They supported the company's business strategy and offered it financial viability proof in its application and the amount of taxes it paid. The lawsuit says that the ten-time World Series of Poker (WSOP) bracelet champion has significant financial resources and business experience. By then, the firm had benefited from Ivey's financial standing and money. PokerNews obtained court documents that show that NuVeda, LLC initially gave Ivey a three percent equity share in an exchange for an almost $2 million line of credit that he gave it. Even so, the lawsuit hasn't been settled. Ivey asked for an equity stake in the firm and money owed from a business loan. The lawsuit had two other plaintiffs, Dotan Melech and Shane Terry. He was in a lawsuit filing against the company and its subsidiaries. The renowned poker player helped the company, NuVeda, LLC bankroll in 2014. But the company filed for Chapter 11 bankruptcy on April 11. Phil Ivey recently sued a Las Vegas cannabis dispensary entrepreneur and asked for $1.9 million.
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