Giorgio Medici filed bankruptcy to avoid paying a bracelet bet to the grinder? - Page 6 - Poker News

Blunderbuss · 07-20-2012, 12:54 PM

Quote:

Originally Posted by teddyFBI

Probably semantics, though, since it leads to the same place: he doesn't want to pay off the bet, and is trying to give it some sort of official-sounding imprimatur by referencing his bankruptcy. Doesn't really matter of course: gambling debts have never been backed by anything other than the threats of (a) losing face/reputation or (b) violence, and no bankruptcy filing's going to discharge those.

This. He is just welching on a bet, bankruptcy has nothing to do with it.

Phil9 · 07-20-2012, 01:30 PM

Confirmed busto...

madlondoner · 07-20-2012, 01:35 PM

Of course bankruptcy has everything to do with it. He has no money; he is busto. No one would go bankrupt to avoid paying a 20k non-legally binding bet. They would just come up with excuses to avoid paying it as shown by Lindgrun. I don't think you understand how much of a headache going bankrupt is.

Of course in an ideal world he would have the money and be able to pay, but he doesn't and there is no reason why his debt to Mizrachi should be ahead of his presumed debt to banks, credit card companies etc. A personal debt such as this shouldn't have priority over the no doubt much bigger sums he owes.

Zomboid! · 07-20-2012, 01:52 PM

Quote:

Originally Posted by madlondoner

Of course bankruptcy has everything to do with it. He has no money; he is busto. No one would go bankrupt to avoid paying a 20k non-legally binding bet. They would just come up with excuses to avoid paying it as shown by Lindgrun. I don't think you understand how much of a headache going bankrupt is.

Of course in an ideal world he would have the money and be able to pay, but he doesn't and there is no reason why his debt to Mizrachi should be ahead of his presumed debt to banks, credit card companies etc. A personal debt such as this shouldn't have priority over the no doubt much bigger sums he owes.

You're missing the point. DeMedici doesn't have to declare bankruptcy to avoid the debt to Mizrachi; he can just avoid it. There's no legal remedy for Grinder. If DeMedici doesn't want to pay, he just doesn't pay (see Lindgen, Eric). The bankruptcy is to avoid his legal debts. There's nothing to "get out of" when it comes to Grinder.

DeMedici is probably telling Grinder that to avoid an ass-kicking. "Look Mike, you're listed as an unsecured creditor - you're in line!". He was probably just hoping Grinder was dumb enough to fall for it. (A good bet, actually).

LancyHoward · 07-20-2012, 02:34 PM

The real point here is not the bankruptcy. Its that this scum took a cheap shot to steal 20k. He surely knew he couldn't pay if he lost and that he was already planning to go bankrupt.
The real surprise is that anyone would accept a bet like that with no security. What ever happened to post toasties?

markksman · 07-20-2012, 02:50 PM

Quote:

Originally Posted by FyteOn

I seriously doubt the BK was over this, he probably just named the debt to Grinder to be discharged along with other debts. If this was the only debt it would have to be taken to court for litigation over oral contract, and then a judgment. That is when the BK would be filed. Or he would default the trial and then go BK. To do it now is a clear sign there were bigger, more pressing debts and he included the Grinder debt to discharge.

Waste of time discussing the real world with poker players.

madlondoner · 07-20-2012, 03:49 PM

We don't know when the bet took place. Maybe he didn't expect to do his money. He played a decent amount of wsop events and cashed so clearly had some cash before.

zizek · 07-20-2012, 04:23 PM

I'm surprised no one's mentioned what an egomaniac Mizrachi is for booking his chances of winning a bracelet at 5 to 1.

The_Dean221 · 07-20-2012, 04:29 PM

Quote:

Originally Posted by bodogari2ndaccount

Unless you have a reason to think Grinder is a scumbag, I don't know why you would think he would make bets when he didn't have the money to pay them. Sure he's lucky and ran great to hit the scores he did... that doesn't mean he deserves to be robbed or that it isn't a big deal. Having been robbed for a small % of my net worth before, I can attest it is still a huge deal, particularly if they were friends (friendly) before hand.

very true, i spoke too soon. It of course is an unfair assumption I made, but from someone who would evade the IRS to the tune of almost a million dollars, and would associate closely with known cheaters like Chino...doesn't seem entirely unfounded

Also, you are totally right, doesn't take away from how wrong it is what Medici did to him.

elocutionist · 07-21-2012, 08:30 PM

This is so bogus. Unless this bet was drawn up legally there is no bankrupt issue. Try telling the godfather that you bankrupted your debt to him.

Fleebrog · 07-22-2012, 02:03 AM

Grinder should have made the bet with Nick Papagiorgio instead. That guy has real money.

Berlino · 07-22-2012, 04:44 AM

It has been a few days since Grinder tweeted this, but I don't think it has been mentioned itt.

It has come out the Medici stiffed another game for 50k and is claiming that he didn't receive his $46k wsop prize because his winnings were garnished by banks.