loans-tapie-13449.htm

Part 6 Spoilers:

SPOILER

Amazing.

Phil Ivey and E Lindgren owed FTP millions and wouldnt pay them back when they needed it. You could actually say they were a certain percentage of the reason players didnt get paid back in time. Fucking insane video. (pt 5).

Also, A lot of people saying it was pretty cool of Lederer to not go ahead with the Tapie deal if Stars didnt step in. Coming across very well. Edog is the poster child for degenerate gambler and scumbag.

Also Gus Hansen, what a legend. Howard owed $700,000 in loans to the company. He was going to pay it back using part of his player balance on FTP ($300,000 was in his player account so he only paid $400,000). Gus said you can't do that because our customers can't get to their money. So Howard paid back the full 700k.

Confirmed as well that Chris Ferguson paid back his money so that players could be payed out. Seemed to be one of the good guys through the whole mess.

[Tremolo1]

Big lol at those cliffs

The end of lindgren anyway

[A_CitizenErased]

Big lol at those cliffs

The end of lindgren anyway

What ya mean LOL? Did I get something wrong ??

[3BetShove]

What ya mean LOL? Did I get something wrong ??

Think he meant Lol as in, thats crazy that that would happen, and not Lol you have it all wrong

[Hectorjelly]

Part 5 actually gets interesting, Lederer appears to open up a bit compared to the first few. Any part 6 about yet?

http://www.youtube.com/watch?v=hUpBkcY5jM8&feature=channel&list=UL

[Hectorjelly]

This is a good one. Funny Edog story!

[Hectorjelly]

Reddit AMA with what seems like a middle manager: http://www.reddit.com/r/poker/commen..._30_plausible/


Sec dept gets a thumbs up

[AndyFatBastard]

Well, it looks like Juanda, Lindgren and, to a lesser extent, Ivey have some explaining to do.

[Wesley Harms]

Negreanu is coming off like more of a cunt than Lederer with his constant bullshit tweets

No coincidence I suppose that Howard is targeting Negreanus pals either I'd say (Juanda, Lindgren and Ivey) as it limits what DN can come out with. Which actually is very little especially about Lindgren

[Blackboosh]

Juanda replied on his twitter last night, he claims he's not the 2nd largest shareholder and that FTP management stole $5.4 million from Erik Seidel.

Hopefully more of the shareholders will start to give their version of events so the real story can come out

https://twitter.com/LuckBoxJuanda

[Guest]

Reddit AMA with what seems like a middle manager: http://www.reddit.com/r/poker/commen..._30_plausible/


Sec dept gets a thumbs up

How is Reddit so popular when it looks like 1995 internet?

[AndyFatBastard]

John Juanda @LuckBoxJuanda

What would u do in my shoes? Send check to same ppl who just stole from ur buddy?Or wait+hope to pay to the right parties?#LedererFiles

This is the most irritating tweet. He wasn't writing a cheque to the people who stole from his friend, he was writing a cheque to save the company he was a major shareholder in.

[AndyFatBastard]

We desperately need Seidel's version of this $5.4m story. He's one guy I would listen to and trust.

[Marsden02]

Negreanu is coming off like more of a cunt than Lederer with his constant bullshit tweets

No coincidence I suppose that Howard is targeting Negreanus pals either I'd say (Juanda, Lindgren and Ivey) as it limits what DN can come out with. Which actually is very little especially about Lindgren

This is the most irritating tweet. He wasn't writing a cheque to the people who stole from his friend, he was writing a cheque to save the company he was a major shareholder in.

+1 Negreanu just coming across now as Iveys bitch, I dont know who or what to believe but it addictive viewing.

[A_CitizenErased]

Negreanu is always gonna protect his friends. Hes coming across like an absolute shit in this whole thing.

Iveys career could come crashing down if he doesnt speak within a few days or weeks.

[Wesley Harms]

Negreanu is always gonna protect his friends. Hes coming across like an absolute shit in this whole thing.

Iveys career could come crashing down if he doesnt speak within a few days or weeks.

People will still suck Iveys balls.

No confirm/deny or explanation from Juanda about why he refused to sign the document for the stars deal yet he continues to mouth off. I fuckin hate that little Negreanu click group more than anything.

[RichieM]

I am fairly skeptical of this interview. I have only watched the first 3 so I guess dont have the full details but he does seem to be heaping everything on Ray Bitar (probably not too unfairly) and unable to remember stuff.

Biggest hole I can see is that he is told about the back log and calls Chris over at a party and they just go OMG this is serious. I am getting on a plane but will be in Dublin in 12 days to sort this shit out. Was he seriously going to be on the plane for the full 12 days that he couldn't take a call from the finance team, receive an email or be contactable at all.

Also I know he had commitments but but surely the potential loss of a multi million business and your stake in it would motivate you somewhat. Clearly he either bought what ever line was feed to him about it not being a problem, he wasn't overly interested or he knew quite a bit about it already so didn't panic so much. I also think its great that he was going to walk into the offices and get to grips with it in a few hours when a whole team of pro's could not. Either seriously deluded or a much better mind than the department hired to track this stuff.

He was asked why the board didn't convene a this stage to get rid of Ray. He said it didn't seem important and that he wanted some time before going to the board with the info. If I was a shareholder and fond out this was kept from me I would certainly have been pissed off and not trusted that other dealings had not been going on.

Obviously the interviewer didn't jump on him like a rabbid dog when the openings were there. Possible he will go for him further down when he has gained trust but I suspect just a very sympathetic interview with preapproved lines of questioning.

He also says he cant remember who he talked to on Black Friday and what was said. Frantic day but I would have thought with all the questioning from the feds he would have pieced this together by now. Likewise all the emails he just cant remember and the whole payment processing, paying off banks etc etc that he just doesn't remember happening.

He clearly steps down around the time this is picking up pace and was uncomfortable about how the company was doing business. Got reassurances from Ray etc but knew so steps down but fails to inform the board and get a CEO in from a reputable company to clean house. Basically whole thing stinks of knew what was going on so stepped aside rather than call the meeting and change it.

A lot more that doesn't quite ring true in terms of his involvement and I have to think he either knew or suspected that a lot was going on that was not legal or definitely at the very darkest shade of grey and that is why he stepped aside. His failure to bring the board together to discuss it and with holding information like this could well be illegal in the states also.

Looking forward to hearing what other guys have to say on the subject and hope this becomes a series of interviews or atleast the other guys get in front of a camera to give their side.

[AndyFatBastard]

I'm beginning to see how this plays out:

Various people owe FTP money that it needs to survive. Lederer tries to collect. Those people say, "But if I pay up, you'll use a portion of it to pay Bitar's salary.". So they refuse to pay until Bitar is out. But Bitar is the name on all the companies and licenses, so replacing him cannot be a quick process.

They have an impasse, with neither side willing to budge, both merrily cutting off their noses to spite their faces. Lovely.

[AndyFatBastard]

A lot more that doesn't quite ring true in terms of his involvement and I have to think he either knew or suspected that a lot was going on that was not legal or definitely at the very darkest shade of grey and that is why he stepped aside. His failure to bring the board together to discuss it and with holding information like this could well be illegal in the states also.

My understanding is that if FTP was a public company, then his actions would have been criminal. But it was private so the only complaint can be civil. Either way, he was clearly negligent as a board member and basically admits this several times without outright saying it.

[Wesley Harms]

Why did the interviewer not follow up when Lederer says 'I think it's clear why the distributions continued'

He's totally incompetent and seems to have a touch of bells palsy or something

[AndyFatBastard]

http://www.youtube.com/watch?v=4FjHLxTzefs

[AndyFatBastard]

An apology! Wow!

[Wesley Harms]

I'd like to watch the full unedited 7 hour stuff.