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Phil Ivey taking legal action against Full Tilt

Discussion in 'Casino Industry Discussion' started by Rhyzz, Jun 1, 2011.

    Jun 1, 2011
  1. Rhyzz

    Rhyzz Experienced Member

    Occupation:
    Online Gaming
    Location:
    United Kingdom
    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:

    -From phileivey.com
     
    6 people like this.
  2. Jun 1, 2011
  3. Luckylizzy

    Luckylizzy Dormant account

    Occupation:
    content manager for affiliate sites
    Location:
    Orlando, Fl
    I'm very curious about the details but nothing on the internet actually provides any yet.
     
  4. Jun 1, 2011
  5. fourwood

    fourwood Newbie member PABnonaccred

    Occupation:
    none
    Location:
    UK
    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.
     
  6. Jun 1, 2011
  7. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    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?
     
  8. Jun 1, 2011
  9. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    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 .....
     
  10. Jun 1, 2011
  11. Tengil

    Tengil Senior Member

    Occupation:
    -
    Location:
    Finland
    BTW that proved to be untrue.

    And they had 71 accounts seized. Some of them were accounts also used to process non US transfers.
     
    Last edited: Jun 1, 2011
  12. Jun 1, 2011
  13. Tengil

    Tengil Senior Member

    Occupation:
    -
    Location:
    Finland
    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
     
  14. Jun 1, 2011
  15. Tengil

    Tengil Senior Member

    Occupation:
    -
    Location:
    Finland
    Complaint for Injunctive Relief, Declaratory Relief and Damages

    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 You must register/login in order to see the link. if anyone gets the site to load.

    Edit: Forbes article:You must register/login in order to see the link.
    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:You must register/login in order to see the link.
     
    Last edited: Jun 2, 2011
  16. Jun 1, 2011
  17. FreeDomme

    FreeDomme Banned User

    Occupation:
    Worker
    Location:
    Way out west, way way out.
    lol,


    and yes that is a valid contributory statement in re this issue.
     
  18. Jun 1, 2011
  19. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    "...but failed to maintain a large enough reserve account to return the funds."

    'Nuff said!
     
  20. Jun 1, 2011
  21. Tengil

    Tengil Senior Member

    Occupation:
    -
    Location:
    Finland
    They have/had(DOJ) the money. Doesnt really matter if the funds were "just" segregated(not in a protected and constantly "updated" account) or not.

    From Bill Rinis blog:
    You must register/login in order to see the link.
    and
    You must register/login in order to see the link.
     
  22. Jun 2, 2011
  23. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    I don't get how Ivey can claim $150m for damage to his reputation. I mean everyone knows that this was bought about by the DOJ in the first instance. Then we all know that FTP seem to have been stalling for reasons that seem fairly obvious.

    But how can anyone think this damages Ivey's reputation? It was just a sponsorship deal - anyone with the slightest bit of common sense (and no agenda) would just put that down to wong place, wrong time. They are hardly going to see him as having any responsibility or having lost credibility surely?

    I mean yeah it might be a tad embarrassing for the guy but he didn't have to say yes to a deal with a room that took US players. That was his choice.

    I just think the whole lawsuit culture has gotten out of hand. Everyone looks for an easy ride the moment an opportunity arises.
     
    Last edited: Jun 2, 2011
    4 people like this.
  24. Jun 2, 2011
  25. nisosbar

    nisosbar Ueber Meister PABnonaccred

    Occupation:
    Other
    Location:
    Right here
    I'm just an internet noob, but upon reading that statement just now, it honestly strikes me as hastily done and poorly written. I think it's pretty clear he didn't run that through a PR firm, which - as a high-profile, high-profit poker player, he absolutely should have an agent of some kind - would have been able to say, "look, if you're trying to make a point of XYZ, this is NOT the way to do it - here's what you do, based upon our 50+ years of experience in public relations ..."

    And I quip that because, as you point out, it doesn't really stand up to much scrutiny. It seems also to contradict itself.
     
    1 person likes this.
  26. Jun 2, 2011
  27. FreeDomme

    FreeDomme Banned User

    Occupation:
    Worker
    Location:
    Way out west, way way out.
    pretty sure the rat American was in Portugal when he did this thing
     
  28. Jun 2, 2011
  29. FreeDomme

    FreeDomme Banned User

    Occupation:
    Worker
    Location:
    Way out west, way way out.
    With help of the fora I will put cross hairs on his house
     
  30. Jun 2, 2011
  31. FreeDomme

    FreeDomme Banned User

    Occupation:
    Worker
    Location:
    Way out west, way way out.
    Some of 'you people' seem to act as if this 'thing' doesn't effect the entire future of online gambling. It does. I have been cavalier at points but I am willing to share what I learn as we progress.

    Should a Homeland Security investigation ensue? Or has it already begun.
     
  32. Jun 2, 2011
  33. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    OK... you're sounding entirely all too familiar... Getting that deja vu feeling...

    On top of that, you have completely lost me. Which is not all that remarkable, I know....
     
  34. Jun 2, 2011
  35. fourwood

    fourwood Newbie member PABnonaccred

    Occupation:
    none
    Location:
    UK
    Thats the poker business model though, keep the funds circulating until its all converted to rake profits, shouldn't need to keep large amount of cash to cover deposists as the withdrawals can always be covered by new deposits.

    Morally wrong maybe but thats business.
     
  36. Jun 2, 2011
  37. FreeDomme

    FreeDomme Banned User

    Occupation:
    Worker
    Location:
    Way out west, way way out.
    I am confused, please do not mince your words.
     
  38. Jun 2, 2011
  39. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Latest development

    Things are turning nasty - statement from Full Tilt Wednesday:

    “Contrary to his sanctimonious public statements, Phil Ivey’s meritless lawsuit is about helping just one player – himself. In an effort to further enrich himself at the expense of others, Mr. Ivey appears to have timed his lawsuit to thwart pending deals with several parties that would put money back in players’ pockets. In fact, Mr. Ivey has been invited -- and has declined -- to take actions that could assist the company in these efforts, including paying back a large sum of money he owes the site. Tiltware doubts Mr. Ivey’s frivolous and self-serving lawsuit will ever get to court. But if it does, the company looks forward to presenting facts demonstrating that Mr. Ivey is putting his own narrow financial interests ahead of the players he professes to help.”
     

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