Cary 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.
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.