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The Lederer Files: The Phil Ivey Lawsuit, Transition 2.0

Since April 15, 2011, the poker world has waited anxiously to hear from Howard Lederer about the downfall of Full Tilt Poker. That wait is officially over.

In Part 5 of this exclusive interview series with PokerNews.com, Lederer goes into detail about Phil Ivey's $150 million lawsuit against the company filed on June 1, 2011. According to Lederer, Ivey was only looking out for himself and didn't fulfill his moral obligation as an owner to help return customer funds. Lederer called the lawsuit "horrific" and "devastating to the company."

Said Lederer, "On a group phone call with his attorney, company attorneys and the board, I just simply said, 'The company is in peril right now. The assets are what are going to get our customers paid. And you are asking us to weaken the value of our assets, right now at our time of need?"

Even though Ivey's lawsuit could have severely devalued the company's assets, Ivey was ultimately appointed to a board seat alongside Andy Bloch and Phil Gordon, essentially sweeping the previous board out with a member vote. Lederer explains that a group led by Phil Gordon and his attorney believed that the prior board had actively participated in creating the nine-figure shortfall. After a majority vote by the owners, the old board was to be removed and Ray Bitar would be replaced as CEO.

Here is Part 5 of The Lederer Files:

Stay tuned to PokerNews.com for the remainder of the exclusive interview series with Lederer. For news, updates, and more follow PokerNews on Twitter and Facebook

Disclaimer: The thoughts and opinions expressed in this interview are those of the interviewee and do not necessarily reflect those of PokerNews.

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  • mmbbal24 mmbbal24

    Lederer just seems to have the "know it all" personality. Where he can't admit any wrongdoing no matter what, he knew what was going on, it wasn't his fault. It's funny that someone can be so egotistical when they have already been caught!!!!

  • donkykong donkykong

    i know you didnt mean to steal and you probly thought you deserve it. no matter what your intention was, the result is that you took players money. it's that simple. please do what's right.

  • donkykong donkykong

    whether you are a lederer's friend or ivey's, the bottom line is poker players in general suck in business. even the poker greats like dolye said that every business venture he tried failed. Lederer should've stuck to poker bc it's clear irrespective of whether or not he's telling the truth, that he has no clue as to how to run business. i didnt like lederer saying that ivey knew full tilt didnt have money when ivey sued. people who arent competent to run a succssful business either go bankrupt or steal/cheat in order to maintain it. look at all these cheaters at wall street...ie bernie madoff. howard, stop blaming others and take full responsibility for stealing money from poker players! please return all the money you stole from full tilt!

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