Phil Ivey Meets FTP Execs in Ireland

June 24, 2011 - 1:59 PM EDT
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Subject: Poker has heard from numerous reliable sources inside of Full Tilt Poker that Phil Ivey spent days meeting with executives at Pocket Kings headquarters in Ireland over the past week.1 It is not exactly clear why he was there, but multiple reliable sources noted that he appeared to be in good spirits and was friendly with the executives with whom he met.

Ivey is sponsored by Full Tilt Poker and is rumored to own a large percent of the poker site, but on May 31st, Ivey released an angry public statement on Facebook and his web site expressing embarrassment that US players had not been paid by the site and anger about his reputation. The next day, Ivey filed a lawsuit against the company, alleging a breach of contract and asking for relief from his non-compete covenant. Full Tilt, which has remained largely silent since the April 15th indictments, responded quickly with a remarkably angry statement, alleging that Ivey was intentionally trying to thwart Full Tilt’s efforts to find a way to repay players and claiming that the poker pro owed the site money. The statement went on to say that Ivey had turned down opportunities to help repay players. While neither Ivey nor Full Tilt have publicly commented on their meeting, all of our sources speculated that it represented some form of reconciliation between the two parties.

Full Tilt Poker has failed to repay US players since the US Department of Justice seized its domain name on April 15th. Since then, numerous stories of mismanagement by Full Tilt executives have surfaced, including a $60 million deposit shortfall caused by the site crediting deposits to some players without any way to charge their bank accounts. It has acknowledged in recent statements that it is trying to raise capital to repay US players, and it argued in its June 1st statement that Ivey’s public feud with the company was discouraging prospective investors.

Subject: Poker will continue to report on Full Tilt Poker and Mr. Ivey as the situation develops. We will be releasing more information soon related to further financial mismanagement by the company before Black Friday, and we will of course report on any changes in the situation as we learn about them.


Update 6/26/2011 11:27 PM EST:
Subject: Poker has learned more about the context of Ivey’s visit. See this article.


Footnotes

  1. Pocket Kings Ltd is one of the many companies that makes up Full Tilt Poker. It employs the majority of its staff.

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6 Responses to Phil Ivey Meets FTP Execs in Ireland

  1. Rob C
    June 26, 2011 at 4:16 AM EDT

    Please give us updates as soon as you can disclose them. I would really like to know if Ivey manages to clear US Customs hassle free on the way back.

    • Will Smith
      June 26, 2011 at 4:47 PM EDT

      Why should Phil Ivey have any trouble “clearing customs”? Are you suggesting he is a wanted criminal?

      • Annonymous
        June 29, 2011 at 10:05 AM EDT

        He owes a substantial amount to FTP himself to start with

  2. Lee
    June 28, 2011 at 9:20 PM EDT

    He’s a wise ass Will- Ignorance is bliss

  3. Bairon
    June 30, 2011 at 11:05 PM EDT

    Even if FTP becomes functional again, they would be at loss with a huge trust deficit. How many of us will return to FTP? Not I. I am with 888poker – safe, secure, trustworthy and risk free. No FTP anymore. I lost some there ..but this is the end of the road for FTP.

  4. raj
    September 23, 2011 at 6:01 PM EDT

    Phil Ivey, last I recall, owned 5% of the site … at “perhaps” the top of the market, his worth was $70M (when the site was obviously worth $1.4B, on the british exchange) … his net worth was $140M (50p from FTP and 50p from poker winnings) … not sure what his total net worth is now.

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