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may
7

PokerGO Co-owner Cary Katz Sues Own Company for $20 Million

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Posted on Monday, May 07, 2018 by "T".

credit: PokerNews.comCary Steven Katz, an American billionaire and high-stakes poker player who has almost $14 million in live tournament earnings, has slapped a $20 million lawsuit against his own company, in a move to obviously avoid paying a debt that he owes, and in the process he's putting at risk the future of PokerGO, a subscription TV channel.

Two weeks ago, on April 20, the 48-year-old Las Vegas tycoon filed a legal action against Conservative Review TV (CRTV), a company in which he is co-owner. CRTV owns Poker Central and its live poker subscription channel PokerGO, and so with this bizarre lawsuit, many people in the industry fear for PokerGO's future in the event that Katz bankrupts his own company.

Cary Katz, who won nearly $1.5 million just this January 2018 PokerStars Caribbean Adventure $100k Super High Roller, states that his CRTV company borrowed $20 million from him in the course of the last 18 months and unfortunately is currently incapable of paying him back.

According to the Las Vegas Review Journal, in April, Katz issued ‘a written demand for payment' and the company ‘informed Katz that it would not be able to perform its obligation', thus putting PokerGO service at risk.

Katz founded the website Poker Central back in October 2005, in which subscribers can watch live poker events using PokerGO.

Canadian author and political commentator Mark Steyn, who apparently was ex-radio host on CRTV, tweeted:


A 2+2 forum member SrslySirius posted about it:


Other forum members responded, trying to shed more light on the issue.
Mayayr said:


Michael Josem, who formerly worked for various gaming brands like PokerStars, 138, and Full Tilt Poker, tweeted the following:

 

When he learned more details about the issue, Josem took to the 2+2 forum as well.


Source:
https://www.reviewjournal.com/local/local-las-vegas/las-vegas-billionaire-sues-conservative-media-outlet-over-20m-loan/
https://forumserver.twoplustwo.com/29/news-views-gossip/cary-katz-suing-pokergos-parent-company-20-million-1710616/

 


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12 comments for "PokerGO Co-owner Cary Katz Sues Own Company for $20 Million"

 Gerimantas5/7/2018 10:58:02 AM GMT
Yes this is a very strange situation where rhe owner of the company is making a situation where company is having to give money back tonhim in loan. And to go and put situation to court is very bad for company image
 StheP5/7/2018 11:49:06 AM GMT
WTF did I just read LOL.... I hope poker central is going down, so I can watch WSOP all for free Big Smile
 CALICUL5/7/2018 4:44:14 PM GMT
To understand that: This billionaire Cary Katz want to bankrupt this business in order not to pay 20 millions dollars in taxes. Perhaps he is very upset about his employees from managing of this business ( and in this way to make them to leave the company ) or he does not want to pay that money to the American system. In this case those people who use PokerGO service will suffer if it closes.
 Mober5/7/2018 6:55:29 PM GMT
And when you think you have read, too many weird things, news etc,
this comes out Smile
Some people, will do anything to save themselves.
The funny thing is, that the article saying he is a billionaire....
 pajalnick5/7/2018 8:22:55 PM GMT
billionaire Cary Katz wants to remain a billionaire .... and his lawyers apparently found an option whereby he can avoid losing money ... of course the laws are basically the right laws but clever lawyers find loopholes in them and use it ..... I'm absolutely is not surprised by this news
 bowie19845/7/2018 11:32:11 PM GMT
Could not care less. These billionaires either really make themselves look like complete nuts like the Koch Brothers or just downright have messiah complex like that kooky alien looking facebook founder. We need more Paul Allen, Warren Buffet type richmen.
 IceQueenAce5/8/2018 5:21:22 AM GMT
Something tells me this isn't about the money (it is peanuts to him) and more about something yet to come to light.
 doubletop7775/8/2018 7:35:14 AM GMT
This really is quite bizarre, someone who sues themself!! Reading this story, it is quite clear that nothing is clear!! I expect we have not heard the full story yet and theer are many more twists to this
 CALICUL5/8/2018 4:45:08 PM GMT
It is not bizarre because Americans have all kinds of laws and this billionaire Cary Katz he can escape without paying that money or will pay a much smaller amount. If Cary Katz put his company in bankruptcy he has a plan of course and he is a smart man. He knows better what he will do.
 Tony_MON7ANA5/9/2018 2:21:22 AM GMT
I don't think US$20 million is a lot of money to Cary Steven Katz. He was CEO of College Loan Corporation, the seventh largest student loan company in the United States. He must have made a lot of money.
 bowie19845/9/2018 3:46:32 PM GMT
Posted by IceQueenAce:
Something tells me this isn't about the money (it is peanuts to him) and more about something yet to come to light.

It would be very funny if it turns out he trying to exploit some tax-loophole nobody knows about yet.
 CALICUL5/9/2018 4:46:14 PM GMT
As long as Cary Steven Katz tries to bankrupt the company for not to pay taxes it's clear he does not want that. It does not matter how rich it is. Most rich people want more and more money. Sometimes these people are right about the taxes. The governors want too much money which have been won with your mind. That means modern slavery... Sad

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