Full Tilt Poker Files $52 Million Lawsuit Against Australian Online Payment Processor. In the online poker headlines recently was filing of a major lawsuit against Australian online payment processor, Intabill. Filing the lawsuit was the Kolyma corporation, better known as the owner of the online poker industries second largest poker room, Full Tilt Poker.
Originally reported by an Australian newspaper, courier-Mail, according to a report on the Poker Deposit Options website , Kolyma brought the lawsuit to the Supreme Court of Brisbane on May 25, 2009. The lawsuit alleges that Intabill owes the company AUD$52.75 million (USD$43 million), plus accrued interest since the filing of the suit in May; estimated at AUD$16,590 (USD$13,532).
Responsibility falls on co-owners of the online payment processors, British Virgin Islands based Intabill, and Australian headquartered BT Projects; both named defendants in the case. Specifically targeted in the case are co-owners Daniel Tzvetkoff and Sam Sciacca. Full tilt Poker’s parent company claims that these two guaranteed to pay Kolyma the allegedly owed money, but failed to do so.
According to the Courier-Mail report, Intabill serviced in excess of 5,000 customers across 70 countries, more than 50% of them using the service for online gambling purposes. The newspaper also reported that a single day’s transaction through Intabill, from one operator alone, exceeded $150,000 per day.
This is not the first mention of Intabill in the news of late, having dismissed 96 employees back in April.
It seems that Intabill has put up most of its resources for sale in an effort to resolve the issue. The report continues, stating that the online payment processor is indebted to Full Tilt Poker and PokerStars for about $30 million, Absolute Poker for another $3 million, and Golden Palace, operators of Golden Palace Casino, for yet another $2 million.
The story behind the story will surely come out soon enough, answering the most interesting question of all: How did Intabill go from a $120 million valued company, once ranked among the top 10 online payment processors in the world, to its current state of disarray, in a single year of operation?
