Erick the Degen has owed me and countless others money for a number of years and never quite got around to settling these debts while the FTP money train was chugging along. I’d estimate that Erick received at least $12 million from the sale of some of his full tilt shares as well as the monthly dividend distributions.
Note that I arrived at $12 million as Edog’s distribution figure because at one point he owned 3% of the company. FTP insiders have reported that the company paid out approximately >400 million in distributions, and he also so either sold a share or took a 1 year pawn shop style loan against a percentage of his ownership at some point in March of 2008.
I found out about this loan / sale from a friend and when I confronted Erick about it (he never offered to pay me any money) he at first denied that he was doing that then acted all indignant when I confronted him. I actually went to Howard and explained to him the situation and at that point Erick begrudgingly paid off roughly 20% of what he owed me. This 20% payment represented less than 10% of what he actually received from selling his share.
He also promised to make regular monthly payments as soon as his monthly distributions came in to clear up the rest of our figure in approximated 1.5 years time. These payments I think lasted 1 or 2 months before Erick started avoiding me and being unresponsive.
it took him 6 begrudging years to do so, which at the time was 5 years longer than he claimed it would take him to initially pay off the figure.
After Black Friday, the FTP money train stopped chugging along, and with that Erick went from;
A guy who was comparing his wealth to that of Hollywood Actors slash Comedians
To a guy who was called out for being a deadbeat on 2+2
The truth is Erick was always a deadbeat, he was just a deadbeat who happened to have a money tree in his backyard in the form of his 2-3% ownership of FTP. He was actually worse than a deadbeat because rather than pay off his debts with his distribution payments, he’d end up up gambling even more with new people and lose more money.
At one point I told Erick that all he had to was just chill for a year and he’d have everyone paid off with all his FTP money. For whatever reason that didn’t really appeal to him.