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Was the Ivey Lawsuit Part of the Full Tilt Ponzi Scheme?

20 September 2011, By: compncards
Ponzi Scheme
Ponzi Scheme

As R-Truth of the WWE says "There seems to be a conspiracy going on here. C-O-N ... spiracy!

Ok, maybe not a full blown conspiracy, but today's developments regarding the DOJ's case against Full Tilt Poker have me wondering what was up with Phil Ivey's lawsuit during the WSOP.

According to today's modified complaint, the company was $330 million in the hole with only $59 million in funds at the end of March.

So are you telling me that Ivey, with a stake in the company, didn't know this before filing his suit in late May?

So, what was the real purpose behind Ivey's lawsuit? Can he really claim that he was simply uninformed about Full Tilt's real financial situation and was genuinely trying to get Full Tilt to pay its players back, or was there more to it?

Many have suggested that Ivey's suit was a bit of a diva play or that he was doing so as a power play to try and gain more control. There have been talks of an "Ivey White Knight" group that was supposed to save the company.

Were they really trying to save it or take it over? Also, what were they trying to save?

According to Howard, the company had only $6 million left in accounts in June.

Or, was the lawsuit a way to draw attention away from a bigger problem of insolvency?

Start off with a lawsuit that gets the poker community talking, especially considering the fact it is their highest profile pro.

Then, come out with a new group that will swoop in and save the day. The outlook concerning this group is so great that Ivey drops his lawsuit.

Get player hopes up that they will get their money back and stop another "run on the bank" internationally.

I realize that some of the scenarios, including the deflection one, seem a bit far fetched. However, you have to admit that with the recent information released, something seems sketchy regarding the lawsuit.

In time we may get the full truth behind what happened. Of course, most would be happy to get their money back instead.

Sadly, the chances of that are now slim and none. Slim just left the building.

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  • PokerGob 20/09/2011 9:02pm (10 years ago)

    Slim just left the building. Crazy thing is, you could be right...