Phil Ivey taking legal action against Full Tilt

[Rhyzz]

Not strictly 'Casino Industry' news but a significant step by one of the so called founding members of Tiltware...

Phil Ivey has launched legal action against Tiltware although it doesn't say what for in the press release. I'm guessing he wants the top dogs to process funds quicker after the DOJ allowed them to pay players. It seems like he's just trying to distance himself from the company now and taking the players side to save his reputation.

Have a read of the press release:

For many years, I have been proud to call myself a poker player. This great sport has taken me to places I only imagined going and I have been blessed with much success. It is therefore with deep regret that I believe I am compelled to release the following statement.

I am deeply disappointed and embarrassed that Full Tilt players have not been paid money they are owed. I am equally embarrassed that as a result many players cannot compete in tournaments and have suffered economic harm. I am not playing in the World Series of Poker as I do not believe it is fair that I compete when others cannot. I am doing everything I can to seek a solution to the problem as quickly as possible.

My name and reputation have been dragged through the mud, through the inactivity and indecision of others and on behalf of all poker players I refuse to remain silent any longer. I have electronically filed a lawsuit against Tiltware related to the unsettled player accounts. As I am sure the public can imagine, this was not an easy decision for me.

I whole heartedly refuse to accept non-action as to repayment of players funds and I am angered that people who have supported me throughout my career have been treated so poorly.

I sincerely hope this statement will ignite those capable of resolving the problems into immediate action and would like to clarify that until a solution is reached that cements the security of all players, both US and International, I will, as I have for the last six weeks, dedicate the entirety of my time and efforts to finding a solution for those who have been wronged by the painfully slow process of repayment.

-From phileivey.com

[Luckylizzy]

I'm very curious about the details but nothing on the internet actually provides any yet.

[fourwood]

trying to save face?

What he is trying to say is that he won't be playing wsop because there will not be lots of internet money sloshing around which makes it good value for him to play.

[jetset]

I'm more inclined to agree with Rhyzz's assessment.

Full Tilt has been making excuses for non-payment almost from the day the feds unfroze an account for them, and their latest - almost six weeks on now - is that they are busy raising capital to pay players.

That begs the question, did they not have reserves or ring-fenced funds available (that were not vulnerable) for this purpose, imo.

Full Tilt must have made tens of millions over the years as the world's second largest online poker operator, so presumably the DoJ has managed to freeze all that money stashed presumably in various countries...unless it's all been squirrelled away for the principals of the company?

[Mousey]

I'm more inclined to agree with Rhyzz's assessment.

Full Tilt has been making excuses for non-payment almost from the day the feds unfroze an account for them, and their latest - almost six weeks on now - is that they are busy raising capital to pay players.

That begs the question, did they not have reserves or ring-fenced funds available (that were not vulnerable) for this purpose, imo.

Full Tilt must have made tens of millions over the years as the world's second largest online poker operator, so presumably the DoJ has managed to freeze all that money stashed presumably in various countries...unless it's all been squirrelled away for the principals of the company?

What I'm wondering is.... are players outside the US not being paid either? And if so, why not? And if the DOJ has tied up money that are deposits and withdrawals from folks playing in 'free' countries .... how the hell can the DOJ legally do that? And why is there no outcry from other countries if that money is 'seized'? All this is soooo confusing to me.

I'm with Jetset on this... where the devil is all that money FullTilt made? Seized? or did the owners make off with it? Something is really screwy .....

[spiderlegz]

I'm more inclined to agree with Rhyzz's assessment.

Full Tilt has been making excuses for non-payment almost from the day the feds unfroze an account for them, and their latest - almost six weeks on now - is that they are busy raising capital to pay players.

That begs the question, did they not have reserves or ring-fenced funds available (that were not vulnerable) for this purpose, imo.

Full Tilt must have made tens of millions over the years as the world's second largest online poker operator, so presumably the DoJ has managed to freeze all that money stashed presumably in various countries...unless it's all been squirrelled away for the principals of the company?

BTW that proved to be untrue.

And they had 71 accounts seized. Some of them were accounts also used to process non US transfers.

[spiderlegz]

What I'm wondering is.... are players outside the US not being paid either? And if so, why not? And if the DOJ has tied up money that are deposits and withdrawals from folks playing in 'free' countries .... how the hell can the DOJ legally do that? And why is there no outcry from other countries if that money is 'seized'? All this is soooo confusing to me.

I'm with Jetset on this... where the devil is all that money FullTilt made? Seized? or did the owners make off with it? Something is really screwy .....

Players outside US are getting paid. Depends on method, country etc how fast they get their money. The amounts that have been cashed out are of course huge and with a lot of money "tied up" it isnt that smooth.

DOJ did just seize the accounts, they didnt look that much of what kind of funds were in the accounts. So FTP probably has to prove which funds are player money and which arent, and probably which are US and non US.
They also have 60 million of "phantom" money from uncleared deposits that theyll never get floating around.

FullTilt has most likely made well over a billion in profit during the years FWIW

[spiderlegz]

Location : District Court Civil/Criminal Help
Register of Actions
Case No. A-11-642387-C
Phillip Ivey, Jr., Plaintiff(s) vs. Tiltware LLC, Defendant(s) §
§
§
§
§
§
Case Type: Other Civil Filing
Subtype: Other Civil Matters
Date Filed: 06/01/2011
Location: Department 1
Conversion Case Number: A642387
Party Information
Lead Attorneys
Defendant
Tiltware LLC

Plaintiff
Ivey, Phillip Dennis, Jr.
David Zeltner Chesnoff

Retained

7023845563(W)
Events & Orders of the Court
OTHER EVENTS AND HEARINGS
06/01/2011 Case Opened
06/01/2011 Complaint
Complaint for Injunctive Relief, Declaratory Relief and Damages
Financial Information


Plaintiff Ivey, Phillip Dennis, Jr.
Total Financial Assessment 270.00
Total Payments and Credits 270.00
Balance Due as of 06/01/2011 0.00

06/01/2011 Transaction Assessment 270.00
06/01/2011 Wiznet Receipt # 2011-57045-CCCLK Ivey, Phillip Dennis (270.00)


Should be found at https://www.clarkcountycourts.us/Ano...CaseID=8941347 if anyone gets the site to load.

Edit: Forbes article:http://www.forbes.com/feeds/ap/2011/...y_8494948.html
Parts of it:
The suit filed in Clark County District Court in Las Vegas said Tiltware, a company that provided software to Full Tilt Poker, has denied Ivey's request to pursue other professional relationships in poker. The suit claims more than $150 million in damages to Ivey's personal and professional reputation.

Ivey's lawyer, David Chesnoff, said Ivey is in the prime of his poker career and wants to have options to pursue other opportunities if they come up.

Chesnoff claimed in the suit that Ivey believes Full Tilt owes its players about $150 million but failed to maintain a large enough reserve account to return the funds.


Full complaint:http://www.scribd.com/doc/56836292/I...mplaint-060111

[FreeDomme]

lol,


and yes that is a valid contributory statement in re this issue.

[jetset]

"...but failed to maintain a large enough reserve account to return the funds."

'Nuff said!