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sep
12

Backers Cates and Trincher file Objections to Borgata's Seizure of Phil Ivey's WSOP Winnings

Tags: 2019 WSOP, Borgata, Daniel Cates, Illya Trincher, Phil Ivey.
Posted on 12 September 2019 by "T".

It was a little after a month has passed since we last heard about the latest skit on the longest-running "poker-drama series" that is, Borgata and their quest to retrieve what they lost from Phil Ivey's edge sorting case, and now two poker players have voiced their complaints as they want their share of Ivey's 2019 WSOP win that Borgata took away unscrupulously.

The 10-time WSOP bracelet winner has been ordered to pay back the Borgata Hotel Casino & Spa the amount of $10.16 million in damages, all because of a technique called "edge sorting" (spotting and remembering the defects on the backs of playing cards) he and a companion used to gain an advantage on the house in 2012.

Phil Ivey finished 8th place in the 2019 WSOP Event #58: $50,000 Poker Player's Championship (PPC) for $124,410. Borgata then wasted no time to whisk away his summer winnings, as part of the $10 million they claim Ivey and his accomplice Cheng Yin "Kelly" Sun owe them.

This week, however, Daniel "Jungleman" Cates and Illya Trincher have filed an objection in court, claiming that they backed Ivey for 100% of his WSOP plays this summer, and naturally they want their share of his winnings.

As part of the backing deal, the 42-year-old poker legend agreed that half of his tourney wins shall go to Cates and Trincher. Along with that they were guaranteed to get back the initial $50,000 buy-in. The irate pair now have filed a legal objection in Nevada against Borgata for withholding Ivey's winnings.

Considering the amount of $124,410 cash prize, Cates and Trincher claim they are owed $87,205 in total ($50,000 buy-in plus $37,205 in profits). Chesnoff and Schonfeld, a law firm in Las Vegas known to handle high profile gambling-related cases, represented the duo as they filed a legal objection to the release of the cash prize to Borgata, citing Nevada law that permits backing deals. Apparently, Ivey has enlisted the services of Chesnoff and Schonfeld on many occasions as well.

In early February, a New Jersey federal judge gave Borgata the green light to chase after Ivey's assets in Nevada. It is unclear whether Borgata will agree to shell out part of the prize money to Cates and Trincher. The most likely scenario to happen would be the two will have to pursue Ivey themselves for the money they are reported owed.

Is Phil Ivey in financial ruin?
Given the above situation, if it is true that Cates and Trincher have backed Ivey for all of his WSOP action this summer, does this imply that Phil Ivey is broke?

His net worth in the past has been estimated as being in the tens of millions of dollars, but after 7 years' worth of legal fees and missing out on many juicy poker games due to his attendance to court hearings instead, it could very well be possible that the 10-time bracelet winner may have eventually lost everything he once had, especially if he has not been living frugally during the past years.

If this were true, then that would explain why Borgata is having a hard time finding Ivey's assets in Nevada or New Jersey.

Source:
http://www.flushdraw.net/news/daniel-cates-illya-trincher-file-objection-in-phil-ivey-wsop-garnishment/

 


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23 comments for "Backers Cates and Trincher file Objections to Borgata''s Seizure of Phil Ivey''s WSOP Winnings"

 dule-vu12/09/2019 08:46:55 GMT
wow,every month some new news about ivey and this money that he need to back to borgata!now some other people want money form his winning at WSOP!this is nor like some mexican series and who know where is end of it!it would be just easier for everybody that he back money and that continue play as it was before this problem!
 CALICUL12/09/2019 10:21:50 GMT
Who knows the results of Phil Ivey at the tables in recent years can say if he is bankrupt or not. I don't think he went bankrupt because he did not say this in court. If he has money but declares bankruptcy then he will have very big problems. He didn't say that and that means he has money. He transferred it outside the country...


 StheP12/09/2019 10:53:21 GMT
come on.... Ivey broke... that is just a joke to fool borgota...he still have tens of millions $$$...doubt if cates and this other dude realy backed him, or is it just Ivey way to get his money back from borgota...
 crankmuppet12/09/2019 12:15:04 GMT
Posted by StheP:
come on.... Ivey broke... that is just a joke to fool borgota...he still have tens of millions $$$...doubt if cates and this other dude realy backed him, or is it just Ivey way to get his money back from borgota...


None of these guys are level 1 thinkers - you don't give them enough credit.

The backers aren't filing a court claim without irrefutable proof that the backing deal existed.

It's not that Ivey doesn't have the money, he likely predicted that Borgata would go after his winnings and knew he could get full backing.

Now Borgata will have to spend probably 100's of thousands of dollars to defend against the backer's countersuit where they might get 40 grand back.

Ivey is genius and this is a middle finger salute to Borgata in a very long chess game.




 pajalnick12/09/2019 12:55:10 GMT
as far as I see in the news, information about Fila Ivy and his problems with various casinos very often appears ... Of course, such a wonderful poker player can beat people and casinos ... but the casino certainly does not agree with this and wants to return the money ... this of course it seems to me Unfair .... but a competent lawyer can convince a judge of any absurd decision
 Mober12/09/2019 13:53:48 GMT
Even if that is the case that ivey doesnt have the money, to pay for himself,
for the tournament entrance, something that i doubt, didnt the other two "backers"
know his situation with borgata? Where did they land from?
Even if the story is 100% true it is their bad... They should know better...
 bowie198412/09/2019 16:56:38 GMT
Posted by crankmuppet:
Posted by StheP:
come on.... Ivey broke... that is just a joke to fool borgota...he still have tens of millions $$$...doubt if cates and this other dude realy backed him, or is it just Ivey way to get his money back from borgota...

Ivey is genius and this is a middle finger salute to Borgata in a very long chess game.

If Borgata cannot get his money back in any legal way they will just put Ivey on a blacklist and ban him from all Vegas casinos (and other places they've been affiliated with). It's not that they could do that, rather it would be easier doing it that get their money back.
 CALICUL13/09/2019 10:33:53 GMT
Borgata casino it must have a great influence so he can ban Phil Ivey in all casinos. A judge can do that, but if Borgata tries this illegally thing, will have problems from my point of view. A man must live from something and i don't think Phil will be banned in all casinos.
 crankmuppet13/09/2019 13:19:17 GMT
Posted by bowie1984:
If Borgata cannot get his money back in any legal way they will just put Ivey on a blacklist and ban him from all Vegas casinos (and other places they've been affiliated with). It's not that they could do that, rather it would be easier doing it that get their money back.



Posted by CALICUL:
Borgata casino it must have a great influence so he can ban Phil Ivey in all casinos. A judge can do that, but if Borgata tries this illegally thing, will have problems from my point of view. A man must live from something and i don't think Phil will be banned in all casinos.


MGM does own a lot of casinos worldwide, but they don't have a complete monopoly.

Other casinos will still be very happy to have him as a patron. He will still be very welcome in "private" games.

In this particular instance I'd say he comes out better than MGM; he invested no money, he won his backers some money, MGM will likely have to pay more in legal fees than what they will recoup.



 pajalnick13/09/2019 14:18:10 GMT
In any case, Phil Ivey will be always welcomed by visitors in almost all casinos of the world ... this is a wonderful way to attract a large number of customers who will come there to play when he sees that such a great poker player chose this casino for the game .... so what now this is a special case ... which I hope will not be repeated ... it is always nice when people win corporations
 CALICUL14/09/2019 10:43:24 GMT
In this case with MGM the winner will be Phil Ivey if he is allowed to continue playing by the law. A serious problem will be if he wins and the money will be confiscated or f he gets a total ban in all casinos. The story is an interesting one and can become a play of mice and cats.
 bowie198414/09/2019 15:20:36 GMT
Posted by crankmuppet:
MGM does own a lot of casinos worldwide, but they don't have a complete monopoly.
Other casinos will still be very happy to have him as a patron. He will still be very welcome in "private" games.

It's not about how many casinos they own, rather how far they could reach out to call in some 'favors' regarding Ivey. If they could not get their money back from him they still could make his life harder than it should be.
 CALICUL15/09/2019 11:10:49 GMT
It is obvious that Borgat Casino will not give up until he gets that money. They have been very understanding so far. They will start using worse tactics for Phil Ivey. An understanding between them it's the best thing. Phil to make advertising videos 2-3 years for Borgata is a good solution.
 dule-vu15/09/2019 12:24:23 GMT
Posted by bowie1984:
Posted by crankmuppet:
MGM does own a lot of casinos worldwide, but they don't have a complete monopoly.
Other casinos will still be very happy to have him as a patron. He will still be very welcome in "private" games.

It's not about how many casinos they own, rather how far they could reach out to call in some 'favors' regarding Ivey. If they could not get their money back from him they still could make his life harder than it should be.


they will do that for sure,if they dont get money from him!they will do everything to come to this money,no matter how long it will take!but you can imagine that life when you cant do almost anything in your country,where you cant buy anything on regular terms,where you can buy some house,car,gamble in casino or something like that!
if you have enough money in "bedroom" to live till end of life,that ok,but you dont know much you will have,that its big problem!
 crankmuppet15/09/2019 15:43:26 GMT
Posted by dule-vu:
Posted by bowie1984:
Posted by crankmuppet:
MGM does own a lot of casinos worldwide, but they don't have a complete monopoly.
Other casinos will still be very happy to have him as a patron. He will still be very welcome in "private" games.

It's not about how many casinos they own, rather how far they could reach out to call in some 'favors' regarding Ivey. If they could not get their money back from him they still could make his life harder than it should be.


they will do that for sure,if they dont get money from him!they will do everything to come to this money,no matter how long it will take!but you can imagine that life when you cant do almost anything in your country,where you cant buy anything on regular terms,where you can buy some house,car,gamble in casino or something like that!
if you have enough money in "bedroom" to live till end of life,that ok,but you dont know much you will have,that its big problem!


You both seem to think most everyone is in MGM's corner and that most everyone agrees with the court's ruling on this.

These casinos are in competition so it's not guaranteed they will ban Ivey because MGM wants them to. He is a prime attraction and a lot rich patrons would love to test themselves against this legend of poker.

It would also be interesting to have a poll of say for instance, players in the Hendon Mob's database, as to whether they agree with the court's ruling or side with Ivey.

I agree that MGM won't stop until the ruling is enforced and will use any tactic available to them to get it, but I'm not sure that they have the power to completely disrupt his life.

I also believe that Mr. Ivey can easily pay off this ruling and that he will still be a millionaire many times over.
 Mober16/09/2019 12:36:12 GMT
He probably has the money to pay out what he owes, but he doesnt want so.
He is doing everything in his power not to return the money.
It might turn out bad for him at the end this practice, but who cares anyway.
He had it coming with his actions.
 dule-vu16/09/2019 16:44:28 GMT
crankmuppet its not important what we think or what we wish,we just talking that this decision is final and no matter who is right,he need to back them this amount,as court say!when they make this kind of decision,you cant do anything,you must do what they want or he can stop playing live poker tournaments in america and he will not give anything!
 CALICUL18/09/2019 09:50:58 GMT
One thing is certain here. Phil Ivey doesn't want to pay and he does everything in order to escape by this disadvantage. In his future games he will give it up to play in those casinos. He knows that any money will be confiscated at the request of Borgata lawyers.
 bowie198429/09/2019 17:12:30 GMT
Posted by crankmuppet:
These casinos are in competition so it's not guaranteed they will ban Ivey because MGM wants them to. He is a prime attraction and a lot rich patrons would love to test themselves against this legend of poker.

They aren't in competition over Ivey. And Ivey could easily mess with them just like he did with Borgata. That's a risk these places probably would not want no matter how famous the poker pro in question.
 Mober30/09/2019 15:01:27 GMT
It is not about competition or following request from another casino.
It is just if you want him as a player in your casino, after what he has done.
If i had a casino, i wouldnt want him as a player.
Like im gonna be saved by him playing in my casino.
Who cares at the end who he is. It is a business and he is a bad business for me allowing him to
play. Thats simple.
 CALICUL30/09/2019 17:02:34 GMT
It's a fierce competition here in this fight, because casinos never lose and in this case it's about of the big sum of 10 millions dollars. The Borgata doesn't want to lose and they will not be able to recover that money. I say they will come to an agreement or Phil Ivey will win because he will never pay that debt, if he is not required by law to do so.
 Nightkid18/10/2019 13:32:19 GMT
Well, I don't have to think about the news that comes out sometimes, because some have so much money that they don't need to steal or anything, they just do this kind of thing to be able to attract attention or go out in some medium for the news but I know I do not know what to say Confused Confused Confused

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