Phil Ivey is having a rough go as of late. Just a few weeks ago, it was revealed that Ivey’s 2019 World Series of Poker winnings were confiscated by the Borgata Hotel Casino & Spa of New Jersey after they were given legal permission to go after assets outside the state. Now, it seems two poker players are claiming the money belongs to them.
Daniel Cates and Illya Trincher have filed an objection to the seizure, stating the funds are theirs based on an issue involving the $50,000 Poker Players Championship of this year’s WSOP. During that event, Ivey finished in 8th place, earning $124,410 in the process. He never collected the win though because a writ of execution was provided to the Borgata so they could claim the funds.
Ivey owes the Borgata just over $10 million due to a judgement involving a case where Ivey used edge-sorting techniques to win at baccarat. Technically, the Borgata had the right to claim the funds, so they did.
However, according to Trincher and Cates, they backed Ivey in the event where he had the big finish and most of the money belongs to them. The two pros stated that they reached a deal with Ivey that would see the full buy-in returned to them if he cashed out. On top of the $50,000 buy-in, Ivey said he would provide 50% of the profit earned to the players.
The pair are claiming they are owed $87,205 in total, which is equal to the buy-in plus the 50% of the profit. An objection to the writ of execution has reportedly been filed by attorney Richard A. Schonfeld. The attorney specializes in gaming law and has helped Ivey in other matters.
Staking deals of this nature are reportedly legal in Nevada as well as enforceable. A phone chat log was provided by the pair that shows the plans being discussed to fund the tournament play of Ivey.
The Borgata has not yet responded to the claim.