Is Jack Binion buying partnership in Full Tilt Poker?

Posted by Poker Videos on June 30th, 2011

Is Jack Binion buying partnership in Full Tilt Poker? Or is he already a partner?

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From Two Plus Two

Speculation, based on alleged inside sources, indicates that Jack Binion, the known poker billionaire, is in talks with and moving to close on a deal that will give him controlling interest in the online poker room. Only time will tell if this investment has been or will be made. Full Tilt Poker has encountered several fiscal issues and Jack Binion has a reputation of getting out of similar situations.

The online poker giant has recently encountered several business altering situations. The first occurred on Poker’s Black Friday, April 15th. The United States Department of Justice shut down 5 major online poker rooms for alleged illegal operations within the United States. Within hours of the shut down, American players at Full Tilt and Pokerstars were no longer able to access their money and accounts with the online poker rooms, and the poker rooms were back up and open for business by the next day. At this point, no one faulted the online poker giants for the situation; instead the outrage was appropriately directed at the US DOJ.

Then to the surprise of many American players, some of the funds from Pokerstars were released to American players. Full Tilt Poker was unable to do the same and this led to questions. The questions eventually led to the license being pulled on June 29th, 2011. As money is being sorted, issues are being seen in the overall management of player funded accounts. These issues are being addressed while other talks continue with the DOJ and potential investors.

At this time, the belief is that should Jack Binion obtain control over the online poker brand, Full Tilt Poker, his knowledge and experience will prove to be an asset to the company in dire straits. He has had controlling interest or ownership of numerous poker rooms and casinos in Las Vegas over his lifetime. He is also the founder of the World Poker Open which has proven to become one of the most well known poker events in the world. With a name that is as large as the game itself, Jack Binion may just be the man to reestablish FullTiltPoker’s glory to the standard it has been known for.

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2011 World Series of Poker Part 1

Posted by Poker Videos on June 26th, 2011

The 2011 World Series of Poker has just finished its fourth week of play and there have been a ton of big stories and 40 bracelets already awarded. Here is a quick rundown of the major stories so far.

Week 1 – Phil Ivey Sits Out and Jake Cody Wins $25k Heads-Up

The big story of the opening days of the 2011 WSOP was Phil Ivey’s announcement that he was going to skip the 2011 WSOP due to issues with Full Tilt Poker not paying players. He then filed a lawsuit for $150 Million claiming a breach of contract by the company in an attempt to get out of his non-compete agreement. Since then he has been spotted at Full Tilt Poker’s headquarters in Ireland in discussions with the owners.

Jake Cody won the $25,000 Heads-Up Championshp after taking out Yevgeniy Timoshinko in the final match. The $525,980 top prize was the largest awarded to a heads-up champion.
Also, the WSOP rematch series kicked off. Johnny Chan was able to defeat Phil Hellmuth to avenge his loss to him in 1989 WSOP Main Event. Chris Moneymaker was able to repeat history by beating Sammy Farha 2-1 in their best-of-three rematch of the 2003 WSOP Main Event.

Week 2 – Hellmuth Denied 12th Bracelet

The big story of week #2 was Phil Hellmuth’s run in the $10,000 NL 2-7 Lowball Championship. He not only made the final table but excelled and took a 3:1 chip lead into heads-up with John Juanda. Juanda then pulled off an amazing comeback to deny the 11-time bracelet winner his 12th. This was Juanda’s fifth bracelet and second in the game of lowball.
Matt Perrins defeated Chris Bjorin in the $1,500 NL 2-7 Lowball Event earlier in the week. Perrins was never in any read danger in the heads-up match, but what this win so amazing was the fact that he never played the game before this event and only learned the rules 45 minutes prior to the match. He watched some tutorials on Youtube regarding the game and applied NL Hold’em theory to the game to make the final table and win the bracelet.
Week 3 – ElkY Wins Stud Championship – Somerville Wins $1k Donkament

Bertrand “Elky” Grospellier won the $10,000 Stud World Championship after coming back from a great than 16:1 chip deficit and just two big bets left in his stack. He took over $331,000 for his victory and revealed after winning the event that this was his first ever stud event. Naturally, he now hopes that other tournaments will offer stud events in the future.
Jason Somerville was probably one of the best No-Limit Hold’em players to not win a bracelet in the game. That claim can no longer be made as he took down the Event #20 donkament for $493,091. He defeated Yashar Darian heads-up when Darian shoved with Ks-4d and ran into pocket aces from Somerville.
Mike Sexton made the final table of the $1,500 Stud 8 or Better Event and ultimately earned a chance to play for his second bracelet. Unfortunately, he started the heads-up match with Chris Viox as a sever chip underdog and was unable to recover. Chris Viox won over $200,000 for his first bracelet win.

Week 4 – Jason Mercier Wins 2nd Career Bracelet and Hellmuth Denied Again
Jason Mercier is considered one of the best tournament poker players in the world and proved it yet again by taking down the first ever $5,000 Pot-Limit Omaha Six-Max Event in WSOP history. He entered the final table as chip leader and held that lead for most of the final table. He defeated Hans Winzeler heads-up for his second career bracelet and $619,575. Mercier has two bracelets in PLO, the other coming in the 2009 $1,500 PLO Event.

Phil Hellmuth had another crack at his 12th bracelet in the Stud 8 or Better World Championship. He started the final table as one of the shorter stacks and rode a short stack through the entire final table. The downside to that is that he took the same short stack into heads-up play with Eric Rodawig. Hellmuth put up a fight, but could never get any real momentum. As a result, Eric Rodawig took the title to deny Hellmuth his 12th bracelet and take home $442,183.

The $1,000 Seniors Event set an all-time attendance record for a tournament with a single start day. They drew a record shattering field of 3,752 players to create a prize pool of over $3.37 Million. First place for the event was $557,435 and went to 50 year-old James Hess. Hess became the youngest ever Seniors Event champion in both the largest Seniors Event and largest single start day poker tournament in live poker history.
Just 13 preliminary events are left to kick off in the 2011 WSOP. Then, the Granddaddy of them all kicks off on July 7th in the $10,000 WSOP Main Event. A lot of stories are left to be told and a lot of bracelets are yet to be awarded this year, so prepare for a wild ride to end the summer.

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Tobey Maguire poker game

Posted by Poker Videos on June 22nd, 2011

bradley ruderman photo
Bradley Ruderman photo

Radar-online reports Tobey Maguire is one of more than 10 Hollywood A-list celebrities involved in a underground high stakes poker game. Brad Ruderman, who was being investigated by the FBI for embezzling investors money, lost more than 300k to Tobey Maguire. Now a trustee for the fund that he was embezzling from is suing Tobey for his losses in the game.

See Documents VS Tobey Maguire : Court documents for Toby Maguire

Some of the notable players include: billionaire businessman Alex Gores, Nick Cassavetes, Gabe Kaplan, Rick Salomon, Cody Leibel, Andrew Sasson, Ben Affleck, Matt Damon, and Leonardo DiCaprio. It is alleged that Toby won a million a month over 3 years. The games were held bi-weekly at luxury Beverly Hills hotel, Four Seasons, and the Viper Room on Sunset Boulevard.

The lawsuit claims Toby has no right to the winnings since the games were operated illegally and without permits. Toby plans on defending the frivolous lawsuit.

Here is the SEC report on Brad Ruderman:
On April 29, 2009, the Securities and Exchange Commission obtained a court order halting a hedge fund fraud based in Beverly Hills, California. The SEC’s complaint, filed in federal court in Los Angeles, alleges that Bradley L. Ruderman (”Ruderman”) raised at least $38 million from about twenty investors since at least 2002 through his two hedge funds, Ruderman Capital Partners and Ruderman Capital Partners A. The SEC alleges that Ruderman defrauded his hedge fund investors by misrepresenting to them the hedge funds’ investment returns and the assets under management.

Specifically, the SEC’s complaint alleges that Ruderman falsely told investors that the hedge funds had earned positive returns from 15% to 60% per year and had over $800 million in assets. In reality, the hedge funds lost money and had less than $650,000 in assets. The complaint further alleges that in 2009, Ruderman made at least one Ponzi-like payment, using new investor money to pay returns to an earlier investor, and that Ruderman falsely told prospective investors that Lowell Milken (chairman of the Milken Family Foundation and Michael Milken’s younger brother) and Larry Ellison (the CEO of Oracle Corporation) were investors in his hedge funds.

The Honorable Valerie Baker Fairbank, U.S. District Judge for the Central District of California, granted the SEC’s request for emergency relief, including an order temporarily enjoining Ruderman, his company Ruderman Capital Management (”RCM”), and the hedge funds from future violations of the antifraud provisions, freezing their assets, and prohibiting the destruction of documents. The Commission also seeks preliminary and permanent injunctions, disgorgement, and civil penalties against all defendants. A hearing on whether a preliminary injunction should be issued against the defendants and whether a permanent receiver should be appointed is scheduled for May 7, 2009, at 1:30 p.m. PDT.

Bradley Ruderman would claim Lowell Milken (the younger brother of Michael Milken) was a major investor in the funds. I did a series of articles on Michael Milken and his ties to the brick and mortar casinos. Perhaps the FBI and Nevada Gaming Board should investigate Milken and his ownership of casinos by proxy. See more here : Milken ties to casinos

TWO PLUS TWO thread on Michael Milken

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2011 WSOP Chip Counts Event #33: $10,000 Seven Card Stud Hi-Low Split-8 or Better Championship

Posted by Poker Videos on June 20th, 2011

1 Eric Rodawig 695,000
2 David Benyamine 448,000
3 Mikhail Savinov 431,000
4 Ali Eslami 415,000
5 Antony Lellouche 373,000
6 Joe Tehan 372,000
7 Phil Hellmuth 332,000
8 Felipe Ramos 331,000
9 John Racener 321,000
10 Ted Forrest 280,000
11 Phil Laak 193,000
12 Erik Seidel 126,000
13 Bill Chen 113,000
14 Christopher George 86,000
15 Justin Smith 86,000
16 Chris Tryba 75,000
17 Cyndy Violette 53,000
18 Jon Turner 44,000

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