Poker Champ Jamie Gold`s $6 Million Gift

2006 World Series of Poker (WSOP) champion Jamie Gold filed a motion last week to dissolve the preliminary injunction preventing Gold from collecting half of his $12 Million Main Event winnings. The injunction was the result of a lawsuit Bruce Crispin Leyser filed shortly after the 2006 WSOP, claiming Gold had verbally agreed to share half of his winnings to compensate Leyser for securing two celebrities to represent Bodog at the WSOP.

Gold`s motion, which was filed at the U.S. District Court of Nevada on Wednesday, November 1, 2006, admits that Gold did promise to compensate Leyser, but as a gift, not as compensation for services which Leyser says he provided to Gold.

The distinction between a gift and compensation is legally important, as compensation for services provided is an enforceable contract, whereas a gift cannot be legally enforced as it is only up to giver whether it is given.

In the motion, Gold completely denied that he promised Leyser a share of his winnings for arranging for two celebrities to represent Bodog. "Gold did not discuss sharing the proceeds from Gold`s participation in the WSOP - let alone agree to do so in exchange for Plaintiff (Leyser) securing celebrities."

Instead, Gold claims that he received his seat to the Main Event from Bodog.com because of his prior tournament experience and an agreement to wear Bodog`s logo during the tournament. As it had nothing to do with securing celebrities for Bodog, Gold says that Leyser`s claim of a deal to secure celebrities for Bodog in exchange for a share of the WSOP winnings is totally inaccurate.

Gold`s motion goes on to say that Leyser`s actions during the Main Event were basically harassment. After "incessant badgering and continuous phone calls" from Leyser, Gold left Leyser a voice mail on the final day of the tournament confirming his promise to share the winnings after taxes, and according to the motion, hoping that it would get Leyser to leave him alone so he could concentrate on the tournament and not worry about the money.

Gold had intended to honor that promise originally, but Leyser "acted unreasonably and refused to recognize necessary expenses or provide protection to Gold for legitimate tax issues." While they were talking over those issues, Leyser chose to file a lawsuit without informing Gold ahead of time.

Leyser had hired WSOP bracelet-winner and attorney Mark Seif, who contacted Gold`s recently hired tax attorney, Sam Israel. According to the motion, Seif insisted that Leyser receive the money immediately.

According to Israel, there were tax issues regarding Gold`s direct distribution of his winnings, specifically potential IRS audits and Gold`s possible inability to deduct business expenses. Seif however persisted, claiming to have found a loophole that would have allowed Leyser to avoid taxes should he return to his native British Isles. "In other words, once Leyser received any distribution of funds he intended to leave the country without paying taxes," the motion said.

"Now that the Plaintiff has shown his true colors by unnecessarily filing suit and attempting to discredit Gold`s reputation in the media, Gold no longer intends to share his winnings," the briefing says.

Leyser filed an injunction against Gold on September 13, 2006 claiming half Gold`s $12 Million winnings. The court granted Leyser`s injunction, largely based on the phone message that Gold left Leyser. So Gold was prevented from accessing $6 million of his $12 million winnings.

The $6 Million is still sitting at the Rio All-Suites Hotel and Casino earning no interest.

Gold`s motion states that a preliminary injunction may not be granted unless the plaintiff can show both irreparable harm and a likelihood of success on the merits of the lawsuit.

Because there is no irreparable harm in the case since Leyser is only seeking money damages, and because Gold stipulates that there was never a contract, only an unenforceable promise, there would be no likelihood of success.

So Gold`s motion recommends that the injunction be dissolved, and that Gold be permitted to retrieve the remaining $6 Million of prize money from the Rio.

Read Related Articles:

$6M of WSOP Poker Winnings Frozen

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