Full Tilt Poker Sues Intabill Manager for $52 million

The problems of Australian company Intabill with online poker companies looks set to continue with reports that Kolyma Corporation AVV has brought a lawsuit of $52 million against the company.
Tzvetkoff along with co-founder Sciacca, created Intabil, an online billing, payment and fraud-detection company and has around half of its revenue coming from online gambling sources.His woes, however, started back in may,when it was reported in the Australia Courier-Mail that he owed over $30 million to PokerStars, Full Tilt poker, Absolute Poker and Ultimate Bet.
Soon after that news report was released the Kolyma Corporation, which operates Full Tilt Poker, one of the largest online poker sites, filed a lawsuit for funds received by Intabill that were not transferred onto Kolyma. The lawsuit was filed in the Brisbane Supreme Court on May 25, and targets Intabill as the defendant as well as Mr.Tzvetkoff and Mr. Sciacca individually, saying they gave a guarantee to pay Kolyma money. The $52 million being sought represents $42 million in payments owed with the remaining $10 million being interest owed which continues to accrue at around $14,000 per day.
Tzvetkoff and Sciacca were able to build Intabill into a $120 million per year business and at one stage had over 5000 clients in seventy countries around the world. However, throughout 2009 Mr Tzvetkoff’s business has fallen back to earth and he has had to lay off up to 96 staff, sell a large part of his prized car collection, as well as reports that he has put his mansion on the market. He has sited the global economic downturn as a major cause and said he would try to re focus the business.
However, at present Intabill is no longer listed as a payment option on PokerStars and when the money will be paid back is unclear as the court case is still in its early stages.