Puckerbutt
Puckerbutt
Joined: Sep 24, 2013
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September 11th, 2019 at 12:30:36 AM permalink
Quote: AxelWolf

Assuming Ivey has a contract with a backer in any poker tournaments he plays going forward can we assume they can only go after and confiscate Ivey's personal earnings?

Looks like he had backers for WSOP event and they want their share of the money.

Link
If'n I'd a knowed you wanted to have went with me - I'd a seen that you got to get to go.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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September 11th, 2019 at 12:35:50 AM permalink
Quote: Puckerbutt

Looks like he had backers for WSOP event and they want their share of the money.

Link

Thank you very much Sir.

Now, how'd I know this was going to be a thing? I just know s***. 🤷‍♂️
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Puckerbutt
Puckerbutt
Joined: Sep 24, 2013
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September 11th, 2019 at 12:39:25 AM permalink
Quote: AxelWolf

Quote: Puckerbutt

Looks like he had backers for WSOP event and they want their share of the money.

Link


Now, how'd I know this was going to be a thing? I just know s***. 🤷‍♂️

You are the warehouse of Man's knowledge.
If'n I'd a knowed you wanted to have went with me - I'd a seen that you got to get to go.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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September 11th, 2019 at 1:00:41 AM permalink
Quote: Puckerbutt

Quote: AxelWolf

Quote: Puckerbutt

Looks like he had backers for WSOP event and they want their share of the money.

Link


Now, how'd I know this was going to be a thing? I just know s***. 🤷‍♂️

You are the warehouse of Man's knowledge.

And you are a man of great humour.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Rigondeaux
Rigondeaux
Joined: Aug 18, 2014
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Thanks for this post from:
RSForager
September 11th, 2019 at 1:06:37 AM permalink
Quote: Puckerbutt

You are the warehouse of Men's DNA.



FYP.
unJon
unJon
Joined: Jul 1, 2018
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September 11th, 2019 at 3:56:05 AM permalink
Quote: AxelWolf

Quote: Puckerbutt

Looks like he had backers for WSOP event and they want their share of the money.

Link

Thank you very much Sir.

Now, how'd I know this was going to be a thing? I just know s***. 🤷‍♂️



The backers very unlikely to win their objection.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
FleaStiff
FleaStiff
Joined: Oct 19, 2009
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September 11th, 2019 at 5:22:51 AM permalink
Quote: unJon

The backers very unlikely to win their objection.

Lawyers probably telling them otherwise.
beachbumbabs
Administrator
beachbumbabs
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September 11th, 2019 at 8:07:28 AM permalink
Does a player actually receive the full payout on something like this, or do they take federal taxes out? If they take taxes, is it only on the amount above the buy-in, or the whole cash? I'm wondering how much rhe Borgata actually got when they garnished his "wages".
If the House lost every hand, they wouldn't deal the game.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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September 11th, 2019 at 10:48:33 AM permalink
Quote: unJon

Quote: AxelWolf

Quote: Puckerbutt

Looks like he had backers for WSOP event and they want their share of the money.

Link

Thank you very much Sir.

Now, how'd I know this was going to be a thing? I just know s***. 🤷‍♂️



The backers very unlikely to win their objection.

I don't doubt that since they already got the money, and I'm not sure what type of evidence they have of what kind of deal was actually being made. I would love to know exactly what the deal was, assuming there was one. Just to give us an insight into what kind of terrible deals are being made for the backers(not that I don't already know).

But, going forward, if Phil Ivey (or anyone for that matter) had a legitimate contract with the legitimate company can they keep taking the money above and beyond what the person was actually being pay?

I can't imagine they can keep doing that and keep the guy from working. Obviously they're going to have to scrutinize if these deals are actually legitimate and not some wink wink we have a contract sort of thing.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
darkoz
darkoz
Joined: Dec 22, 2009
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September 11th, 2019 at 11:16:37 AM permalink
Quote: AxelWolf

Quote: unJon

Quote: AxelWolf

Quote: Puckerbutt

Looks like he had backers for WSOP event and they want their share of the money.

Link

Thank you very much Sir.

Now, how'd I know this was going to be a thing? I just know s***. 🤷‍♂️



The backers very unlikely to win their objection.

I don't doubt that since they already got the money, and I'm not sure what type of evidence they have of what kind of deal was actually being made. I would love to know exactly what the deal was, assuming there was one. Just to give us an insight into what kind of terrible deals are being made for the backers(not that I don't already know).

But, going forward, if Phil Ivey (or anyone for that matter) had a legitimate contract with the legitimate company can they keep taking the money above and beyond what the person was actually being pay?

I can't imagine they can keep doing that and keep the guy from working. Obviously they're going to have to scrutinize if these deals are actually legitimate and not some wink wink we have a contract sort of thing.



The article goes into all that.

Contract existed for the backers to put up the entire $50,000 entry fee.

Any profit split 50/50.

Ivey won something like $125,000 (I dont remember the exact amount) so profit was $75,000.

Backers are claiming Borgata only has legal claim to Iveys portion which wiuld be $37,500 ($125,00 - $50,000 entry and backers 50% split.

Backers showed online discussions about the deal prior to the event.

Also, backers are falling back on Nevada laws which protect backers interest in staked games.

My take: this is going to come down to two opposing laws (laws protecting backers vs. Laws establishing garnishment).

The court will use prior precedent to establish which has higher authority. From my experience this is determined by legal "weights"

For example if the garnishment laws have had previous power to overturn legislative laws. Or vice versa.
For Whom the bus tolls; The bus tolls for thee

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