Originally Posted by markksman
Just A Guy,
I agree with you on PI. Those blaming him for the fall of FTP have been easily tricked and mislead by the lederer Et al misdirection campaign. I do think Ivey is a degen with a big gambling problem who is good at poker.
It would be good for poker and the notion it is not gambling if so many top players were not massive gambling degens. Phil has his own issues but I have a hard time placing any blame on him for FTP. In fact he was trying to get away from that mess. In hindsight people should have took his lawsuit as a sign to cash out ASAP not as a misguided tool to blame him for what others did at FTP.
Strong post. The notion that a frivolous lawsuit could bring down a billion $ company that had ~150m in payables due immediately (US), another ~160m in long term liabilities (RTO) and ~60m in cash is absurd.
I also have to call out the PPA a bit on the lawsuit aspect. Some pretty harsh stuff was said about PI right away. Seems probable the ftp relationship influenced the response.
OTOH Howard says PI was looking to distance from ftp right around the time the divorce is going on. Phil then hires his own lawyer to represent his wife in a settlement to give the ex-wife all the ftp distributions, forever. And nothing else
. Oh yea and then they gave the judge who signs off on the divorce a big campaign donation. lol.
So he screwed his ex-wife, why should we care? Well it is not great form to then try to stop representing the company a year before bf, ask for ~10m 8 days before BF and then sue the company. Not great for all the ftp players that clicked on his face both before and after BF. It actually would have been shadier if the company was
solvent. I think if he provided an explanation and a chunk of that Crawfords score to help resolve things then all is fine. He is mother-fn Phil Ivey.
I do think it is kind of funny he appears to owe CF about $5m as well.
DF if the nuts but I wish she would allow herself to elaborate on things she has already reported. With no follow-up, it leaves her alone to connect all the dots. NVG does crowd-sourced investigations very, very, well. Maybe she has everything so no-one is needed, I don't know. (Wait, did I just complain that someone doing incredible work practically for free won't talk here...jeez.)
Noah, are you embargoed as well? If no, then do you have a sense of whether whether PI's lawsuit was motivated by the divorce settlement? The desire to take down a bankrupt company that was still taking ROW? Simply a degen? You broke his loan issue so I suspect you know more here as well.