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[...] Read more » PokerGO Co-owner Cary Katz Sues Own Company for $20 Million
Joined: Jan '17
Location: Lithuania
Age: 66 (M)
Posts: 1756
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
Joined: Jan '14
Location: Romania
Age: 44 (M)
Posts: 13311
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.
Joined: Mar '09
Location: Greece
Age: 47 (F)
Posts: 14136
And when you think you have read, too many weird things, news etc, this comes out Some people, will do anything to save themselves. The funny thing is, that the article saying he is a billionaire....
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
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.
Joined: Mar '11
Location: United Kingdom
Age: 55 (M)
Posts: 7371
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
Joined: Jan '14
Location: Romania
Age: 44 (M)
Posts: 13311
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.
Joined: Mar '14
Location: Japan
Age: 50 (M)
Posts: 8946
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.
Joined: Jan '14
Location: Romania
Age: 44 (M)
Posts: 13311
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...
