Full Tilt Poker's Financial Struggles and Phil Ivey's Lawsuit

Full Tilt Poker faced significant financial issues and legal challenges, including a lawsuit from Phil Ivey. The company continued to accept deposits despite a large cash deficit. In May 2011, Full Tilt Poker was accepting deposits of $8-9 million weekly despite a significant cash deficit.

Phil Ivey filed a lawsuit against Full Tilt Poker on June 1, 2011. This lawsuit was a serious blow to the company, which was already struggling with financial issues. Ivey had been a strategic investor in the company and wanted to end his 'golden handcuffs' agreement, which tied him to Full Tilt Poker.

Full Tilt Poker's legal team advised against selling the company to PokerStars in June 2011. The legal team had many doubts about the potential sale, and it was ultimately decided that the company would not be sold to PokerStars at that time.