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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



Gambling News :

NHL Odds: Lightning go for Season Sweep Over Red Wings - The Tampa Bay Lightning (37-29-9) have been doing everything possible to make a fourth straight appearance in the Stanley Cup Playoffs. Without star centre Steven Stamkos, Nikita Kucherov (38 goals, 40 assists) and Victor Hedman (15 goals, 47 assists) have stepped up and will look to continue their strong play against the Wings. Game time is 7:30 PM ET on FS-D.

MPN Charity Poker Tournament at ICE 2017 - During what was a busy three-days for Microgaming at ICE Totally Gaming 2017, the MPN team enjoyed a charity poker tournament with Microgaming operators on Tuesday 7 February.

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

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