On Wednesday, the parties in the continuing drama behind World Champion Jamie Gold's victory at the World Series of Poker woke up to face an injunction that will hold up only half of the champion's prize...
Given my understanding of the facts and knowing Jamie (and not Crispin), the lawsuit was inevitable.
The two had only known each other since July '06 (one month prior to Jamie winning it) and never formed the level of trust necessary to NOT bring a lawsuit or get lawyers involved (which is why one should never enter into a contract of such magnitude without knowing who they're actually dealing with (Jamie could be a lying sack of sh*t and Crispin could the kind of guy who would put a hit out on someone).
As such, if I was Jamie, I would have had my lawyers (tax and otherwise) do whatever they could to establish a Nevada corporation (which is what Jamie is/was doing) AND figure out what Cripin's post-tax share was (after attempting to write off any and all expenses possible before Uncle Sam dug his talons into it). Suffice it to say this is NOT an insignificant /inconsequential deal between Ray and Tom at the Hustler Casino. You don't just cash out $12 Mil and hand $6 Mil over to someone you barely know. And people are naive if they think that they would w/out getting lawyers involved - which is what Jamie and Crispin were - naive dreamers...(They're in the entertainment industry - why do you think there are so many entertainment lawyers out there? Simply put, cause people in Hollywood are freakin morons).
If I was Crispin, not knowing Jamie well, I wouldn't let an agreement of such magnitude to just slide by either (cause the longer one waits, lesser the chance Jamie would actually pay up) trusting that Jamie would pay anytime soon (post-tax) if at all. To cover myself, I would have hired reputable lawyers to file a lawsuit/injunction to insure that I would get something. (After all, Jamie could've just cashed the whole thing out the night he won and lost it all). If I was Jamie, not knowing Crispin well, I still would have gotten lawyers involved even if Crispin had opted not to file a lawsuit. (After paying off Crispin, he might come back and sue then saying the agreement was for more money).
Realistically speaking, both of them were dreaming with neither actually believing Jamie would actually win. When they made the deal, I'll bet they were thinking that if Jamie did win, they would be so happy with so much money to go around, it wouldn't matter). If they really believed Jamie would actually win, they would have drafted something in writing. And to think that a man's word is as good as his handshake for that amount of money is just another prime example of sheer naivety. Welcome to reality boys.
Do I think Jamie and Crispin entered into such an agreement to chop? ABSOLUTELY. Should Jaime have just cashed out the $12 M and simply handed Crispin $6 M w/out any lawyers getting involved? NO. Should Crispin have just waited and trusted that Jamie would eventually pay him? NO.
Notwithstanding the Court's/Jury's ultimate ruling, it's not a black and white issue and neither of them are scumbags...they're just both human beings from Hollywood in over their heads, and the truth lies somewhere in between.
Like I said, the lawsuit was inevitable. Unfortunately, in the end, the lawyers are the only true winners here...but, as a lawyer, why would I complain about that?
Special character sets - write them and it will be turned into an icon:
:)
:|
:D
(d)
(l)
:-)
:-/
:E
(e)
(m)
:-]
:*
:F
(f)
(o)
;)
(+)
:G
(g)
(p)
:(
(-)
:H
(h)
(r)
:-(
:A
(c)
(y)
(w)
Spotlight
Sign up to Full Tilt Poker using our special PokerNews links, use our bonus code PKRNEWS and get an incredible 100% sign up bonus up to $600. You will also be eligible for our exclusive freerolls and promotions that are on offer, as well as a chance to play with some of the worlds biggest name players, including Phil Ivey and Patrick Antonius.
Download
Download Titan Poker via our unique PokerNews links, use our marketing code POKERNEWS and get $50 free when you make your first deposit. Also enjoy access to our exclusive monthly $2,500 freerolls as well as tickets to some of the biggest offline events in the world such as the World Series of Poker and the Aussie Millions.
Download
The PokerNews Cup Australia is back. This year promises to be even more successful than last year with several sites already running exclusive freerolls and satellite campaigns. Sign up through PokerNews and be eligible for these great events, and hopefully we will see you down under in October.