Phil Ivey taking legal action against Full Tilt

Rhyzz

Registered
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
 

fourwood

Newbie member
PABnonaccred
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

RIP Brian
CAG
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

Ueber Meister Mouse
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 .....
 

Tengil

Senior Member
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.
 
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Tengil

Senior Member
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
 

Tengil

Senior Member
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
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if anyone gets the site to load.

Edit: Forbes article:
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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:
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jetset

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

'Nuff said!
 

Simmo!

Moderator
Staff member
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.
 
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nisosbar

Ueber Meister
PABnonaccred
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'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.
 

FreeDomme

Banned User
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.
 

Mousey

Ueber Meister Mouse
pretty sure the rat American was in Portugal when he did this thing
With help of the fora I will put cross hairs on his house
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.
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....
 

fourwood

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

'Nuff said!
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.
 

jetset

RIP Brian
CAG
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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