2006 ME Event Winner Getting Sued for 50% of winnings

More detailed article
http://www.lasvegassun.com/sunbin/st...566635576.html

Mikey the monkey backs Gold ........

http://www.monkeyshare.net/

still a nice payday for him, but if there are recordings that can verify this deal then he could have a quite bit smaller pay day.

Oh boohoo...so now he's only (possibly) a millionaire 6X over instead of 12......

He also had some deal with Chan for like 10%....i think. Not to mention taxes

P.s. I was trying the new quote

Well this could be a very expensive deal that Mr. Gold may have made.

$12,000,000 X 35% in taxes = $7,800,000

$7,800,000 / 2 (if deal was true) = $3,900,000

$3,900,000 X 10% (owed to Chan?) = $3,510,000

$3,510,000 - $2,000,000 (he supposedly toked to the dealers pool) = $1,510,000. ***I'm not sure if the toke would be pre-tax or after-tax. If it can be pre-tax then the starting amount would be $10 mil, then $6.5 mil after taxes, $3.25 after the deal, and just under $3 mil after giving some to Chan.

All because he was too lazy to get some F List Celebrities to wear Bodog gear? Yeesh.

How do you know taxes comes befor the 50% chop?

As far as I know a contract over $1000 has to be written or you really can't enforce it.

this might help

One of the most complicated problems that attorneys in contract law deal with is the verbal contract. Movie mogul Samuel Goldwyn is reported to have once said, "Verbal contracts aren't worth the paper they're printed on." Although they are notoriously difficult to regulate, state and federal laws regarding verbal contracts do exist, and can help to ensure the enforcement of a verbal contract.
While all important contracts should be obtained in writing (and preferable with legal consultation) verbal contracts are a convenient and commonly used form of agreement between two parties. For example, a verbal contract between two neighbors can divide their property, roommates may use a verbal contract to determine the amount of rent due from each party, and employers often use verbal contracts to arrange raises or bonuses for their employees. The main problem with a verbal contract is that if any problems should arise, and there are no witnesses who were present when the verbal contract was made, the case is reduced to one party's word against the others.
• Offer: In order to be considered valid, a verbal contract must contain three elements: offer, acceptance, and consideration. The person making the offer in a verbal contract must communicate their intent to enter into a contract. This offer does not extend indefinitely, and a verbal contract is not considered valid if the offeror cancels the offer, the offeree rejects the offer, or a reasonable amount of time has passed. For instance, if a person offers an item for sale at a set price, the neighbor can not hold him to a verbal contract for the same item at the same price several years later.
• Acceptance: A verbal contract is not valid until the offer is accepted. The acceptance of a verbal contract occurs when the offeree voluntarily indicates agreement to the terms and conditions of the offer.
• Consideration: In addition to an offer and acceptance, verbal contracts must contain consideration. This means that each side must give the other something of value for the agreement to be binding. In most verbal contracts, this is an exchange of money, such as a down payment. However, in some cases, such as an employment situation, mutual promises will do. For instance, a job candidate will agree to turn down other offers and the future employer will promise a position in their company.
Even with these stipulations, verbal contracts can cause an enormous number of problems if unfulfilled or contested. For this reason, verbal contracts in many states are not considered valid if they involve goods or services over a certain dollar value. Before entering into a verbal contract, be certain that it will be considered legally binding under state laws. In almost every case, a verbal contract should be followed by an agreement in writing, dated and signed by both parties.
Disputes between two parties regarding a verbal contract into which both have entered are settled in a small claims court, where the persons allegedly holding a verbal contract represent themselves without attorneys. If the parties agree to it, the verbal contract may be settled through arbitration. In any case, getting the advice of an attorney about a verbal contract is never a bad idea.

This was in the ESPN Poker Club article...

"Gary Thompson, the director of communications for Harrah's, which owns the Rio, said once Gold won the main event, he had the opportunity to go to the cage at the Rio and give instructions to split up the money on the spot.
"When a person wins a cash prize, whatever the amount is, they can designate that part of it can go to a different individual," Thompson said.
Thompson said each recipient would then be accountable for his own federal tax liability, which in this case, according to the IRS's Web site, would be 35 percent of the winnings. Should Gold keep all $12 million, he would owe $4.2 million in federal taxes alone. If Gold splits the prize money at the casino, he and Leyser would each owe $2.1 million on $6 million apiece. Gold and Leyser would also have to pay state taxes.
If Gold were to pay all the taxes first, then split the money outside of the casino, Thompson said whoever he split the money with still would be responsible for taxes on his half. Should that happen, Leyser would get between $1 million and $2 million less than what he'd receive if they split the prize money before taxes were taken out at the casino."