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.