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Title: Kentucky fried? Post by: TightEnd on December 24, 2015, 04:17:30 PM Amaya Set to Appeal $870MM Kentucky Damages Ruling
http://uk.pokernews.com/news/2015/12/amaya-set-to-appeal-870mm-kentucky-damages-ruling-20216.htm Title: Re: Kentucky fried? Post by: UgotNuts on December 24, 2015, 05:29:23 PM Someone pissed off the judge
Title: Re: Kentucky fried? Post by: Tal on December 24, 2015, 05:38:08 PM It's certainly a different legal system to ours.
Title: Re: Kentucky fried? Post by: Marky147 on December 24, 2015, 05:41:10 PM Rake gonna be going up even more.
Title: Re: Kentucky fried? Post by: tonytats on December 24, 2015, 11:22:50 PM Ha ha bout time somebody gave them a bad beat
Title: Re: Kentucky fried? Post by: SuuPRlim on December 25, 2015, 11:05:30 AM hilarious how big all these numbers are... EIGHT HUNDRED AND SEVENTY MILLION DOLLARS.
LOL. I feel like, there could have been a bit of underhand business here, $25m in a brown envelope for the judge? Title: Re: Kentucky fried? Post by: Doobs on December 25, 2015, 11:24:00 AM Ha ha bout time somebody gave them a bad beat Surely we suffer too if they suffer? This is bad news for us all, and feck Kentucky and other American legislators whi think they rule the rest of the World too whilst here. Title: Re: Kentucky fried? Post by: DMorgan on December 25, 2015, 01:48:27 PM Really does go to show how rofly some of the legal systems are in the US. The $870m number according to some legally knowledgeable 2p2 posters is arrived at by summing the total losses of all kentucky residents from 2006-2012 not net of winnings
So its every dollar that any poker player in kentucky ever wagered in that period. The actual $ rake number that PokerStars made from kentucky residents for the period was ~$18m. There is lots of legal wrangling still to do but what is worrying is that this absurd system is actually used in practice and has precedent in kentucky. For years poker players in the state have been fighting to not have to use this system in reverse on their income tax forms. Income from poker winnings cannot be netted against poker losses in the state so most just move or fudge their tax returns. As for whether this can be appealed beyond the state level I don't know, I would assume so as AmayaStars as an entity operates in New Jersey at the moment whereas a person that resides solely in Kentucky wouldn't have recourse at the federal level. Also apparently the appointed judge in this case was already pretty tilted with PokerStars before the sale. Mark Scheinberg was able to show the state legislature the finger for years what with the company being offshore. He ignored deposition requests, hearings and letters from state judges so now that its AmayaStars and they need to jump through the regulatory hoops to get US licences (as is essential to the growth plan that they borrowed the mountain of cash to buy 'Stars on the back of) the judge is more than happy to stick the boot in. In saying all that, as shitty as the treatment has been from AmayaStars chopping rewards for Supernova and SNE players 11 months into a 12 month programme, if they really do get slapped with a $870m bill then its a lose for everyone. The Amaya share price slumped to 18-month lows on the news. (http://imgur.com/mXqBbU5) Edit: Image won't show for some reason, it works as a link Title: Re: Kentucky fried? Post by: tikay on December 25, 2015, 02:11:57 PM Really does go to show how rofly some of the legal systems are in the US. The $870m number according to some legally knowledgeable 2p2 posters is arrived at by summing the total losses of all kentucky residents from 2006-2012 not net of winnings So its every dollar that any poker player in kentucky ever wagered in that period. The actual $ rake number that PokerStars made from kentucky residents for the period was ~$18m. There is lots of legal wrangling still to do but what is worrying is that this absurd system is actually used in practice and has precedent in kentucky. For years poker players in the state have been fighting to not have to use this system in reverse on their income tax forms. Income from poker winnings cannot be netted against poker losses in the state so most just move or fudge their tax returns. As for whether this can be appealed beyond the state level I don't know, I would assume so as AmayaStars as an entity operates in New Jersey at the moment whereas a person that resides solely in Kentucky wouldn't have recourse at the federal level. Also apparently the appointed judge in this case was already pretty tilted with PokerStars before the sale. Mark Scheinberg was able to show the state legislature the finger for years what with the company being offshore. He ignored deposition requests, hearings and letters from state judges so now that its AmayaStars and they need to jump through the regulatory hoops to get US licences (as is essential to the growth plan that they borrowed the mountain of cash to buy 'Stars on the back of) the judge is more than happy to stick the boot in. In saying all that, as shitty as the treatment has been from AmayaStars chopping rewards for Supernova and SNE players 11 months into a 12 month programme, if they really do get slapped with a $870m bill then its a lose for everyone. The Amaya share price slumped to 18-month lows on the news. (http://imgur.com/mXqBbU5) Edit: Image won't show for some reason, it works as a link Fixed that link, Dan. http://imgur.com/mXqBbU5 Title: Re: Kentucky fried? Post by: DMorgan on December 25, 2015, 02:50:13 PM Thanks Tony
A more in depth look here, very interesting post-turkey reading imo https://medium.com/@jasonbrown1/ky-indeed-could-this-massive-lawsuit-cripple-amaya-9d1385356c72#.jp52xxhmw Cliffs: There is certainly a non-zero chance that Amaya are in big, big trouble |