OnlinePoker.Net Home

PokerStars And Recovering $18m Full Tit Pro Debts

August 17th, 2012 Author:

PokerStars And Recovering $18m Full Tit Pro DebtsBack in February, Group Bernard Tapie (GBT) claimed that their plan to purchase Full Tilt Poker was being held up by the outstanding debts of a few sponsored pros which totaled roughly $18 million. However, it was PokerStars who actually clinched the company in the end as part of a $713 million deal with the US Department of Justice, and now is faced with the same prospect of recovering the huge debt.

Amongst those players believed to still owe money to the online poker room are Erick Lindgren ($4m), Phil Ivey ($4m),  David Benyamine ($2m), Barry Greenstein ($400k), Layne Flack and Mike ‘The Mouth’ Matusow ($700k).

On the one hand, players such as Barry Greenstein have already signaled their intent to return the money and following news of the purchase deal took to the TwoPlusTwo forum, and commented:

“I was always going to have to pay whoever owned Full Tilt..clearly, PokerStars will own Full Tilt in a few days or a little longer, and finally I will know who to pay,” before adding, “I’m curious if they will try to collect from anyone else.”

Greenstein’s comment alludes to the difficulties PokerStars may face when approaching other players who allegedly owe money, such as Mike Matusow who earlier this year responded to GBT’s accusations by commenting; “For all my fans out there just to let u all know i dont owe full tilt anything why my name is mentioned i dont know.”

Eric Lindgren, too, could present a challenge following well-publicized stories of late concerning his financial woes and alleged debts to other players in the poker community. Ways in which PokerStars may seek to recover the money from reluctant players could involve a range of options from limited sponsorship deals, locking a players account until funds are returned or even a lawsuit. However, ultimately one would hope players will follow the principled stance of Barry Greenstein and simply pay back the money they were loaned in the first place.

Online Poker News Monthly Archive
YEARLY ARCHIVE
What is your opinion?  
Comments
Leave a Comment