Ifrah stated 'financial burden' aka financial risk i.e. it's not a bet he's willing to take - we of all people should be able to understand (and respect) this.

Funny that he's bailing thou, must have been an ugly flop!

OK thanks, so its just your opinion, hell you may be right, guess we will see soon enough. Can't be good though no matter what

Talked to a well known pro at last months epic mtt at the palms..... I was told that Ivey is selling his Cabo home and that hes busto...... info came from someone close to the hierarchy of ftp/epic

financial burden doesnt really make sense. usually cases like this arent the clients on retainer and if/when the money runs out from fees, you simply tell the client to take care of the retainer once again. unless ftp has absolutely no money left, this doesnt make sense...either way, if the fat lady wasnt singing yet, she is now.

I have to agree that this Ifrah thing just seems like a trainwreck. The way this last two weeks played out makes his stepping down or even getting fired so confusing. Why would FTP allow him to go so public if he was just going to disappear so soon after. I can't come up with a logical reason to have things go this way.

of course hes "busto" if he wasnt he may be personally liable to repay players. stop believing everything u hear

So Jeff Ifrah wants to stop representing Full Tilt. Hard to see how it can be a financial thing. I am pretty sure the principals at Full Tilt (even though they don't publicly acknowledge themselves as such) have the money to pay a lawyer....


Maybe it is a public relations thing? Why represent such a bunch of brazen thieves?

I thought that the Isle of Man's regulations forced Pokerstars to keep the money separate, in a trust or something? If that was the case, surely the money was always safe no matter what happened. Presumably that's why Stars cashed out the US in under two weeks.

Jeff would have been billing FT/other defendants monthly for his hours spent on the case. No lawyer in a criminal defense case would be waiting or having "a two year employment contract" in this situation.

PS
and tell ivey, antonius, durrr, hanson, furguson, ....and all the other

PAY THAT BILL OUT OF YOUR OWN POCKETS before its too late, it wasn't even your money you gambled with.

Didn't the regulator have to call a hearing to get paid their £250k. Not like a licence is important or anything.

I expect FTP gave Jeff a $m upfront and said 'do your best'! The financial burden he speaks of was merely paying the endless flood of cash into his bank

Payment of Jeff's legal fees were probably another condition of the FTP sale, like paying a possible $1bn to DoJ or $320m to players

Like I said, he didn't like the odds

so dont believe he's busto?

Would anyone object to sending Ivey HU with FT's remaining bankroll vs. Andy Beal? Problem solved...

I assume since noah said yesterday how ifrah won't be posting here anymore, that he also knew this was coming. Stop holding out on us Noah. I have a feeling that he knows a lot more right now than he has all along. What's the story. Is this saga coming to and end?

Ivey is FAAAAAAAAAAAR from busto. It would, however, be possible that he, along with other shareholders, would wish to perpetuate such a myth so their hidden assets would not be at risk.

I have to agree. Noah, even if it is somewhat incomplete, can't you share with the community whatever you know, even if it isn't ready for a complete story yet?

Situations like this allow for alot of creativity in retainer agreements. Even in criminal cases, lawyers will often take on the case where there's money or other assets that are frozen in some manner, on a percentage recovery basis.

Any lawyer worth his salt would have "outs" built into his retainer agreement, such that if certain things happen (most often, but not limited to "you lied to me about X") he can cut the client loose. There are also overriding provisions in every jurisdiction's Code of Conduct that allow a lawyer to withdraw his services from a client if certain things happen within the context of the lawyer-client relationship.

But the overriding principle of legal representation is, "no money, no lawyer", and if I had to bet, I'd bet that was the rule that got violated here.

You may be right here, but Noah tries to keep confidental stuff quiet as long as possible if he agrees to it. It's a journalism thing!

I doubt any of us know whether Ivey is busto or not. I think its at least a possibility he is broke. We don't what kind of expenses he has or how much he's in debt. Maybe without w/e money FTP was paying or loaning him he can't continue to live the Ivey lifestyle.

How the hell do you know? He probally lost half his net worth in his divorce. seeing he was borrowing millions from tilt to play, who knows if everyone just assumed he was loaded. I have yet to meet someone who regularly plays craps that isn't a degenerate. I mean really you think this guy is buying in at a craps table with 2 million and not just spewing money? Who the hell wins at craps long term?

Skall, Leda, et al,
The problem here isn't the bank fraud or the DOJ seizures. The problem is simply that FTP was illiquid and Alderney didn't put a stop to that.

Noah, can we get an ETA on the next S:P article? We know you're holding out from us!

For at least six weeks.

Yeah this - I have for years now never understood why a site that has berated `TJ Cookier for his degen Craps table antics could believe that Phil Ivey was in some way immune to losing at the same degen game.

More importantly and I have trawled the last 15 pages of the thread why is Phillip Ivey not named in the latest motion?

Lederer and everyone else is but not Ivey. How come? Even when mentioning non-respondents (Bitar) and those who have retained their own counsel (Juanda) Ivey's name is not mentioned.

What did I miss?

Just remembered you probably mean pre BF which may be fair play, assuming FTP were open book (and the books shown were not fabricated by them)

Post BF of course they were still cashing Euros for at least a month (?) was slow but possibly up to date of hearing, where I'm sure I read (TY) FTP told to put up $300m or GTFO.