- »Cates and Trincher File Objection to Ivey’s Ceased Winnings
Cates and Trincher File Objection to Ivey’s Ceased Winnings
Cates and Trincher take on the Borgata as they seek repayment of $87,205 owed to them.
The long-running legal feud between Phil Ivey and New Jersey’s Borgata Hotel Casino & Spa has taken another turn. Two professional poker players have filed an objection to Borgata withholding Ivey’s cash from the 2019 World Series of Poker.
Ivey currently owes the Borgata more than $10.1 million after he admitted to edge-sorting in a baccarat game in 2012. The 10-time WSOP bracelet winner scooped $9.6 million profit over series of high stakes baccarat games seven years ago. Cheung Yin “Kelly” Sun and Ivey admitted to using a technique called edge-sorting to tip the odds in their favor. A New Jersey judge ruled in favor of Borgata and ordered Ivey to repay the full amount won plus interest.
Borgata has already attempted to cease assets belonging to Ivey, but those attempts have been futile. Sources believe Ivey has moved some of his worth outside of the United States, including buying property in Mexico.
Borgata Ceases Ivey’s 2019 WSOP Winnings
With no tangible assets to get their hands on, Borgata turned to Ivey’s recent exploits at the 2019 WSOP. Ivey finished eighth in the $50,000 Poker Players Championship and won $124,410. Borgata leaped into action and blocked Ivey from collecting his payment. The WSOP investigated then complied with the order, handing Ivey’s winnings over to U.S. Marshals.
Now the case has taken another twist after Daniel Cates and Illya Trincher filed a legal objection against the ceasing of Ivey’s winnings. Cates, known in online poker circles as “Jungleman”, and Trincher claim they fully staked Ivey in the $50,000 WSOP event.
A log showing a conversation between Cates and Trincher seems to show this to be true. Trincher messaged Cates on June 24th saying he had given “Phil 100 for tournament total so far (50 for today)”. June 24th was the day the $50,000 Poker Players Championship shuffled up for the first time.
Cates and Trincher Claim to Have Stakes Ivey
Cates and Trincher claim they had a staking agreement in place with Ivey for this particular event. The deal saw Cates and Trincher buy Ivey into the $50,000 buy-in tournament in exchange for 50 percent of his winnings. Ivey owed the staking duo their $50,000 back if he cash, plus 50 percent of any subsequent profit.
Ivey cashed for $124,410 meaning Cates and Trincher were due $87,205. This is made up of their $50,000 stake plus half of Ivey’s $74,410 profit. Neither Cates or Trincher have received any money because of Borgata’s legal action.
Gambling Law Specialists Appointed by Cates and Trincher
Las Vegas legal firm Chesnoff and Shonfeld has been appointed to represent Cates and Trincher. It is the same law firm that Ivey has used on several occasions during his many legal battles. The company specializes in gamblers and gambling matters, although it is unknown if they can help in this case.
Richard A. Schonfeld submitted the legal objection in the state of Nevada. Part of it reads:
Mr. Cates and Mr. Trincher had an existing staking agreement with Mr. Ivey. On or about June 24, 2019, Mr. Cates and Mr. Trincher agreed to provide Mr. Ivey with the full $50,000 buy-in for a World Series of Poker tournament at the Rio Hotel and Casino in Las Vegas, Nevada, specifically the $50,000 Poker Players Championship (Event #58) on June 24, 2019, in exchange for 50% of the winnings (in addition to the return of our $50,000 principal). On or about June 24, 2019, Mr. Trincher provided Mr. Ivey with said $50,000 for the buy-in pursuant to their existing staking agreement.
In said chat exchange on or about June 24, 2019, at approximately 4:04 pm, Mr. Trincher sent a message to Mr. Cates which stated that Trincher “Gave Phil 100 for tournament total so far (50 for today).” This chat evidences that Mr. Cates and Mr. Trincher provided Phil Ivey the full $50,000 buy-in pursuant to the terms of their existing staking agreement.
What Could Happen Now?
Borgata is yet to comment on the objection from Cates and Trincher, but we can safely make some assumptions. The first is that Borgata will claim Ivey knew about its intentions to withhold any WSOP winnings. This is because they filed for it during the 2019 WSOP and Ivey’s legal representatives will have informed him.
Both Cates and Trincher will have a hard time claiming they were unaware of Ivey’s legal situation. This has been a high-profile case with Ivey being one of the most prominent poker players in the world. Both players have played against Ivey in cash games and both move in the same circles.
This could lead to Cates and Trincher being told to pursue Ivey for their $87,205 in a separate legal case. This will prove difficult because Ivey claims he has no tangible assets. Couple this with evidence he did not have the money to buy into the $50,000 event and it looks likely Cates and Trincher will be saying goodbye to their money.