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Fulltilt Poker Owed 20Million By Poker Pros

02/03/2012 : POKER PROS COULD OWE FTP AS MUCH AS $20 MILLION
 
Lawyer tells online poker publication that due diligence has unearthed some interesting debts
 
Significant sums of money - between $10 and $20 million - are allegedly owed to embattled Full Tilt Poker by poker professionals like Phil Ivey, Mike Matusow, David Benyamine, Erick Lindgren and others according to a lawyer involved in the acquisition of FTP by the French company Groupe Bernard Tapie.
 
GBT attorney Behnam Dayanim told the respected publication Poker News that the debts were discovered during GBT's due diligence procedures associated with the acquisition negotiations.
 
"The due diligence process has indicated to us, or resulted in us understanding that the financial situation of the company is worse than we had anticipated, and there are a few significant obstacles that we need to sort out in order to get to closure," Dayanim told Poker News.
 
“We do not want to litigate a whole bunch of individual cases against professionals post-acquisition so we are trying to negotiate but we have not been making a lot of progress."
 
The lawyer used a fruity analogy in clarifying the situation to Poker News, saying:
 
"The analogy that I like to use is that if you think of the target as a shiny apple. At the start of the diligence process, you expect that there are going to be some bruises on that apple, but after you finish your diligence, the problem here is that there are more and deeper bruises than we had anticipated. The professionals’ obligations to the company are a larger and deeper bruise than we had hoped, and we have had less success than we had hoped in trying to brush off that bruise.
 
"Is this the issue that the deal will turn? I can’t say that, but it is a substantial issue. Without resolving it, it’s difficult to see a path forward to completion."
 
Asked whether the players involved had responded to the indebtedness question, Dayanim said that he could not comment on individual cases, but made a general comment that reactions have varied.
 
"In some cases, professionals or their attorneys have responded to at least discuss the matter, while others have not. As of yet, with very few exceptions, none have expressed a willingness to resolve the matter. The reason for immediate attention has resulted in some encouraging signs, but we’ll have to wait and see."
 
The lawyer said that GBT was still involved in the due diligence process.
 
The full Poker News interview can be read here:http://www.pokernews.com/news/2012/02/groupe-bernard-tapie-attorney-ivey-benyamine-other-pros-owe-11939.htm

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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