Phil Galfond Sues For Share Of Bluefire Poker ProfitsSeptember 20, 2012 1:23 pm
US pro Phil Galfond is one of the most successful cash game players in the history of online poker and was $7,865,837 in profit at Full Tilt before shifting over to PokerStars, where he is currently up $1,901,209.
Not surprisingly, the 27 year old’s pro’s advice is well regarded in poker circles, and during his time at Bluefire Poker as lead instructor, his videos were the highest rated on the training site. Therefore, it came as quite a surprise when in 2011, Galfond departed from Bluefire Poker and wrote a post entitled “A Sad Day,” in which he explained:
“As of today, BluefirePoker.com and I are parting ways. It’s very hard to walk away from something I helped build from the ground up. Please know that it was a very difficult decision that I struggled with for a long, long time. I’m sorry that I can’t elaborate further.”
However, an explanation as to the reason behind Galfond’s departure would seem to be clearer after it has been revealed Galfond is now suing business partner William F. Murphy, of Austin, who he claims failed to pay him his due share of profits from Bluefirepoker.com.
Apparently, Phil Galfond agreed a joint venture when the website launched in 2009, and was to receive up to 38.33% of its profits in return for releasing videos, blogs and being involved in the all the company’s major decisions. Subsequently, Galfond said he received from William F. Murphy $179,000 for his first year’s service, and over $238,000 the following year, but has yet to be paid for 2011. Galfond also claims he was never shown accounting records or tax returns to validate the sums he was given. As Galfond’s claim alleges:
“Blue Fire has been immensely successful, having thousands of members who pay an initial enrollment fee of $100 in addition to a subscription fee of $30 per month..Upon information and belief, the defendant Murphy has misappropriated and converted to his own use and possession the assets of MGH.”
We will endeavor to bring you an update to this story as the case progresses.