Phil Ivey finally settled his lawsuit with Borgata earlier this month.
The undisclosed agreement between the two parties comes after a six-year legal battle regarding the controversial "edge sorting" technique they used in baccarat.
According to court documents filed on Thursday, July 2 in the United States Court of Appeals for the Third Circuit, the two parties reached an agreement on the $10.1[...] Read more » Phil Ivey Settles $10.1M Lawsuit with Borgata
Joined: Oct '16
Location: Argentina
Age: 69 (M)
Posts: 2596
Wow! what bad news to him. I heard about the financial problems of Phil Ivey, but I think that was some kind of downswing. I read somewhere that he had to sell his house recently. All the better professional players could return to a bad stage of playing, but when the bad luck invade the res of his life, maybe very hard to him!
Joined: May '09
Location: Croatia
Age: 39 (M)
Posts: 20416
as I see from this news,we dont know anything again,they just talk that they dont know anything!am I right? nobody say did they made some agreement,did he returned money or they will close this case and that they dont want money anymore!its strange and would be nice to hear something more!
Joined: Dec '14
Location: Greece
Age: 40 (M)
Posts: 2119
Interesting news , after so long , this case between Ivey and Borgata is finally settled . $10M lawsuit , no joke , they wanted all their money back , lol . Two cases of edge sorting , it would be funny if there are more , but the other casinos didn't catch him , and he got away with a tone of money , lol . Ofcourse now they all know what Ivey is capable of , so they are on guard not to happen this to them , lol
Joined: Oct '16
Location: Argentina
Age: 69 (M)
Posts: 2596
All the $ 10M and all the great cost of the judgment, with the lawyer's fees, and all the "etc" that this kind of situation demands. I think that +20% as a minimum. What a shot! I don´t know how many money was doing Phil Ivey with his poker´s work (prizes, publicity, etc) but this matter could make a big hole in his pockets!
Joined: Jan '14
Location: Romania
Age: 44 (M)
Posts: 13302
This is not fair play... because i would have liked to know the final details of this process and if Phil Ivey will pay the full amount, only a part or nothing. Strange situation and i don't understand why they chose this option? they have something to hide?
Joined: May '09
Location: Croatia
Age: 39 (M)
Posts: 20416
we have news that we dont have any news!they made something,but we cant know anything about it!as we can read,maybe it was play from borgata,because it not good PR for them that this take for so long time and that they cant take money from him,so maybe they made deal that everything finish now!probably they will lose this money,but who know how much they did pay to lawyers!
Joined: Dec '14
Location: Greece
Age: 40 (M)
Posts: 2119
All these lawyers , all these courts , cost a tone of money , for sure , as tehy both want to win and hire the best of the best , I can assume . Also , Ivey couldn't win imo cause most think edge sorting a cheat method , especially judges who are more in favor of the more powerful , that means the casinos Borgata couldn't get its money , cause it couldn't find a bank account with a lot of money owned by Ivey , clever of him to have all his money offshore , lol Best way to solve it , find a middle ground
Joined: Oct '16
Location: Argentina
Age: 69 (M)
Posts: 2596
In general, corporations don´t lose money against a simple guy. They can continue with the judgment for a lot of human life and ever can to receive the debts, from you, from your children or from your grandchildren. The more smart thing that you can do is surrender early, to restart the rest of your life. They have to do this to avoid any contagion in others players, they has to make an example
Joined: Jan '14
Location: Romania
Age: 44 (M)
Posts: 13302
Corporations have often lost money against people ( remember when a farmer will receive 289 millions dollars in damages from Monsanto ) but in the end maybe this truth will be found out and we will know exactly what happened there.
Joined: May '09
Location: Croatia
Age: 39 (M)
Posts: 20416
they had paper that say that he need to back money to them,but they couldnt take anything because he have empty bank account!so only money that they took from him,is this money from wsop and its just 124 K $!so seems that best for them to drop out from this and let him go!
Joined: Oct '16
Location: Argentina
Age: 69 (M)
Posts: 2596
there is always some notable case in the history of litigation against large companies. For example, from offshore oil spills, automotive failures, tobacco companies, etc. But they are notable because they are the exception. How many billions do corporations make destroying the world we live in? How many companies have gone bankrupt for losing a lawsuit?
Joined: Jan '14
Location: Romania
Age: 44 (M)
Posts: 13302
I don't know how much Borgata or Phil Ivey is affected after this trial because lawyers cost money. I like to know final result but i didn't see what the professional player looked like after leaving court. Maybe that secret can be kept even for 10 years.
Joined: Dec '14
Location: Greece
Age: 40 (M)
Posts: 2119
I do agree with Maragatero , great corporations , great businesses , the big casinos have so much power , you cannot steal simply from them and get away , you will have to repay them , one way or another .In the end , in most of the cases or all of them ,the weaker players will pay the strongest pl;ayers , everywhere , especially if they hurt them deliberately or not , doesn't matter ....
Joined: Oct '16
Location: Argentina
Age: 69 (M)
Posts: 2596
All of them are smart, very smart. So the better deal than they might do (if Phil Ivey hasn´t other properties) is making an arrangement to become in partners of his playing. They have to leave him to play, including making a part of his schedule, perhaps giving him some buy-in of a big tournament, and then they could collect their debt and interest, from Phil's profit
Joined: May '09
Location: Croatia
Age: 39 (M)
Posts: 20416
I think that this part in news are very important and maybe main reason for this: One possible reason for Borgata agreeing to a settlement at this point is that if it loses to Ivey on appeal, it could "potentially create a precedent that could harm parent company MGM Resorts International in future cases involving cheating or advantage casino play."
Joined: Dec '14
Location: Greece
Age: 40 (M)
Posts: 2119
Ivey tried to win big with this sort edge technique , with the help of his friend . They tried to fool the casinos , it seemed at first glance they succeeded , they took the money , but after investigations the casinos caught them and sued them . You cannot get away from these giant businesses , from their security personnel and system for ever , lol
This edge sort technique, it is a sneaky way to take the money , you play a tricky way the opponent , meaning the house . You don't steal from them , but you try to win the hous with a trick , not by playing the game , but by exploiting a weakness in the game process , this time the cards appearance , which of course is not part of the game , it is a trick against the casino .
Joined: Jan '14
Location: Romania
Age: 44 (M)
Posts: 13302
I didn't find out how Phil Ivey made so much money at Borgata Casino. $ 10 million is a significant sum and if he cheated then is guilty. On the other hand, let's not forget that they also cheat because it is very hard to win at their tables or slots.
Joined: May '09
Location: Croatia
Age: 39 (M)
Posts: 20416
this must be some win for phil ivey,because if this was win for borgata they would for sure tell us that and they would be happy that every player know that you cant cheat at their casino!on this way nobody know whats happening and we can think what we want!with this deal they will close everything and they will not have bad publicity!
Joined: Dec '14
Location: Greece
Age: 40 (M)
Posts: 2119
judges didn't decide that Ivey wanted to cheat , in the first courts , didn't want to steal from the casinos , that he is not a thief , but aknowledged the fact he's a successfull player , a very famous pro player , but they all disapproved this method . Now he pays Borgata what he owns them , a lesson for the next players like him , who will try to take advantage of a weakness of thre systems or the security in the casinos
Joined: Oct '16
Location: Argentina
Age: 69 (M)
Posts: 2596
Our conclusion may be: BRM did a piece of bad news (or copy it of someplace that was making a piece of incomplete information) or Some strange matter are around the arrangement between Phil Ivey and Borgata. Is a rare thing that this matter had a lot of publicity and all of them are incomplete. Does someone looking for this in another place, another site?
